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� OROI10 COUNCIL NlEETING HELD NOVEPIBER 8 , 1976 Page 9
<br /> S Dick Benson, City Administrator, reported on the SU�u�2ARY OF RECEIPTS,
<br /> ySumrnary of Receipts, Disbursements and Balances DISBUP.SET�IENTS & BALANCES
<br /> for the month of September, 1976.
<br /> llick Benson, City Administrator, reported on the REVENUE & EXPENDITUI2�S
<br /> Revenue & Expenditures for the third quarter of
<br /> � 1976.
<br /> �
<br /> . llick Benson, City Administrator, reported that GOLF COURSE REPORT
<br /> revenue producing operations ended on October 1
<br /> of this year for the Orono Golf Course. The
<br /> Balance Sheet and Income Statement for the nine
<br /> months ending September 30, 1976 are attached.
<br /> The Gross Profit for the period is $33,396. 91
<br /> and the Cost of Operations is $24 , 578. 34 for a
<br /> • ilet Profit of $8,718.57.
<br /> Dick Benson, City Administrator, reported that LInUOR STORE R�PORT
<br /> the following is a com�arison of Net Sales, Gross
<br /> Profit, Total Ex�ense and Net Income for the nine
<br /> months ending September 30 for the years 1974 ,
<br /> 1975, and 1976:
<br /> �
<br /> 1974 1975 1976
<br /> Jet Sales : $249,220.32 $272,196.44 $277, 658.57
<br /> Gross Profit 74 ,104.07 71,026. 79 76,540. 82
<br /> Total Expense 44,006.66 46,071.20 50,103.42
<br /> Net Income 32 ,101.98 25,004. 85 26,753. 61
<br /> f The sales trends for the nine month periods have
<br /> held steady from the previous six month periodss
<br /> the growth being 9e2� between 1974-75 hut only
<br /> S 2°s between 1975-76, Gross profit on sales dropped
<br /> 4o between 1974-75 but rebounded a healthy
<br /> � 7. 8o between 1975-76. The rate at which the
<br /> expenses have increased has declined for the third
<br /> quarter periods when compared to the preceedin_q
<br /> six raonth periods, The rate decline is reflected
<br /> as followsa
<br /> 1974 1975 g Inc. 1976 � Inc.
<br /> Six I�lonths 27, 851. 58 $31,169.94 11.9 $34,182.91 9.7
<br /> Nine P��onths 44,006. 66 46 ,071.20 4. 7 50,103. 42 8. 8
<br /> The net income for the nine month period suffered
<br /> greatly in 1974-75, dropping 22o from $32,101.98 in
<br /> 1974 to $24,004, 85 in 1975. Iiowever, the increase
<br /> between 1975-76 was 7%, from $25,004. 85 in 1975
<br /> to $26,753. 61 in 1976. If the fourth quarter for
<br /> �his year shows a continued increase in net income
<br /> � f about 7� over last year's fourth quarter, the
<br /> projected net income for this year of $40,000 will
<br /> be reached.
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