Financial Reports
Financial Report for 2006-2007 Final
by Brian Schmeisser
PEISA's financial position is much better than previous years due to an increase in the number of permits sold and a major reduction in the cost of liability insurance. Number of permits sold increased from 830 last year to 1450 this year.
The cost of Liability insurance declined from $60,000 last year to $13,000 this year. So out of the $125 permit fee, $10 went to liability insurance and the rest to grooming. Snow this year has resulted in an increase in grooming costs due to the high cost of fuel and repair costs. Two of the eight tracks on the Tuckers have been replaced already at a cost of $5,000 for each track. All eight tracks will have to be replaced.
We are projecting a $25,000 surplus which will be put into the equipment replacement fund which has been declining the past number of years due to losses. PEISA expects to have approximately $100,000 in this fund and it costs over $200,000 to replace a groomer.
Financial statements for 2006/07 can be obtained from the treasurer by members.
Financial Report for 2005-2006 Final
by Brian Schmeisser
For the 2006-2007 season, there were 787 permits sold resulting in revenue of $55,680 after GST. The insurance surcharge generated revenue of $39,350 while costs were $61,474. Permit sales have decreased from a high of 2,000 in the late 1990's to 1240 in 2005-2006 and 787 in 2006-2007.
The insurance is accounted for separately and at the end of the 2006/07 season, there was a shortfall of $17,735. The Board of Directors agreed to charge the shortfall against the 2006/07 season. After taking into consideration the insurance shortfall, the PEISA expects to incur a loss of approximately $12,000. We incurred a loss even though we have no debt or interest charges and grooming costs were only $7,800 as compared to a normal cost of $40,000.
We need Snow and more permit sales if we are to succeed in the long term.
Board of Directors The Board of Directors met on June 13, 2007 and a new executive was elected.
- President, Dale Hickox
- Vice-president, Murray MacPherson
- Treasurer, Brian Schmeisser
Three new board members were elected to fill vacancies. They were Murray MacPherson, Kenny Moyaert and Earl Hambly. The Board will meet again on August 29th to develop a plan for the 2007/08 season.
Financial Report for 2004-2005 Final
by Brian Schmeisser
Provided January 10, 2006 to the Board of Directors. Financial statement for year ended April 30, 2005 shows revenue of $190.223 and a net loss of $8,331 after depreciation of $29,199. The PEISA recorded a cash loss of $4,020 after debt payments of $24,888.
Actual grooming expenses were:
- Western: $14,953
- Central: $12,259
- Eastern: $15,835
All other costs were in line with the previous year. The insurance fund recorded a surplus of $15,539 which will be used to reduce the insurance cost for 05/06. Long term debt of $59,637 will be retired by March of 2007. Member's equity is $137,983 and will be used to replace existing equipment in the future.
Financial Report for 2004-2005 Partial
by Brian Schmeisser
Insurance coverage is $5,000,000.00 with a $5,000.00 deductible. Expenses were: premium was $79,000.00 and equipment premium $9,700.00 = $88,000.00 todate. Other figures will come at year end.