Annual Club Meeting

2021 C APITAL I MPROVEMENT P ROGRAM (D OLLARS IN THOUSANDS ) P ROJECTED D EBT & C ASH B ALANCES 2028 Year-End Gross /Surplus <$3,008> Projected Cash Balance $2,135 Net /Surplus <$872> Net Debt per Member $3 • Purchase of 1785 House not in original plan. • Construction costs have increased significantly since plan was approved in 2021. • Timing of projects to be determined and will impact debt balances. • Projected Net Debt per Member never exceeds $10K. Based on current numbers:

• Debt level peaks in 2026 with net debt per member at $10K. • Gross debt fully paid in 2029-2030 (original plan was 2026). Other projects being considered for the future include: • Golf Learning Center • Complete Golf Cart Path Repaving • Cart Barn Reconstruction

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