From a Friend of McHenry County Blog:
RedTail Financials, Clear as Mud
The October 13th Lakewood Village Board packet includes information on RedTail’s finances from the beginning of the fiscal year (May) through September.
Compared with the prior fiscal year, the number of rounds played was up 24%.
But revenue was down 8.2% and net Income was down 31% to $82,140.
The operating margin dropped from 7.6% to 5.6%.
The financial statements include a strange entry.
For example, revenues include $200,925 for “capital improvements”.
I have no idea what this means.
Is this a transfer from some other fund?
Who knows?
But without this plug number, the course would have lost almost $120,000.
Nor do the financial statements show any interest expense for the loan made for RedTail’s new club house.
So what’s really going on with RedTail?
Is it operating at a profit or at a loss?
Is it paying interest and principal on the loan, or is this money coming from some other fund?
We just don’t know.
