FROM THE BOARD: 2024 BUDGET & PRICING PLAN IS SET

2024 BUDGET & PRICING PLAN IS SET

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 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 our assets. The capital reserve will be funded through a portion of member dues -- $10 for non-golf membership categories and $20 for golf membership categories. This fund will be specifically used for significant improvements and future capital projects, and will be separate from our operating budget. This approach is common in the private club industry and ensures we can enhance our amenities and services without the need for sudden or substantial fee increases in the future. Already planned for 2024, is the resurfacing of the middle tennis/pickleball courts and a reserve study to determine future improvements.

Positioning Of Woodbridge

With our dues adjustment, Woodbridge’s dues will be $740 for our Full Golf membership, including our newly-established capital dues reserve. This places us in a competitive position, offering a balanced package of quality services without imposing heavy capital dues. The capital reserves fund will enable us to plan and execute significant enhancements, safeguarding the Club’s future as well as positioning ourselves consistent with industry standards. This approach provides transparency in how dues are utilized and ensures financial stability.

Conclusion

The dues and fee increases presented here will be effective December 31, 2023 and be reflected in your member billing sent on January 1, 2024. Your support and understanding are greatly appreciated as we make these necessary adjustments. We believe these changes will ensure the continued excellence and enjoyment of our Club for all members.

Thank you for being a valued part of the Woodbridge family. We look forward to another year of shared experiences and memories.

The Board of Directors