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c'lry OF FORT WALTON B6AC,H-
Memorandum
TO: Golf Club Advisory Committee
THROUGH: Joyce Shanahan, City Manager~
FROM: Charlotte Dunworth, Financia\ An~\yst c,d)
RE: Golf Club Operations Rate Study
DATE: March 6, 2006
Backaround
Inc., a nationwide drop in rounds has
According to a report prepared by National Golf Foundation Consulting,
contribute to the decline: 1) competition
occurred since the late 1990s, beginning in 2000 or 2001. Five factors
courses competing for a stagnant market, 2) a worsening
from an increased number of public access
economy, 3) the aftereffects of 9- 11, which greatly reduced the traveling golfer market, 4) increasing time
5) abnormally poor weather conditions.
pressure on individuals and families, and
1995 and 2004. In contrast, rounds nationwide
The number of golf courses in the US increased 21 % between
in
decreased 3% in 2002 and 1. 5% in 2003. In the Southeast US Region, however, rounds decreased 3. 6%
in 2004 than the US total. Paid rounds
2003 and hurricanes contributed to an average of 10 fewer play days
at the City of Fort Walton Beach' s two 18- hole golf courses
have declined each year between fiscal years
86, 085 rounds. Hurricane Ivan resulted in a 3. 8% decrease in
1998-99 and 2004-05, from 113, 717 rounds to
in rounds in FY 2004- 05.
rounds in FY 2003- 04 and Hurricane Dennis resulted in a 2. 0% decrease
four fiscal years. The potential exists
The City' s Golf Enterprise Fund has incurred a net loss each of the past
for the fund to have a total net asset deficit in fiscal year
2005- 06 if additional fiscal remedies are not
sufficient to pay capital and debt service costs. Due to
implemented. Cash flow from operating activities is not