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HomeMy WebLinkAbout9-2019 Golf FinMonthly Financial Statements - Golf September 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 NINE MONTHS ENDED SEPTEMBER 30, 2019 ELBEL ERSKINE STUDEBAKER TOTAL Golf Operating Revenues: Daily Green Fees 245,472$ 211,433$ 47,144$ 504,049$ Season Ticket Sales (a) 50,828 67,249 37,853 155,930 Cart Rentals 128,778 116,679 19,389 264,845 Merchandise Sales 18,388 17,707 1,950 38,045 Driving Range 21,285 N/A N/A 21,285 Gift Certificates (Net) 5,153 3,303 130 8,586 League Entry Fees 414 540 153 1,107 Shared Revenues (b) 122 122 61 305 Trade-in Payment - - - - Handicap Fees - 440 - 440 Golf Shop Credits (Net) - - - - Miscellaneous 457 972 308 1,737 Total Golf Operating Revenues: 470,897$ 418,445$ 106,987$ 996,330$ Concession Operating Revenues: Food Sales 27,731$ 10,845$ 1,185$ 39,761$ Pop Sales 11,983 10,167 2,754 24,904 Alcohol Sales 46,428 24,138 N/A 70,566 Golf Outings - - N/A - Miscellaneous/Catering/Other 75 - - 75 Total Concession Operating Revenues: 86,217$ 45,150$ 3,939$ 135,306$ Total Operating Revenues:557,115$ 463,595$ 110,926$ 1,131,636$ Golf Operating Expenses: Personnel (b) 289,159$ 281,793$ 61,503$ 632,455$ Shared Administrative Expenses (b) 3,041 3,041 676 6,758 Cost of Good Sold - 12,143 - 12,143 Supplies 87,180 86,784 3,674 177,639 Contractual 51,308 22,804 11,315 85,427 Trade-in Allowance - - - - Total Golf Operating Expenses: 430,689$ 406,566$ 77,167$ 914,422$ Concession Operating Expenses: Cost of Goods Sold 34,487 18,060 1,576 54,123 Supplies 6,313 5,653 460 12,426 Contractual 2,728 1,000 - 3,728 Total Concession Operating Expenses: 48,941$ 24,713$ 2,036$ 75,690$ Total Operating Expenses: 479,630$ 431,280$ 79,202$ 990,112$ Operating Income (Loss) 77,485$ 32,316$ 31,724$ 141,525$ (a) Season ticket sales are allocated to Elbel, Erskine, and Studebaker based on percentage of season pass play. (33%, 43%, 24%, 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 SEPTEMBER 30, 2019 2018 REVENUE PERCENT ELBEL ERSKINE STUDEBAKER TOTAL TOTAL CHANGE CHANGE Rounds Played Golf Operating Revenues: Average Daily Fee Revenue Per DF Round $18.41 $17.34 $8.24 $16.13 $12.86 $3.27 25% Average Season Pass Revenue Per SP Round 11.03 9.19 51.81 12.31 13.46 -$1.15 -9% % of Season Pass Play 33% 43% 24% Average Cart Revenue per Round 7.37 6.61 2.20 6.03 6.52 ($0.49) -8% Average Other Revenue per Round 2.62 1.31 0.30 1.63 1.71 ($0.08) -5% Overall Revenue Per Round: $26.96 $23.70 $12.16 $22.69 $21.22 $1.47 7% Concession