(Feb. 12, 2015) Marty Clarke, vice president of the OPA Board of Directors, took exception with a quote by Parliamentarian Tom Terry in last week’s Bayside Gazette.
In a story about the upcoming public meeting on golf, Terry said, “At the end of the day, all the amenities together, after the revenues have been generated, it’s a $2 subsidy per member.”
“It’s a bogus number,” Clarke said. “I don’t know where it comes from.”
According to Clarke, who provided an audited financial page to the Gazette, the total net revenue in 2014 in Ocean Pines was a negative of $997,492. Subtracting the cost of membership, $139,947, the total assessment cost is $857,545. Divided by 8,452 households, the final number is $101.46.
“I guess [Terry] is using the old timeshare technique, they’ll believe anything,” Clarke said. “It’s ain’t two bucks, it’s $101.46. You can get the same exact number from our auditor.”
Ocean Pines Controller Art Carmine, looking at the fiscal year 2016 budget, provided a third estimate, negative $42.
“General operations, which is admin, CPI, general maintenance, fire, public works, police and recreation, is a total of $604,” Carmine said. “Then there’s amenity operations, which is racquet sports, golf, beach parking, yacht club, marinas, which is negative $42. In other words, it’s bringing in a surplus of income as opposed to expenses.
“Most of that, obviously, comes from beach parking, beach club and the marinas, which all have net profits, you could say,” Carmine continued. “That more than offsets what we have in losses from aquatics, golf and the yacht club. So it comes out to a negative of $42 which offsets the $604 from general operations.”
Adding $351 for reserves and $21 for new capital and the sports core loan principal, Carmine said, brings the number to the $934 budget assessment currently being examined by the board of directors.
In an assessment summary page provided by Carmine, amenity operations were negative $51 during the previous fiscal year.
In a story about the upcoming public meeting on golf, Terry said, “At the end of the day, all the amenities together, after the revenues have been generated, it’s a $2 subsidy per member.”
“It’s a bogus number,” Clarke said. “I don’t know where it comes from.”
According to Clarke, who provided an audited financial page to the Gazette, the total net revenue in 2014 in Ocean Pines was a negative of $997,492. Subtracting the cost of membership, $139,947, the total assessment cost is $857,545. Divided by 8,452 households, the final number is $101.46.
“I guess [Terry] is using the old timeshare technique, they’ll believe anything,” Clarke said. “It’s ain’t two bucks, it’s $101.46. You can get the same exact number from our auditor.”
Ocean Pines Controller Art Carmine, looking at the fiscal year 2016 budget, provided a third estimate, negative $42.
“General operations, which is admin, CPI, general maintenance, fire, public works, police and recreation, is a total of $604,” Carmine said. “Then there’s amenity operations, which is racquet sports, golf, beach parking, yacht club, marinas, which is negative $42. In other words, it’s bringing in a surplus of income as opposed to expenses.
“Most of that, obviously, comes from beach parking, beach club and the marinas, which all have net profits, you could say,” Carmine continued. “That more than offsets what we have in losses from aquatics, golf and the yacht club. So it comes out to a negative of $42 which offsets the $604 from general operations.”
Adding $351 for reserves and $21 for new capital and the sports core loan principal, Carmine said, brings the number to the $934 budget assessment currently being examined by the board of directors.
In an assessment summary page provided by Carmine, amenity operations were negative $51 during the previous fiscal year.