B & G CLUB UPDATE: The 2022-23 Fiscal Year Budget Adopted by Board on Aug 16th.
Next B & G Club Parent/Community Meeting: Tues, September 13th @ 6PM
Dear Pacifica Parents & Community,
In preparation for our next meeting on Sept. 13th, we wanted to share the most recent information that has been provided to us by the Pacifica B & G Club Board members.
MISSION: Our continued community vigilance and efforts with these meetings, remains to ensure that our Pacifica clubs do not burn through our reserves, and close in 1 to 2 years.
SUMMARY:
1) The 2022-23 budget is balanced. However, foundation fundraising needs to be firmed up (and a plan disclosed). The budget remains highly dependent on Bingo.
* NOTE: The parents and our community are cautious about Bingo. In the Covid era, many individuals may want to avoid attending large social gatherings. Also, to generate 200K in the remaining 9 months of this fiscal year, we'd need to raise $22,000 per month. Time will tell with Bingo, this is another reason to have monthly financials provided.
2) Funding from government and public sources is set at $412,500. Of this, $310,000 has already been secured. That means $100K unsecured.
3) Funding sources need to be identified – is the funding source a one-time only donation, or is it multi-year?
4) Keeping in mind, the Club Foundation accounts for $100K of the $412K budgeted. This means $300K is budgeted from truly outside sources.
5) Taking into account Bruce Wright’s statement, (see below) we are asking for July 2022 reports (presumably year-end and reflecting the split) be available to parents/community BEFORE the Sept 13th meeting, so we can read them and not be rushed during the meeting.
6) In addition, if monthly financials are generated by the 15th, we’d like to ask that parent meetings should be re-scheduled to after the 15th, so we have time to read and digest the monthly figures without a time pressure.
Statement from Bruce Wright: Year-end and monthly financials:
“We expect to have the July reports by the end of next week (this means due August 29th) and monthly financial statements by the 15th of each month following, going forward.”
I will post a summary again, updating the community, when details of the Sept 13th meeting agenda, budget discussion and financials are available.
We are encouraged that the Board is now moving towards more open communication, to strengthen our working relationship.
We hope to have a more detailed financial discussion during the Sept 13th mtg.
In Solidarity,
Erin Pickett
Mark Stechbart
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