Thursday, August 16, 2007
Cherry Hill: Sinking in a sand trap
Cherry Hill Golf Course is already on a downward spiral generating only $24,345 in revenues for July, the first month of Fiscal 2008 compared to FY04 when they collected $34,950. And in FY04 Cherry Hill went on to require $127,000 in tax support.
Although better than last year’s (FY07) $19,627 in revenues the overall result is still far worse since last year expenses for July were $12,708 for a net profit of $6,919. This year’s (FY08) $24,345 July intake required expenditures of $24,234 for a net profit of only $111.
Interestingly enough, last August, the rookie Town Manager announced to the Select board a “revenue hole of $15,000” based on July’s disappointing numbers. Cherry Hill went on to require $24,432 in tax support in FY07 to cover employee benefits and insurance.
This Fiscal Year Cherry Hill overhead costs skyrocket $30,000 over last year: $15,000 increase in Operation Budget and another $15,000 in Capital Improvements (a security fence and underground storage tank).
And FY08 will also be the first year the Niblik privatization deal, IF the town manager had accepted it, would have been in effect--guaranteeing the town $30,000.