Waikanae Golf Club

The Board has decided to hold next year’s subscriptions at this year’s levels for all categories.

In reaching this decision, we took into account the following factors:

• the relatively low rate of inflation and movement in the CPI

• our current financial performance which is on track to achieving an improved operating result, before grants, by year’s end

• the Board’s decision to retain the current management structure into the next financial year when the benefits of this arrangement will be more fully realised.  (This structure entails an Executive Committee of the Board of Management having the overall management responsibility.)

The Board remains committed to its key objectives, which are to

• retire debt over the next few years

• add value while further reducing overhead costs

• reduce our reliance on Bank funding and replace it with members’ funds through our Debenture Scheme.

Thanks to the overwhelming support from members, our Debenture Scheme is currently fully subscribed.  We don’t expect to need to re-open the scheme until the middle of next year.

Peter Quin
CHAIRMAN
BOARD OF MANAGEMENT