The following are summaries from the committee chairs’ speeches at the Annual General Meeting on February 20th at 3pm Please feel free to email in advance any questions you may have. The chairs will look to answer your questions. If you send multiple questions they will be answered after the meeting as we don’t want any one member taking up a large portion of the meeting. Email to Cassandra@lostcitygolf.com by Thursday Feb 17
This year our Annual Meeting is scheduled for Sunday, February 20 commencing at 3:00 PM. The alternate rain date is Monday, February 21 at 2:00 PM. I expect the venue will be outdoors on the back patio, weather permitting. We changed the day of the Meeting from Monday to Sunday to accommodate those who are working and not able to be at the Club on a Monday afternoon. The agenda is straightforward this year. I will have a few remarks to welcome those attending, Bill and Liz Bond will lead our Invocation, Leo McMahon, our General Manager, will update us on Club developments. This will be followed by Board Members delivering brief Committee reports and updates. No doubt a main point of interest is the election of Directors to fill three Board vacancies. A fourth vacancy was not contested and Nick Monico will be acclaimed for a one-year term at the meeting.
The Ballot has been published for this year’s election. Please be sure to note that to be valid, it must be returned to the Club no later than 2:00 PM, Sunday, February 20, 2022. As required by our By-law, I have appointed three Election Supervisors who will oversee the counting of Ballots. They are Jim Dever, John Corbett, and Paul Feick. I thank them on behalf of the Membership for accepting this assignment. Eligible voters may vote by completing the Online Ballot instead of a paper Ballot. The Election results will be announced after the meeting. Please plan to attend our Fifty-first Annual Meeting. I will be completing my term as President at the Annual Meeting and wish to thank my fellow Board Members for their support, hard work, and dedication. Paul Feick and Jamie Haldenby, although eligible, are not seeking re-election to the Board. Both have made an enormous contribution to our success. Paul as Membership Chair, working with his Committee and Mike Dolan, has filled our membership. We are full and have a waiting list. There are 486 golfing members and 250 social members. Jamie and the Building and Real Estate Committee together with Leo brought the Men’s Locker Room and Pro Shop projects in on budget and on time. What a beautiful restoration and addition to our Club House. We welcomed Harlan Silverstein to the Board last February but lost Kathy Fernandes this November when she changed the category to become a Social Member. Her contribution as President and Vice President is greatly appreciated.
Cindy Crawford accepted our invitation to replace Kathy on the Board and brought her knowledge and passion to the table. I would be remiss if I didn’t mention Bob Koepka and Roger Rose who spent the summer and fall months working with Tom Fazio II to renovate our golf course which, from all accounts, exceeds expectations. None of the above would have been possible without the leadership and financial insight of Don Greenhalgh and the Finance Committee.
Last but not the least, thank you to Carla Kutsher, the House Committee, and Leo for steering us through the Covid Pandemic and still managing to bring us fun events like the Welcome Back 50th Anniversary Party and TGIF dinners on the patio. Let us all hope for the best and that we may find a new normal we can all enjoy here at our Club for years to come. Thank you Keith Billings President
Strong Personal Character Stories over the Past Year A. Passionate people on the Lost City Staff have strong feelings for doing work that will lift the spirits of others. B. Driven people on the Lost City Staff are moved by a desire to offer the best products, services and hospitality they possibly can on a daily basis. C. Responsible people on the Lost City Staff get the job done and they do not make excuses. Top Departmental Stories over the Past Year A. B. C. D. E. F.
Membership Golf Operation Golf Course Maintenance Building Maintenance Accounting Food & Beverage
Measuring Progress A. Full Member Equivalents B. Members’ Equity C. Member Survey D. GM Grey Hairs
Early Staffing Challenges Financial Performance of the Golf Department Weekend Tee Time Request Event Excellence Course Care
THIS HAS BEEN A GREAT YEAR WITH OUR SPECIAL NEW GOLF TEAM!
Biggest Achievement Covid Policies kept us all safe and Clubhouse Open with no major outbreaks forcing us to close like many other clubs!!!
Outdoor Dining continued in popularity for Lunch and Monday Night Mixers TGIF evolved through trial and error from Served meals to Outdoor Buffet to Indoor Buffet with staff serving finally back to normal this past November Spring Fling aka Goodbye Party, “Dancing in the Dark” well attended 6-month Closure with Take out Dinner Offered and Bar Open with Pizza available Welcome Back Party celebrating the 50th Anniversary broke all Attendance Records Holiday Luncheon collected more toys for needy children than ever before
Food and beverage Improvements - Staffing and Procedures Hired New Chef Instituted New Standards of Procedures for Kitchen and Service Staff Updated Bar Training and Policies concerning Operation and Costs Upgraded Kitchen and Purchased New Equipment New Outdoor Patio Furniture and Cushions
The Club year ending October 31, 2021 had a much greater than normal level of financial activity due to the Renovation Program for the Golf Course, Men’s Locker Room and Golf Pro Shop and other capital investments made. The following are some of the most significant items.
