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8/15/2012 9:49:11 PM

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Section 5: OPA Board
Subject: Vote YES on YC Referendum Msg# 839694

From:

Don Butt

Joined 1/15/2005

To:

Marty Clarke (Read) Past OPA Board Member

Joined 8/15/2004

Marty -

I agree that the numbers are disappointing. My leap of faith is based upon roughly a 10% improvement in revenue (annually) coupled with a 10% reduction in the variable cost to revenue ratio. It was correctly pointed out that the labor cost ratio to sales is five points or so high. I also believe (once again due in part to your diligence) that management and fiscal oversight will improve. A new YC will be very visable on the radar screen and my belief is that a better job of budgeting will take place. I agree with you that remaining open all year is likely not a reasonably sustainable model. Perhaps the event hosting business during the off season will shock me...... I hope that it does but I doubt it.

Thanks again for the continuing service.

Don

For reference, the above message is a reply to a message where:
Don:

"Marty - Your election (thanks for serving) helps me have this leap of faith"

Thank you but please understand that it takes a majority vote of the board of directors to do anything. If this referendum passes I would suspect that there would not be a majority in favor of closing the facility in the off season. I am afraid a yes vote will be seen as a mandate for the failed "open for business plan".

"When I look at the financial statements (focusing on YC operations) over the past five years, and take a leap of faith that a new facility will improve efficiency and revenue, a 10% improvement in both significantly closes the gap between income and expenses"

Wow! With your respected economic background I don't know how you can come close to that "leap of faith". The board and management made their very best effort to increase the bottom line performance at our Yacht Club over the past two years to specifically help sell this referendum and still lost 74% more money in 2011-2012 (-$174,936.00) then 2010-2011 (-$100,940.00) and God knows what % more then 2009-2110 (-$11,396.00).

Thanks again.

Marty

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