Operating Revenues: Overall Concession Revenue Per Round: $4.94 $2.56 $0.45 $3.08 $3.66 ($0.58) -16% Overall Operating Revenue per round: $31.90 $26.26 $12.61 $25.77 $24.88 $0.89 4% Golf Operating Expenses: Average Golf Expense Per Round Played: $24.66 $23.03 $8.77 $20.82 $22.85 ($2.03) -9% Concession Operating Expenses: Average Concession Expense Per Round Played: 2.80 1.40 0.23 1.72 2.41 ($0.69) -28% Overall Operating Expenses Per Round Played:$27.46 $24.43 $9.00 $22.54 $25.26 ($2.72)-11% Overall Operating Income (Loss) Per Round Played $4.44 $1.83 $3.61 $3.22 ($0.38)$3.60 -948% 3 GOLF COURSE OPERATIONS REVENUES BY COURSE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 ELBEL ERSKINE STUDEBAKER TOTALS Revenue Percent Change Change 2018 2019 2018 2019 2018 2019 2018 2019 GREEN FEES $174,754 $245,472 $221,381 $211,433 $48,813 $47,144 444,948 $504,049 $59,101 13% SEASON PASS SALES 9,372 24,643 118,523 120,087 1,750 11,200 129,645 155,930 26,285 20% CART RENTALS 137,146 128,778 132,662 116,679 18,521 19,389 288,328 264,845 (23,483) -8% MERCHANDISE SALES 18,936 18,388 31,856 17,707 1,517 1,950 52,309 38,045 (14,265) -27% DRIVING RANGE RECEIPTS 17,822 21,285 N/A N/A N/A N/A 17,822 21,285 3,463 19% LEAGUE ENTRY FEES 392 414 603 540 186 153 1,181 1,107 (74)0% TOTAL $358,422 $438,980 $505,025 $466,446 $70,787 $79,835 $934,234 $985,261 $51,028 5% 4 GOLF COURSE OPERATIONS COMPARATIVE ROUNDS PLAYED* 2016 THRU 2019 (THROUGH SEPTEMBER ) AVERAGE GOLF COURSE 2016 2017 2018 2016-18 2019 Elbel (Daily) 13,347 12,539 12,965 12,950 13,335 Elbel (Season) 6,831 3,806 3,193 4,610 4,129 ELBEL TOTAL 20,178 16,345 16,158 17,560 17,464 CHANGE FROM PREV YR.-19% -1% 8% Erskine (Daily) 13,332 13,452 14,122 13,635 12,193 Erskine (Season) 8,774 7,135 6,033 7,314 5,463 ERSKINE TOTAL 22,106 20,587 20,155 20,949 17,656 CHANGE FROM PREV YR.-7% -2% -12% Studebaker (Daily) 9,524 7,898 7,508 8,310 5,724 Studebaker (Season) 1,204 583 405 731 3,075 STUDEBAKER TOTAL 10,728 8,481 7,913 9,041 8,799 CHANGE FROM PREV YR.-21% -7% 11% Total (Daily) 36,203 33,889 34,595 34,896 31,252 Total (Season) 16,809 11,524 9,631 12,655 12,667 TOTAL COURSES 53,012 45,413 44,226 47,550 43,919 CHANGE FROM PREV YR.