In the third week of May the President spoke to members about where we were in our research into suitable premises options for when our current lease expires in April 2021, and about priorities the Committee had unanimously determined to ensure the club was in a financially better shape in order to increase confidence of achieving a good premises outcome.
The Committee has set a goal of extending our current reserves of about $350,000 to more than $500,000 when our lease expires in under three years, without compromising the quality of bridge that we enjoy. To achieve this our intent is to increase our normal annual increase in our reserves from its recent levels of around $10,000 to more like $40-50,000 each year by reviewing our costs and, if possible, identifying new income sources such as fundraising and sponsorship of events or other costs.
The President advised members that the first decision under this review was to redirect the $24,000 currently spent on winners' tickets to our reserves, starting on 1 June. Work on reviewing other costs and identifying new income sources is under way with further announcements expected when decisions are reached.
Members are invited to read the two page written report: Planning for the Future Security of the Club.
