A CONSOLIDATION of debts and a move to lease its non-core areas will provide a new momentum for the Goulburn Club, members were told at the club's annual general meeting last Thursday.
A report to the club by outgoing director Roger Lucas said though the club's debts had increased, a new bank loan had created less monthly repayments.
He said the club's debt had increased from $94,131 (in 2007) to $175,000, but taken over 18 years, this would reduce monthly payments from $2200 to $1822.
Various debts including to Mr Lucas ($58,343), bar equipment leases ($14,899) outstanding council rates ($7500), bank loan balance ($74,131) and a payout overdraft ($20,127) were consolidated into the new bank loan.
The report said the club's solvency during the three years to June 30, 2007 was a result of Mr Lucas advancing funds to the club totalling $58,343.
"The club's solvency now depends on getting more volunteers and tight control over revenue and expenditure," Mr Lucas said.
For the full story, please see Wednesday's Goulburn Post, available from our front office in Auburn St, or at all leading newsagencies across the Goulburn area.
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