President Stephen Grant said in his report the club had to face up to the fact that raceday and non-raceday revenue ''must match or exceed raceday and non-raceday expenses if the club is to have a future''. At the meeting, Grant said that without allowing for depreciation of $81,224, things would look rosier, but that would be inaccurate because grants for capital expenditure reached $112,524. ''At the time of writing this report, the club has sold the land, subject to obtaining a variation of the resource consent to allow for staged development,'' Grant said. Grant believes the club will be well able to pursue its objective of becoming a regional training centre if the variation is granted. That will only happen if the basic business principles discussed at the commencement of this report are observed.''

Source: Otago Daily Times November 16, 2016 17:05 UTC