-14% -3% -1% *One "Round" = 18 Holes @ Elbel and Erskine One "Round" = 9 holes @ Studebaker 5 GOLF COURSE OPERATIONS DAILY FEE ROUNDS & SALES FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 ELBEL ERSKINE TOTAL % OF % OF % OF ROUNDS ROUNDS % OF ROUNDS ROUNDS % OF ROUNDS ROUNDS % OFGREEN FEES PLAYED PLAYED SALES SALES PLAYED PLAYED SALES SALES PLAYED PLAYED SALES SALES Preferred Players Card - Weekday - Preferred Player Round - 0.00% -$ 0.00% 1,391 11.41% 12,505$ 5.91% 1,391 5.45% 12,505$ 2.74% Preferred Players Card - Preferred Play Memorial 1 0.01% 9 0.00% - 0.00% - 0.00% 1 0.00% 9 0.00% Preferred Players Card - Preferred Player Restricted Discount 350 2.62% 6,645 2.71% - 0.00% - 0.00% 350 1.37% 6,645 1.45% League 9-Hole 775 5.81% 10,800 4.40% 32 0.26% 448 0.21% 807 3.16% 11,248 2.46% Preferred Player 18 Holes - Preferred Player - Weekday 1,193 8.95% 10,713 4.36% 19 0.16% 190 0.09% 1,212 4.75% 10,903 2.39% Preferred Player 18 Holes - Preferred Player - Weekend 163 1.22% 1,467 0.60% - 0.00% - 0.00% 163 0.64% 1,467 0.32% Preferred Player 9 Holes - Preferred Player - Weekday 923 6.92% 9,228 3.76% 1,271 10.42% 12,712 6.01% 2,194 8.59% 21,940 4.80% Preferred Player 9 Holes - Preferred Player - Weekend - 0.00% - 0.00% 34 0.28% 339 0.16% 34 0.13% 339 0.07% Preferred Players Card - Weekend - After 2:00 - 0.00% - 0.00% 112 0.92% 1,008 0.48% 112 0.44% 1,008 0.22% Preferred Players Card - Weekend - Before 12:00 - 0.00% - 0.00% 216 1.77% 4,749 2.25% 216 0.85% 4,749 1.04% Preferred Players Card - Weekend - 12:00 - 2:00 - 0.00% - 0.00% 4 0.03% 72 0.03% 4 0.02% 72 0.02% Preferred Players Card - Labor Day 18 Holes 15 0.11% 256 0.10% - 0.00% - 0.00% 15 0.06% 256 0.06% Preferred Players Card - Labor Day 9 Holes 2 0.01% 20 0.01% - 0.00% - 0.00% 2 0.01% 20 0.00% GolfNow Pay at Course 2,043 15.32%64,361 26.22%1,261 10.34%36,437 17.23%3,304 12.94%100,799 22.06% Golf Outing 78 0.58% 1,008 0.41% - 0.00% - 0.00% 78 0.31% 1,008 0.22% Preferred Players Card 18-Holes - 4th of July 20 0.15% 301 0.12% 8 0.07% 172 0.08% 28 0.11% 473 0.10% 18 Holes - 4th of July 13 0.10% 386 0.16% 31 0.25% 984 0.47% 44 0.17% 1,370 0.30% 9 Holes - 4th of July 7 0.05% 126 0.05% 18 0.15% 356 0.17% 25 0.10% 482 0.11% Senior - 4th of July 3 0.02% 66 0.03% 3 0.02% 66 0.03% 6 0.02% 132 0.03% 18 Holes - Memorial Day - AM 11 0.08% 292 0.12% - 0.00% - 0.00% 11 0.04% 292 0.06% 18 Holes - Memorial Day - Eve 1 0.01% 22 0.01% - 0.00% - 0.00% 1 0.00% 22 0.00% 18 Holes - Memorial Day - Mid 13 0.10% 312 0.13% - 0.00% - 0.00% 13 0.05% 312 0.07% 18 Holes - Memorial Day 12:00-4:00 - 0.00% - 0.00% 11 0.09% 307 0.15% 11 0.04% 307 0.07% 18 Holes - Memorial Day before 12:00 - 0.00% - 0.00% 19 0.16% 608 0.29% 19 0.07% 608 0.13% 18 Holes - Labor Day Before 12 13 0.10% 300 0.12% - 0.00% - 0.00% 13 0.05% 300 0.07% 18 Holes - Labor Day Between 12pm - 4pm 7 0.05% 182 0.07% - 0.00% - 0.00% 7 0.03% 