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The Otago Cricket Association has reported an unexpected surplus for the second consecutive financial year.
It had budgeted on breaking even but reported a healthy surplus of $112,007 for the financial year ending July 31, 2021.
The windfall follows last year’s surplus of $143,663.
The association received $25,000 in resilience funding from Sport Otago, gaming funding was up on expectations, and gate takings from the Super Smash games were up.
Several staff left and were not replaced straight away, which mean significant savings.
‘‘There was a bit of luck and some good management in it,’’ Coggan said.
‘‘But given we know it is a very uncertain time, it was a result we needed and we can be thankful for, that is for sure.’’
The back-to-back surpluses mean the association is in a much healthier financial position.
It has built up its net working capital to $412,649. Its cash reserves had almost been depleted after it committed funds to upgrade the embankments at the University Oval in 2015.
‘‘We pretty much had to start from scratch from where we are now.
‘‘We’ve slowly but surely looked after our money in the bank. But at the same time we’ve continued to invest in both community and performance cricket, which is pleasing.’’
Coggan said it was hard to budget for the next financial period because it was unclear what impact Covid-19 would have on events.
The association could be looking at a loss of up to $60,000.
‘‘But if everything goes to plan and we are able to run our events, such as Super Smash, without restrictions or having weather impact then we can be hopeful of meeting a break-even budget.’’
There are a couple of changes on the board. Russell Mawhinney and Renuka Bayly will return for a second term, while Brendan Murray replaces Adam Gain.
Stuart Heal will replace Murray Hughes as president, while Nick Smith has been named patron.