Loading ...
Sorry, an error occurred while loading the content.

CofM 2008 to date/2009 budget

Expand Messages
  • sscitymilw@aol.com
    Hi everyone, FYI. George S.S. City of Milwaukee Profit and Loss by Class January-October 2008 Actual Projected 2009 Revenue/Expense 2008
    Message 1 of 1 , Dec 11, 2008
    • 0 Attachment
      Hi everyone,

      FYI.

      George

      S.S. City of Milwaukee
      Profit and Loss by Class January-October 2008 Actual Projected
      2009 Revenue/Expense 2008 2009 Est. Variance 2008-2009 Ordinary
      Income/Expense Income-Lodging $ 85.00 $ 15,400.00 $ 15,315.00
      Income-RV Site Rental $ 14,600.00 $ 20,000.00 $ 5,400.00
      Income-Dock Rental $ 23,530.00 $ 23,500.00 $ (30.00) Income-Gift Shop
      $ 7,590.38 $ 11,000.00 $ 3,409.62 Ghost Ship $ 16,033.67
      $ 24,500.00 $ 8,466.33 Miscellaneous $ - $
      15,000.00 $ 15,000.00 Income-Donations $ 60,373.50 $ 75,000.00 $
      14,626.50 Income-Membership Dues $ 7,305.00 $ 10,000.00 $ 2,695.00
      Income-Grants $ 55,010.00 $124,500.00 $ 69,490.00 Income-Special
      Events $ 400.00 $ 5,000.00 $ 4,600.00 Income-Tours $
      11,683.40 $ 24,500.00 $ 12,816.60 Raffle $ 4,123.85 $ 1,500.00
      $ (2,623.85) Discounts & Coupons $ (102.59) $ (100.00) $
      2.59 Total Income $ 200,632.21 $349,800.00 $149,167.79
      Cost of Goods Sold Supplies-Ghost Ship $ 358.38 $
      350.00 $ (8.38) Insurance-Ghost Ship $ -
      $ - Cost of Goods Sold $ 4,215.75 $ 5,000.00 $
      784.25 Supplies $ 771.13 $ 775.00 $ 3.87
      Salaries & Wages $ 17,660.23 $ 20,000.00 $ 2,339.77 Salaries &
      Wages-Gen. Mgr. $ 29,784.48 $ 30,000.00 $ 215.52 $
      - $ - Total COGS $ 52,789.97 $
      56,125.00 $ 3,335.03 Gross Profit $ 147,842.24 $293,675.00
      $145,832.76 Expense Advertising $ 544.92 $
      500.00 $ (44.92) Amortization-Mortgage $ 487.53 $ 500.00
      $ 12.47 Auto & Truck $ 48.00 $ 50.00 $
      2.00 Bank Charges $ 755.22 $ 800.00 $ 44.78
      Cash Over/Short $ 77.33 $ 75.00 $ (2.33)
      Dues & Subscriptions $ 732.50 $ 700.00 $ (32.50)
      Equipment Rental/Lease $ 1,244.02 $ 1,000.00 $ (244.02) Insurance
      $ 8,512.58 $ 9,000.00 $ 487.42 Interest Exp-USDA $
      34,517.60 $105,400.00 $ 70,882.40 Interest/Late Fees $ 851.90 $
      1,000.00 $ 148.10 DEQ CZM Video Grant $ - $
      26,500.00 $ 26,500.00 License & Permits $ 236.00 $ 200.00
      $ (36.00) Maintenance & Repairs $ 5,884.49 $ 55,000.00 $
      49,115.51 Envision Grant $ 750.00 $ - $
      (750.00) Office $ 3,840.45 $ 1,500.00 $ (2,340.45) Postage $
      84.00 $ 250.00 $ 166.00 Museum Display $
      203.26 $ - $ (203.26) Plank Expense $ 232.88 $
      250.00 $ 17.12 Rent $ 725.00 $ 350.00 $
      (375.00) Taxes-Payroll $ 5,035.99 $ 15,000.00 $ 9,964.01
      Taxes-Real Estate $ 10,285.15 $ - $ (10,285.15)
      Memorial Day Events $ 631.68 $ 500.00 $ (131.68) Telephone
      $ 1,193.55 $ 1,300.00 $ 106.45 Utilities $
      6,039.95 $ 7,250.00 $ 1,210.05 Cable/Internet $ 974.16 $
      1,100.00 $ 125.84 Total Expense $ 83,888.16 $228,225.00
      $144,336.84 Net Ordinary Income $ 63,954.08 $ 65,450.00 $
      1,495.92 Other Income/Expense $ 670.41 $ 500.00
      Interest Income $ 70.94 $ 75.00 $ 4.06 Total
      Other Income $ 741.35 $ 575.00 $ 4.06 Other Expense
      Depreciation $ 54,441.60 $ 65,329.92 $ 10,888.32 Total Other
      Expense $ 54,441.60 $ 65,329.92 $ 10,888.32 Net Other Income $
      (53,700.25) $ (64,754.92) $ (11,054.67) Net Income $
      10,253.83 $695.08 $ (9,558.75)

      The above is the year-to-date (as of October 31, 2008) for the S.S. City of
      Milwaukee, the projected budget for 2009, and the variance. A final version
      will be produced after January 1st to reflect the entire 2008 fiscal year
      (Jan. 1 - Dec. 31).

      As you can see, we are close to breaking even. While this is due in large
      part to the efforts of the Frank B. Foster Foundation ($55,000 in grant
      funding), our staff and our members also deserve credit. At the present time we
      have approximately $3,600 in our operating account. Donations are still needed
      to help us survive the winter and prepare for next season. Restoration
      projects include electrical, engine room painting and engineers hallway/galley
      plumbing. As you can see from the projected 2009 budget, we'll need
      significant improvements in grants, donations and operating revenue to make the
      $105,400 owed to USDA in 2009. Part of this effort will include our overnight
      lodging/education program.

      We are also working on planning initiatives to determine if our current site
      is the best one, how to develop the site, and how to receive support from
      local, state, regional and national stakeholders.

      ********

      We have two electrical initiatives underway at this time. The first one is
      the installation of our emergency generator, which is now sitting on a
      concrete pedestal on our property. I understand that our electrical crew found a
      short that was sending 20 volts to our boxcar (with the Midland exhibit), and
      that this has been remedied. It will be interesting to see what else they'll
      find.

      We also recently hosted two assessors from the Retired Engineer Technical
      Assistance Foundation (RETAF), who are performing a free energy/waste
      assessment. They noticed that our efforts including installation of compact
      fluorescent lights (CFL's) has been beneficial. We are awaiting their report.

      Thank you for your contributions. If possible, please send donations to
      S.S. City of Milwaukee, 99 Arthur St., Manistee MI 49660. Membership renewals
      are also encouraged at this time. Forms can be printed out at
      _www.carferry.com_ (http://www.carferry.com) . Our base annual dues are still $25 a
      person/$40 a family, which is pretty reasonable.

      Thanks,

      George
      **************Make your life easier with all your friends, email, and
      favorite sites in one place. Try it now.
      (http://www.aol.com/?optin=new-dp&icid=aolcom40vanity&ncid=emlcntaolcom00000010)


      [Non-text portions of this message have been removed]
    Your message has been successfully submitted and would be delivered to recipients shortly.