TAMWORTH Jockey Club announced an increased profit from its general trading over the last 12 months but warns the next 12 months will be an even bigger challenge as it prepares for a big ladies’ day meeting tomorrow.
Treasurer Garry Collins reported a profit of $82,245 for the last financial year at Tuesday night’s annual general meeting but reckoned there is an even bigger challenge to reproduce that over the new financial year.
Collins, who was made a life member at the AGM, along with long-serving committeeman Ian Binney, believes the expenses related to the new multi-million dollar John Clift Stand function centre might eat into similar profits.
“It is going to be a very tough and testing year,” Collins told members at the AGM.
“Particularly with the expenses we will have with completing the new stand. It is pleasing to see the new stand taking shape. “
Collins said the $82,000 plus profit was a satisfactory result “considering expenditure on machinery and early planning aspects of our new racing and function centre”.
The club bought two new Kubota mowers during the financial year and started work on the $3.2million John Clift Stand.
“Our profit figure is an improvement of $11,655 on the previous year,” Collins said.
Major projects included significant expenditure on the acquisition of the two new mowers, the track irrigation upgrade was completed and additional work in the form of grading was carried out on the dirt training track.
Collins said an additional $44,000 compared to the previous year was used for work on the track and net profit on race meetings increased by $88,000.
“The profits on race meetings and Sky Channel are a positive indication in confidence in our racing from a betting point of view,” he said.
“I remain confident that the financial commitments will continued to be covered by racing income in the current scheme of distribution.
“However it is obvious the benefits from non-racing income in the form of the function centre (John Clift Stand) will not occur in the 2112/2113 financial year where there will be added pressure on the club’s finances to fully complete and furnish the new building.”
Collins said that was the major reason he was preparing a conservative budget for the new year when he expects a reduction in profit.
Re-elected president Tim Coates wasn’t as circumspect and believes the club is in a good position to increase its profits through the extra functions created by the new John Clift Stand as well as its appeal to the general racegoer in providing better raceday facilities.
He said figures from Racing NSW indicate a “realistic figure for similar function centres across the state of $50,000 a year”.
“I think it will create more interest for people wanting to go to the races,” he said in answer to a question from the floor by re-elected patron Terry Burke.
“I’m sure many people will want to come out and look at what we’ve done here.
“Sure, it will be a tight year for us.
“At this stage, everything is on schedule for the new stand to be completed by February 5.
“I believe we will be able to have an official opening in late February.”