Thursday, July 26, 2012
Encinitas Ranch Golf Course Bond Financials
- Revenues down 21% in three years
- Has lost money every year since 2006
- General & Administrative expenses up while Maintenance and other expenses are down
- Net Assets down to $1.33 million as of June 2011 from $3.13 million just three years before
Can't wait to see 2012 financials! Who would buy Encinitas Ranch Golf Authority bonds???
Burning Questions: What is going to change the profitability of the course?
Is Board President Bill Dean ever going to support competitive proposals for the operation of the course?
Too many skeltons in the closet? Too many problems to be highlighted during the process? Too much work?
See Also: The developers were scared to death the course wouldn't make a profit.