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Port Orange Observer Thursday, Sep. 13, 2018 5 days ago

Port Orange writes off $1.7M loan for the Cypress Head Golf Club

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The loan was used for renovations to the golf course and the clubhouse, which were completed about two years ago.
by: Lurvin Fernandez Staff Writer

Residents questioned a $1.7 million write off for the Cypress Head Golf Club at the Sept. 4 Port Orange City Council meeting. 

Resolution No. 18-28 in the agenda documented the write off of the Loan Pool loan made to the Golf Course Fund 450 for $1,729,491. The loan was used for renovations to the golf course and the clubhouse, which were completed in fiscal year 2016. The loan was written off through a journal entry on the balance sheet, and it was included in the budget resolution to document the write off. 

Councilman Bob Ford said the write off was discussed at budget workshops and that it was time for the city to realize that the golf course was not going to break even and pay the city back. To try to do so would be "foolish," and leaving uncollectible debts muddied the waters, he said. 

Moving forward, he said the city will keep the golf course running as "fiscally close to breaking even."

Ford said it will cost the city between $100,000 to $150,000 to run the golf course, which is less than other recreational programs offered by the city, he said. He added that the golf course contributes valuable things to the community, including providing higher value to homes that surround it.

 

 

 

 

 

 

 

 

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