Howie Blumstein submitted the following question to the Club Board in October 30:
A document (~40 pages), Approve Proposed FY 2024/2025 Operating Budget, Capital Replacement Funding Plan, Capital Improvement Fund and Schedule of Fees and Charges, was presented to the Board by staff and approved by the Club Board of Directors at the the Board’s April 30, 2024, monthly meeting.
Until recently, this document was on the Member Portal and identified as the approved FY24/25 budget. Why was this document recently removed from the Member Portal and replaced by the following FY24/25 Operating Budget recap?
Club Board answer:
This revised budget statement is designed to provide clear and comprehensive transparency by presenting all expenses in a single, easy-to-read document. Historically, the budget format did not extend to the detail of showing Net Profit/(Loss). It only showed Major Revenues and Major Expenses. However, with the realignment of major budget categories this year such as the Intercompany Transfers, we’ve chosen to include Total Dues, Total Revenues, and Total Expenses, a shift from previous years, which primarily highlighted Major Expenses.
For Fiscal Year 24/25, the approved Operating Dues reflect a 12.74% increase, totaling $10,529,776. This number has not changed.
The Recap on Fiscal Year 24/25 Operating and Capital Budget is available on the Members Portal under Governance/Club/Financials