182 0.04% 9 Holes - Labor Day 20 0.15% 326 0.13% - 0.00% - 0.00% 20 0.08% 326 0.07% 18 Holes - Senior Labor Day 3 0.02% 66 0.03% - 0.00% - 0.00% 3 0.01% 66 0.01% 18 Holes - Weekday - After 3 :00 342 2.56% 7,042 2.87% 83 0.68% 1,992 0.94% 425 1.66% 9,034 1.98% 18 Holes - Weekday - Before 3 :00 1,324 9.93% 24,472 9.97% 696 5.71% 18,169 8.59% 2,020 7.91% 42,641 9.33% 18 Holes - Weekend - 12:00-4:00 484 3.63% 9,634 3.92% 261 2.14% 7,259 3.43% 745 2.92% 16,893 3.70% 18 Holes - Weekend - After 4 :00 68 0.51% 1,349 0.55% 18 0.15% 432 0.20% 86 0.34% 1,781 0.39% 18 Holes - Weekend - Before 12:00 1,245 9.34% 32,090 13.07% 963 7.90% 30,128 14.25% 2,208 8.65% 62,218 13.62% 18 Holes - 0.00% - 0.00% 398 3.26% 1,723 0.82% 398 1.56% 1,723 0.38% 9 Holes 2,141 16.06% 31,010 12.63% 3,925 32.19% 58,050 27.46% 6,066 23.76% 89,060 19.49% Fall 18 Holes WD 89 0.67% 1,236 0.50% 31 0.25% 465 0.22% 120 0.47% 1,701 0.37% Fall 18 Holes WE After 2 4 0.03% 60 0.02% - 0.00% - 0.00% 4 0.02% 60 0.01% Fall 9 Holes 54 0.40% 532 0.22% 85 0.70% 852 0.40% 139 0.54% 1,384 0.30% Fall Junior 18 Holes WD - 0.00% - 0.00% 1 0.01% 25 0.01% 1 0.00% 25 0.01% Fall Senior 18 Holes WD 10 0.07% 139 0.06% 31 0.25% 341 0.16% 41 0.16% 480 0.10% 9 Holes - Memorial Day 7 0.05% 126 0.05% 7 0.06% 140 0.07% 14 0.05% 266 0.06% Junior - Weekday 25 0.19% 450 0.18% 90 0.74% 1,620 0.77% 115 0.45% 2,070 0.45% Junior - Weekend 3 0.02% 81 0.03% 13 0.11% 286 0.14% 16 0.06% 367 0.08% OFF - 18 Holes - 0.00%- 0.00%13 0.11%117 0.06%13 0.05%117 0.03% Bounce Back - 18 Holes 85 0.64% 935 0.38% - 0.00% - 0.00% 85 0.33% 935 0.20% Senior - Memorial Day 3 0.02% 66 0.03% 2 0.02% 48 0.02% 5 0.02% 114 0.02% Senior - Weekday 866 6.49% 15,455 6.30% 669 5.49% 12,039 5.69% 1,535 6.01% 27,494 6.02% Senior - Weekend 68 0.51% 1,496 0.61% 63 0.52% 1,386 0.66% 131 0.51% 2,882 0.63% SPRING - 18 Holes - Weekday - All Day 256 1.92% 3,688 1.50% 106 0.87% 1,583 0.75% 362 1.42% 5,271 1.15% SPRING - 18 Holes - Weekend - After 2:00 40 0.30% 562 0.23% 17 0.14% 221 0.10% 57 0.22% 783 0.17% SPRING - 18 Holes - Weekend - Before 2:00 215 1.61% 4,267 1.74% 43 0.35% 860 0.41% 258 1.01% 5,127 1.12% SPRING - 9 Holes 349 2.62% 3,852 1.57% 240 1.97% 2,639 1.25% 589 2.31% 6,491 1.42% SPRING - Junior - Weekday 1 0.01% 18 0.01% 1 0.01% 25 0.01% 2 0.01% 43 0.01% SPRING - Senior - Weekday 1 0.01% 11 0.00% 6 0.05% 65 0.03% 7 0.03% 76 0.02% SPRING - Senior - Weekend 1 0.01% 15 0.01% 1 0.01% 15 0.01% 2 0.01% 30 0.01% TOTAL 13,335 100.00%$245,472 100.00%12,193 100.00%$211,433 100.00%25,528 100.00%$456,905 100.00% 6