ANALYSIS:
The City of Miami Beach has two municipal golf courses: Miami Beach Golf Club (MBGC) and Normandy Shores Golf Club (NSGC).
Below is a 5-year historical overview for each of the golf clubs.
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Miami Beach Golf Club
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FY 18
(As of May 2018)
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FY 17
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FY 16
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FY 15
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FY 14
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Annual
Debt Service
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$806,000.00
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$803,800.00
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$805,431.00
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$805,925.00
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$805,925.00
|
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Revenue
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$3,000,487.00
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$3,747,875.00
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$3,908,700.00
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$4,069,004.00
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$4,110,654.00
|
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Expenses with Debt Service
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$3,115,754.24
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$3,895,407.58
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$3,890,264.96
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$3,999,594.00
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$3,999,594.00
|
|
Net profit with Debt Service
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-$115,267.24
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-$147,532.58
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$18,435.04
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$69,410.00
|
$111,060.00
|
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Net Profit w/o Debt Service
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$690,732.76
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$656,267.42
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$823,866.04
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$875,335.00
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$916,985.00
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|
|
|
|
|
|
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Normandy Shores Golf Club
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|
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FY 18
(As of May 2018)
|
FY 17
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FY 16
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FY 15
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FY 14
|
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Annual
Debt Service
|
$405,000.00
|
$403,300.00
|
$404,116.00
|
$404,363.00
|
$404,363.00
|
|
Revenue
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$1,530,482.00
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$1,744,139.00
|
$1,747,380.00
|
$1,868,277.00
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$1,774,788.00
|
|
Expenses with Debt Service
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$2,115,301.05
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$2,510,105.45
|
$2,383,681.71
|
$2,531,144.00
|
$2,531,144.00
|
|
Net profit with Debt Service
|
-$584,819.05
|
-$765,966.45
|
-$636,301.71
|
-$662,867.00
|
-$756,356.00
|
|
Net Profit w/o Debt Service
|
-$179,819.05
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-$362,666.45
|
-$232,185.71
|
-$258,504.00
|
-$351,993.00
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It is important to highlight that revenues at the MBGC have been historically higher; however, numbers for FY17 and FY16 were affected due to the closing of the Miami Beach Convention Center and the Zika outbreak. Furthermore, FY18 statements include unbudgeted clean-up expenses, following Hurricane Irma. Though both courses were affected, MBGC had less hurricane-related expenses. NSGC was closed for a month. Additionally, their driving range net was left in disrepair, which had to be replaced at the cost of $60,000.
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