CourseCo revenues increasing, upping payment to city
CourseCo is paying the city about $264,000 for the management fee for Jan. 1-June 30.
City officials expect the payment for the second half of the year to be higher as more golf rounds are played through the summer and of the season passes are sold during that time period.
CourseCo took over management of the city’s two public golf courses on Feb. 1, 2019 for a three-year agreement.
During the Aug. 3 City Commission meeting, City Manager Greg Doyon told commissioners, “we’re pretty happy with the way they’ve been able to operate the courses and the successes they’ve had.”
Doyon said the funds can help the golf fund pay off its debt to the city’s general fund, which has hovered around $1 million for several years.
But the city also has commitments for improvements at the golf course.
Steve Herrig, city Park and Recreation director, said that to date, CourseCo has paid the city about $674,000 and the city has spent about $80,000 on renovations for the taphouse at Eagle Falls Golf Course.
The city received $330,000 from CourseCo in the fiscal year that ran from July 1, 2020 to June 30, 2021.
“These payments are being deposited into the Golf Fund and therefore reducing the deficit, but it has not yet been determined how much or when these payments will be used to either pay off their deficit or go towards capital needs,” Kirsten Myre, deputy finance director, said.
During a February 2021 commission meeting, Michael Sharp, CourseCo president, reviewed the operations at Eagle Falls and Anaconda Hills golf courses.
He said that in 2019 there were 37,874 rounds played between the two city courses.
In 2020, Sharp said that number jumped to 45,611 rounds.
Of those rounds in 2019, 19,338 were public, 1,464 were tournaments and 17,072 were passholders.
Of the rounds in 2020, Sharp said, 25,368 were public, 1,243 were tournaments and 19,000 were passholders.
Revenues also increased for the golf courses, and CourseCo started making payments back to the city, as stipulated in their contract. At that point in the budget year, CourseCo had paid $107,000 to the city, according to the finance department.
In 2019, the two city courses under CourseCo’s management generated $1,096,271 in revenue. In 2020, that increased to $1,455,914, Sharp said.