Yesterday, I discussed how we can be seen as shareholders of the golf course. I decided that I wanted to expand my discussion of that thought.
When a person buys a stock in a company that person is protected by the Securities and Exchange Act. In essence, a company must publicly disclose all material information related to that company. This information disclosure was meant to protect the purchasers and shareholders from buying or holding onto a bad company's shares.
Why do I bring this up? As shareholders of the golf course, I do not believe that we have received material information related to the golf course. In this instance, I am talking about the financials of the golf course.
A corporation must issue quarterly and yearly financial reports to all of its shareholders. The same kind of information should be made available to all of us, the citizens of Dayton. We would be able to ascertain whether or not the golf course is a viable asset to the community. I am not saying we need a quarterly report. However, the best information in the current situation would be a line item budget from last fiscal year. This is the type of information that would be the most material to the shareholders of this golf course and helping to determine whether the golf course is a viable asset.
A thought that I will not go into great depths about unless others would like me to: alternatives.
Why was the golf course bought for $170,000 vs. buying the golf course when the course would have went into bankruptcy? This seems like it may have been a sensible alternative. Dayton would have been able to purchase the golf course at a much cheaper price potentially. Also, this kind of purchase would have saved the taxpayers of Dayton money.
Another quick thought: Dayton could always lease the golf course out to a private party to run. In return for leasing the golf course out, Dayton would receive lease payments. The burden would then be on the private party to make the golf course a profitable business and not on the town of Dayton. Therefore, our taxes would not be increased each time there is a shortfall in the golf course's business operations.
Finally, I encourage everyone to attend tomorrow night's City Council meeting. The meeting starts at 7:00 pm. Be a part of your local government's decision making because in the end it is you who will be footing the bill.
Feel free to e-mail or comment if you have questions regarding anything I have talked about. Even if you disagree with my posts, I welcome your input as well.
dayton.observer@gmail.com
More posts soon!
This is absolutely correct. We deserve the right as shareholders and taxpayers to see these records.
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