FROM THE BOARD
Dear Members, The Club has completed work on the 2024 operating budget. The operating budget was developed by club management, formally and unanimously endorsed by the Finance Committee, and approved by the Board of Directors. As we look toward 2024, it’s important for us to continue improving and maintaining the high standards of our facilities and services, while also exercising fiscal discipline. In the current economic environment, all clubs are experiencing challenges. We believe the value of Woodbridge continues to be exceptionally high.
Operating Budget
Your Board approved a break-even budget for 2024. Not surprisingly, inflation was a significant factor again this year, especially in labor and food-related expenses. These factors along with the goal of getting our membership categories more consistent with industry standards, will require an
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operating dues increase averaging approximately 4% across all categories. For added perspective, management has surveyed other country clubs in the region, and we are by no means an outlier -- all regional country clubs are implementing a 7% to 10% dues increase. One of the significant factors enabling us to keep the Club’s dues increase below other clubs is our goal of strong event and Monday-tournament revenue. For golf memberships, the monthly increase in operating dues will be between $20 to $40. Below is a graph of historical dues increases vs. inflation rates and how our current structure compares with nearby clubs in 2023.
Capital Budget
In creating the 2024 club budget, we are extremely excited to be implementing a capital reserve account. This is a significant and forward-looking aspect of the 2024 budget that will enhance our members’ experience while maintaining
DECEMBER 2023
