Despite efforts to better secure its income, The Forbury Park Trotting club has posted a loss for the 2016 financial year.
The club's accounts were presented at its annual meeting yesterday. In the 12 months to July 31, the club recorded a $279,729 deficit.
Club revenue grew by more than $110,000, but operating expenses increased by a similar amount, giving a result in line with the previous year's $303,975 operating loss.
Board chairman Dr Peter Gillespie addressed the loss in his report.
``Any large loss is unacceptable, but to a large extent, when it comes to Forbury Park, these losses have been unavoidable.
``It's around $650,000 a year to run this club. When you consider over that our surplus in racing, even in a good year, is $300,000-$350,000, it still leaves us, the club, short, having to find somewhere in the vicinity of $400,000-$450,000. In other words, we have to find non-raceday revenue to fill that shortfall.''
In order to secure that income, during the year the club bought three businesses that had been run independently at the racetrack: Just Essence Catering, Forbury Park Function Centre and the Forbury Park Sports Bar and Bistro.
The enterprises have since produced a profit for the club.
Club general manager Rodney Moore identified the challenge of increasing income while holding fewer race meetings. In July, Forbury Park was stripped of four annual race days, representing 25% of the harness meeting licences lost for the 2015-16 season.
``One of the first things we had to contend with is the drop of four race meetings.
``The Harness Racing New Zealand budget is solely racing-focused. Its income to the club is totally racing, driven by the number of race meetings.''
Gerald Cayford was returned as president for another term. Geoff Knight stepped into the vacant vice-president's role.
Nick Wells joined Maureen Simpson and Martin Denton on the committee.
Cayford was optimistic the club's vision to generate non-racing income would come to fruition.
``I know it will work. A few hard calls to make but it will get there. I wouldn't be sitting here if I didn't believe it would.''
A presentation was made to Maureen Simpson to recognise the 39-year contribution of her father, Viv Anngow, who died in November.
Long-serving club accountant and race-day judge Ken Dempster, who plans to retire early next year, was also recognised.
``Thank you sincerely for your contribution to the club over a long period,'' Gillespie said.
- Jonny Turner
