Board Meeting – 11/16

Some highlights from tonight’s meeting:

  1. Our accountant, Jack Lawrence, came in to talk to us about the 2010 financials. We approved the draft so it’ll be available soon in its final form. The short version is that, after expenses, Luna Park earned about $2.8mil with around $3mil in our reserves. Next year we’re expected to earn over $2mil and have closer to $6mil in reserves if nothing unexpected occurs.
  2. Jack thinks we can save about $30k a year in certain taxes and possibly get as much as $500k a year in tax credits if we hire a special type of processor.
  3. We want to proceed with the parking lot #3 expansion to add 96 more spots but the three bids we received so far are between $700k and $900k. We will open it up to wider bids to see if we can get it down more. Even if we have to pay $700k we worked out a way for the expansion to pay for itself after five years at which point it would become profitable for Luna Park. The more we can bring the cost down, the faster it becomes profitable.
  4. The final two wings of building #5 didn’t need certain things the first two wings did like replacing all shims and bolts. We’re receiving a credit for $250k from our contractor.