Highlights Approximately $3,580,000 was expended for the Renovation Program which was funded from the $3,200,000 Renovation Loan from the Bank of America with the remainder funded from the 2020/2021 Special Project Fund contributions. The Bank of America loan was obtained on more favorable terms than projected. As a result, this loan will be repaid with the proceeds from the remaining nine years of planned Special Project Capital contributions. This allowed the Club to use the 2020/2021 contributions as stated above. In addition to the Renovation Program, significant amounts were expended from the Capital Improvement Fund including the following; Golf Course and Golf Course Equipment Leases for Golf Course Equipment Golf Course Short-Game Area and Pine Straw Other expenditures for the Clubhouse, Kitchen, etc. Total Expenditures
$ 269,000 81,000 102,000 295,000 $747,000
The Club also had planned expenditures as of October 31, 2021 for additional purchases to be funded from the Capital Improvement Fund and from a $1,300,000 Equipment Line of Credit from Bank of America as follows; Golf Course Equipment Golf Carts
$304,000 352,000
Clubhouse Air Handler
48,000
Other items
43,000
Total
$747,000
The Capital Budget for 2021/2022 also includes $530,000 of additional expenditures as the Club will continue to invest in its facilities and equipment. All of these capital expenditures will be fully funded from the $1,300,000 Bank of America Equipment Line of Credit and contributions to the Capital Improvement Fund.
The Club was also fully open for five months and had limited operations for seven months for 2020/2021. For the full year, the Club incurred an operating loss of $300,000, as anticipated, which included the $81,000 for equipment leases funded from the Capital Improvement Fund. The remaining operating loss of $219,000 was less than the budgeted operating loss of $260,000 and was fully funded from the carryover of the benefit the Club realized from the Cares Act in 2019/2020.
The result of all of these activities is reflected in the following Balance Sheet amounts; 10/31/2021
10/31/2020
$1,856,000
$ 757,000
538,000
732,000
Property and Equipment, net
8,068,000
4,648,000
Other assets
1,056,000
949,000
$11,518,000
$7,086,000
Assets Operating cash Capital Improvement and Special Project Funds
Total
Liabilities Renovation loan Equipment debt and leases Unearned dues and fees Other liabilities Total
Net Assets
$3,200,000
$
0
466,000
514,000
2,534,000
1,499,000
704,000
399,000
$6,904,000
$2,412,000
$4,614,000
$4,674,000
In conclusion, 2020/2021 was quite a year. The renovation has been completed and the Club continues to invest in its equipment and facilities to enhance the “member experience.” Everyone should enjoy what has been accomplished to date. The Club is in a financial position to begin to look forward and start the planning for WHAT’S NEXT!
• We are excited about our new superintendent Taylor Griffin and assistant Craig Wylie and the future changes and enhancements they will bring to Lost City Golf Club. • Thank you to the Maintenance Crew whose tireless efforts provide us with a beautiful place to enjoy. • Phase 1 of the renovation is complete. Phase 2 is to attack the areas of the course outside of our primary roughs, predominantly outside the cart paths. • Please consider volunteering for future Care for the Course events which will be offered monthly to help improve the playability of the course. * New Nursery area to be installed close to the short game area.
Now that the course and locker room renovation is complete, it is time to start thinking about the next 1 to 5 year plan for the Lost City Club. Shortly we will be sending out a survey to members asking what they might like to see for the future of Lost City. The one good thing that’s come out of this Covid pandemic is the overwhelming use of our outdoor dining. Many have said we should enhance this area of the club. This is certainly high on our list of priorities. When you get the survey, please take a few moments to let us know your thoughts. Harlan Silversten
Chair of Long-Range Planning Committee
Modernization of the Men’s Locker Room and The Golf Shop Bumps in the Road Rueben’s Amazing Contributions each and every day Kitchen Updates 2022 Budgeted Items
Thank You for all your support
2021 Membership Breakdown Full Golf 224 Limited Golf 41 Afternoon 33 Social 58 Other 17 Member Breakdown Golfing Members 402 Social Members 215 Leave of Absence 17
1/2022 Membership Breakdown Full Golf 258 Limited Golf 41 Afternoon 56 Social 62 Other 16 Member Breakdown Golfing Members 486 Social Members 250 Leave of Absence 2
Total Members
Total Members
634
736
Thanks It takes a team to accomplish great things. This team consisted of staff, committee persons, board members and, most importantly, members. Some referred one or more members, many others smiled and said hello or invited them to a game. All this contributed to growing our membership Balance Step 1 is determining the right amount of revenue needed to operate the type of golf club we all want to be members of here at Lost City Golf Club. Then comes the hard part…. Do you achieve those goals through higher dues or more members or a portion of each. Tee Times A club that does not require tee times is the club we all desire. We also desire sub-4hour rounds. Those are the limits we put on the number of members we should have. The Pace of Play / Too Many Members Question Completing a Saturday round in 4:20 doesn’t mean we necessarily have too many members. *Were there a lot of guests that day? *Was there a walking group that played slow? *Does this happen every Saturday? We watch all of this to help determine the proper amount of members.
Send to Cassandra@lostcitygolf.com by Thursday Feb 17th