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HomeMy WebLinkAbout5-2019 Golf FinMonthly Financial Statements - Golf May 2019 City of South Bend Venues Parks & Arts 321 East Walter Street South Bend, IN 46614 “We Build Community Through People, Parks, & Programs” 1 GOLF COURSE OPERATIONS STATEMENT OF REVENUES AND EXPENSES FOR THE FIVE MONTHS ENDED MAY 31, 2019 ELBEL ERSKINE STUDEBAKER TOTAL Golf Operating Revenues: Daily Green Fees 47,272$ 45,848$ 12,698$ 105,817$ Season Ticket Sales (a) 55,773 58,308 34,509 148,590 Cart Rentals 27,247 20,601 4,603 52,451 Merchandise Sales 4,339 1,034 493 5,865 Driving Range 7,551 N/A N/A 7,551 Gift Certificates (Net) 554 329 100 983 League Entry Fees - 156 24 180 Shared Revenues (b) 60 60 30 150 Trade-in Payment - - - - Handicap Fees - - - - Golf Shop Credits (Net) - - - - Miscellaneous 15 110 82 207 Total Golf Operating Revenues: 142,811$ 126,445$ 52,539$ 321,795$ Concession Operating Revenues: Food Sales 6,231$ 822$ 340$ 7,393$ Pop Sales 2,449 1,691 646 4,786 Alcohol Sales 10,511 957 N/A 11,468 Golf Outings - - N/A - Miscellaneous/Catering/Other - - - - Total Concession Operating Revenues: 19,191$ 3,470$ 986$ 23,647$ Total Operating Revenues:162,002$ 129,916$ 53,525$ 345,442$ Golf Operating Expenses: Personnel (b) 134,134$ 130,648$ 28,477$ 293,259$ Shared Administrative Expenses (b) 868 868 193 1,930 Cost of Good Sold 2,721 703 164 3,588 Supplies 50,389 55,556 2,856 108,801 Contractual 21,317 19,247 6,157 46,720 Trade-in Allowance - - - - Total Golf Operating Expenses: 209,430$ 207,022$ 37,847$ 454,299$ Concession Operating Expenses: Cost of Goods Sold 7,676 1,388 394 9,459 Supplies 3,380 44 50 3,475 Contractual 1,430 1,000 - 2,430 Total Concession Operating Expenses: 15,060$ 2,433$ 444$ 17,937$ Total Operating Expenses: 224,490$ 209,454$ 38,291$ 472,236$ Operating Income (Loss) (62,488)$ (79,539)$ 15,234$ (126,793)$ (a) Season ticket sales are allocated to Elbel, Erskine, and Studebaker based on percentage of season pass play. (38%, 39%, 23%, respectively) (b) Shared advertising revenues and administrative expenses are allocated to Elbel, Erskine, and Studebaker on a 45%, 45%, 10% basis, respectively. The expenses include shared personnel costs, supplies, contractuals, and administrative fees. 2 GOLF COURSE OPERATIONS REVENUE/EXPENSE PER ROUND PLAYED THROUGH MAY 31, 2019 2018 REVENUE PERCENT ELBEL ERSKINE STUDEBAKER TOTAL TOTAL CHANGE CHANGE Rounds Played Golf Operating Revenues: Average Daily Fee Revenue Per DF Round $16.64 $17.91 $8.15 $15.21 $12.77 $2.44 19% Average Season Pass Revenue Per SP Round 39.40 27.02 168.34 51.74 47.42 $4.32 9% % of Season Pass Play 38% 39% 23% Average Cart Revenue per Round 6.95 5.59 2.07 5.34 5.76 ($0.42) -7% Average Other Revenue per Round 3.20 0.46 0.33 1.52 2.01 ($0.49) -24% Overall Revenue Per Round: $36.45 $34.29 $23.61 $32.74 $28.48 $4.26 15% Concession Operating Revenues: Overall Concession Revenue Per Round: $4.90 $0.94 $0.44 $2.41 $3.07 ($0.66) -22% Overall Operating Revenue per round: $41.35 $35.24 $24.06 $35.14 $31.55 $3.59 11% Golf Operating Expenses: Average Golf Expense Per Round Played: $53.45 $56.15 $17.01 $46.22 $35.92 $10.30 29% Concession Operating Expenses: Average Concession Expense Per Round Played: 3.84 0.66 0.20 1.82 2.02 ($0.20) -10% Overall Operating Expenses Per Round Played:$57.30 $56.81 $17.21 $48.04 $37.94 $10.10 27% Overall Operating Income (Loss) Per Round Played ($15.95)($21.57)$6.85 ($12.90)($6.39)($6.51)102% 3 GOLF COURSE OPERATIONS REVENUES BY COURSE FOR THE FIVE MONTHS ENDED MAY 31, 2019 ELBEL ERSKINE STUDEBAKER TOTALS Revenue Percent Change Change 2018 2019 2018 2019 2018 2019 2018 2019 GREEN FEES $43,225 $47,272 $59,929 $45,848 $11,747 $12,698 114,901 $105,817 ($9,084) -8% SEASON PASS SALES 8,002 22,563 117,594 116,127 1,250 9,900 126,846 148,590 21,744 17% CART RENTALS 28,874 27,247 34,708 20,601 3,667 4,603 67,250 52,451 (14,798) -22% MERCHANDISE SALES 4,041 4,339 11,867 1,034 384 493 16,292 5,865 (10,427) -64% DRIVING RANGE RECEIPTS 5,508 7,551 N/A N/A N/A N/A 5,508 7,551 2,043 37% LEAGUE ENTRY FEES 332 0 555 156 24 24 911 180 (731)0% TOTAL $89,983 $108,972 $224,653 $183,766 $17,072 $27,718 $331,708 $320,456 ($11,253) -3% 4 GOLF COURSE OPERATIONS COMPARATIVE ROUNDS PLAYED* 2016 THRU 2019 (THROUGH MAY) AVERAGE GOLF COURSE 2016 2017 2018 2016-18 2019 Elbel (Daily) 3,741 2,833 3,017 3,197 2,840 Elbel (Season) 2,228 1,131 888 1,416 1,078 ELBEL TOTAL 5,969 3,964 3,905 4,613 3,918 CHANGE FROM PREV YR.-34% -1% 0% Erskine (Daily) 4,304 3,915 4,376 4,198 2,560 Erskine (Season) 2,624 2,138 1,713 2,158 1,127 ERSKINE TOTAL 6,928 6,053 6,089 6,357 3,687 CHANGE FROM PREV YR.-13% 1% -39% Studebaker (Daily) 2,537 2,046 1,608 2,064 1,558 Studebaker (Season) 399 142 74 205 667 STUDEBAKER TOTAL 2,936 2,188 1,682 2,269 2,225 CHANGE FROM PREV YR.-25% -23% 32% Total (Daily) 10,582 8,794 9,001 9,459 6,958 Total (Season) 5,251 3,411 2,675 3,779 2,872 TOTAL COURSES 15,833 12,205 11,676 13,238 9,830 CHANGE FROM PREV YR.-23% -4% -16% *One "Round" = 18 Holes @ Elbel and Erskine One "Round" = 9 holes @ Studebaker 5 GOLF COURSE OPERATIONS DAILY FEE ROUNDS & SALES FOR THE FIVE MONTHS ENDED MAY 31, 2019 ELBEL ERSKINE TOTAL % OF % OF % OF ROUNDS ROUNDS % OF ROUNDS ROUNDS % OF ROUNDS ROUNDS % OF GREEN FEES PLAYED PLAYED SALES SALES PLAYED PLAYED SALES SALES PLAYED PLAYED SALES SALES Preferred Players Card - Weekday - Preferred Player Round 0.00% 0.00% 23 0.90% 207$ 0.45% 23 0.43% 207$ 0.22% Preferred Players Card - Preferred Play Memorial 1 0.04% 9 0.02% - 0.00% - 0.00% 1 0.02% 9 0.01% Preferred Players Card - Preferred Player Restricted Discount 67 2.36% 1,191 2.52% - 0.00% - 0.00% 67 1.24% 1,191 1.28% League 9-Hole 29 1.02% 398 0.84% 13 0.51% 182 0.40% 42 0.78% 580 0.62% Preferred Player 18-Holes - Preferred Player - Weekday 245 8.63% 2,208 4.67% 19 0.74% 190 0.41% 264 4.89% 2,398 2.58% Preferred Player 18-Holes - Preferred Player - Weekend 41 1.44% 369 0.78% - 0.00% - 0.00% 41 0.76% 369 0.40% Preferred Player 9-Holes - Preferred Player - Weekday 146 5.14% 1,475 3.12% 185 7.23% 1,851 4.04% 331 6.13% 3,326 3.57% Preferred Player 9-Holes - Preferred Player - Weekend - 0.00% - 0.00% 8 0.31% 79 0.17% 8 0.15% 79 0.08% Preferred Players Card - Weekday - Preferred Player Round - 0.00% - 0.00% 159 6.21% 1,431 3.12% 159 2.94% 1,431 1.54% Preferred Players Card - Weekend - After 2:00 - 0.00% - 0.00% 30 1.17% 270 0.59% 30 0.56% 270 0.29% Preferred Players Card - Weekend - Before 12:00 - 0.00% - 0.00% 33 1.29% 726 1.58% 33 0.61% 726 0.78% GolfNow Pay at Course 278 9.79%8,490 17.96%244 9.53%7,518 16.40%522 9.67%16,008 17.19% 18 Holes - Memorial Day - AM 11 0.39% 292 0.62% - 0.00% - 0.00% 11 0.20% 292 0.31% 18 Holes - Memorial Day - Eve 1 0.04% 22 0.05% - 0.00% - 0.00% 1 0.02% 22 0.02% 18 Holes - Memorial Day - Mid 13 0.46% 312 0.66% - 0.00% - 0.00% 13 0.24% 312 0.34% 18 Holes - Memorial Day 12:00-4:00 - 0.00% - 0.00% 11 0.43% 307 0.67% 11 0.20% 307 0.33% 18 Holes - Memorial Day before 12:00 - 0.00% - 0.00% 19 0.74% 608 1.33% 19 0.35% 608 0.65% 18 Holes - Weekday - After 3 :00 47 1.65% 996 2.11% 10 0.39% 240 0.52% 57 1.06% 1,236 1.33% 18 Holes - Weekday - Before 3 :00 192 6.76% 3,368 7.12% 73 2.85% 1,971 4.30% 265 4.91% 5,339 5.73% 18 Holes - Weekend - 12:00-4:00 115 4.05% 2,468 5.22% 117 4.57% 3,276 7.15% 232 4.30% 5,744 6.17% 18 Holes - Weekend - After 4 :00 9 0.32% 159 0.34% 6 0.23% 144 0.31% 15 0.28% 303 0.33% 18 Holes - Weekend - Before 12:00 187 6.58% 4,204 8.89% 193 7.54% 6,176 13.47% 380 7.04% 10,380 11.15% 9 Holes 487 17.15% 6,949 14.70% 872 34.06% 12,889 28.11% 1,359 25.17% 19,838 21.30% 9 Holes - Memorial Day 7 0.25% 126 0.27% 7 0.27% 140 0.31% 14 0.26% 266 0.29% Junior - Weekday - 18 - 0.00% - 0.00% 4 0.16% 72 0.16% 4 0.07% 72 0.08% Junior - Weekend - 18 1 0.04% 37 0.08% 5 0.20% 110 0.24% 6 0.11% 147 0.16% OFF - 18 Holes - 0.00%- 0.00%13 0.51%117 0.26%13 0.24%117 0.13% Senior - Memorial Day After 12:00 3 0.11% 66 0.14% 2 0.08% 48 0.10% 5 0.09% 114 0.12% Senior - Weekday 88 3.10% 1,534 3.25% 78 3.05% 1,404 3.06% 166 3.07% 2,938 3.16% Senior - Weekend 8 0.28% 176 0.37% 22 0.86% 484 1.06% 30 0.56% 660 0.71% SPRING - 18 Holes - Weekday - All Day 256 9.01% 3,688 7.80% 106 4.14% 1,583 3.45% 362 6.70% 5,271 5.66% SPRING - 18 Holes - Weekend - After 2:00 40 1.41% 562 1.19% 17 0.66% 221 0.48% 57 1.06% 783 0.84% SPRING - 18 Holes - Weekend - Before 2:00 215 7.57% 4,267 9.03% 43 1.68% 860 1.88% 258 4.78% 5,127 5.51% SPRING - 9 Holes 350 12.32% 3,863 8.17% 240 9.38% 2,639 5.76% 590 10.93% 6,502 6.98% SPRING - Junior - Weekday 1 0.04% 18 0.04% 1 0.04% 25 0.05% 2 0.04% 43 0.05% SPRING - Senior - Weekday 1 0.04% 11 0.02% 6 0.23% 65 0.14% 7 0.13% 76 0.08% SPRING - Senior - Weekend 1 0.04% 15 0.03% 1 0.04% 15 0.03% 2 0.04% 30 0.03% TOTAL 2,840 100.00%$47,272 100.00%2,560 100.00%$45,848 100.00%5,400 100.00%$93,120 100.00% 6