What an amazingly beautiful fall this has been! And now as the leaves ( and snow) begin to fall, we at the BCRC reflect on the year that has past and the year ahead.
BCRC’s Fiscal Year 2011 came to a close on September 30th. Financially, I am pleased to report that BCRC had a successful year from a financial standpoint. Our unaudited results reflect an increase in revenue of ~5.4% or approximately $844,000 (on a total budget or $15,535,000). BCRC was extremely successful with the management of expenses resulting in a negligible variance of 0.81% or $104,267 (on a total budget of $15,444,000). Based on the increase in revenue and flat expenses in FY11, the BCRC reserve balance is forecast to achieve approximately $2,218,000 or 15.3% of the BCRC operating budget (after capital expenditures), an increase in reserves year over year of $1,643,000. I’m proud to say that BCRC will end its fiscal year with a ZERO operating debt balance. Final results may vary a bit as our financial books come to a close over t he course of the next few weeks. Actual financial results for FY11 (in addition to the proposed FY12 budget) will be presented in greater detail to the BCRC membership at the Annual Meeting on Saturday, November 26th at 8:00am at the Park Hyatt in Beaver Creek.
The season and fiscal year ahead look promising as well. Earlier in the summer, our booking pace for winter was far ahead of the pace for last year. While it has slowed somewhat in recent weeks, winter guests are still booking ahead for their Beaver Creek winter vacations. We eagerly await another epic season in our own winter wonderland!
We are still working on a number of improvement projects around the Resort before the snow begins to fly. As you may have noticed this summer, we are currently updating most of the signage along Village Road and in the Village core. Phase 1 of this project should be complete later this month. We have also started work on a significant improvement to Centennnial Station (Dial-A-Ride bus stop). This is intended to be an on-going project with a continuation in the summer of 2012 to dramatically enhance the arrival experience for Owners and Guests in this location.
In addition to these major improvements, we are quite busy this “off season” preparing for what promises to be another epic winter season here at beautiful Beaver Creek Resort! I look forward to seeing you soon!
All the best
Executive Director, BCRC