Scottsboro City Council Meeting

Last night was a work session of the Scottsboro city Council. Several important issues were discussed.

1) City Attorney, Steve Kennamer, discussed the City Ordinance concerning business licenses and alcoholic beverage control license. The new ordinance will coordinate local laws with the state law. Mr. Kennamer stated the new license issuance fee will be based on the state license fee which is based on the consumer price index. According to the City Attorney this will lower the current fees. (In my last posting concerning this issue I had misunderstood the explanation of the license fee issues. I stated there would be an increase in license fees. A change in the law will not result in a fee increase and there probably will be a decrease in license fees as the local law is coordinated with state law, my apologies for the error.) 2) Vacancy announcement on the Water Sewer and Gas Board due to the death of Mrs. Dicus, term expires Sep. 2014. Applications for the position must be turned into the City Clerk no later than Feb. 24, 2012 by 4PM. 3) 1 vacancy on the Housing Authority Board, applications must be turned into the City Clerk no later than 24 Feb, 2012 by 4PM. 4) There were 3 items of discussion relating to the traffic signals at the intersection of Hwy 72 & 35, Wal-Mart and Scottsboro High School. The items concern a modification of the signals at the 3 locations.

Presentation by Mr. Lowell Bivins of the Roseberry Rescue Group concerning Aquatic Nuisance Species in the Dry Creek and Roseberry Creek area. The Jackson County Park and the Scottsboro City Park are located in these areas. There are many homeowners which have docks by the lake in the area of Roseberry and Dry Creek.

The Aquatic Nuisance Species issue has been an ongoing issue long before 2008 when the Roseberry Rescue Group (RRG) LLC was formed.  Information about the Roseberry Rescue Group may be found on the web at  http://sites.google.com/site/roseberryrescuegroupllc/home .

The Roseberry group of concerned citizens state on their web site: "In 2008 two specific non-native aquatic weeds (hydrillia and Eurasian milfoil) had encroached the waterways, channel and near shore areas of Roseberry Creek within Scottsboro and Jackson County. They literally took over whereby Roseberry Creek was unusable by the public or private land owners."

"The simple reason this occurred was that around 2005 TVA began scaling back service and eventually stopped treatment and left the job to local communities."

 Roseberry Rescue Groups informational aids as presented to the City Council demonstrating the area of coverage. Aqua-Services of Guntersville, Al. will be contracted to provide the service. The Daily Sentinel coverage of the issue by Dewayne Patterson: http://thedailysentinel.com/news/article_4bc867d8-51e0-11e1-9933-0019bb2963f4.html

The Roseberry group is asking the City of Scottsboro to pay for $50,000 of a $200,000 bill for control of  hydrilla and millfoil. The group will also request $50K each from the County Commission and the Legislative Delegation. The lakeside homeowners will also contribute $50K to the project. The responsible parties for the stewardship of the Tennessee River waterways, TVA and the State of Alabama in accordance with Federal and State law, contribute nothing.

The irresponsibility of the TVA and the State of Alabama in this problem is appalling in regards to this issue. The TVA and the State of Alabama are neglecting their responsibilities.

The TVA Act states: "Sec. 22. To aid further the proper use, conservation, and development of the natural resources of the Tennessee River drainage basin and of such adjoining territory as may be
related to or materially affected by the development consequent to this Act, and to provide for the general welfare of the citizens of said areas..." Board of Directors of the TVA has a responsibility:

"Sec. 2. MEMBERSHIP, OPERATION, AND DUTIES OF THE BOARD OF DIRECTORS. (b) (5) 

shall affirm support for the objectives and missions, of the Corporation, including being a national leader in technological innovation, low-cost power, and environmental stewardship." In TVA's Environmental Policy they state: "Natural Resource Management - TVA protects natural resources while providing recreational opportunities across the valley." TVA also states their responsibility under "Water Resource Protection and Improvement - TVA manages an integrated river system for multiple uses while striving to provide clean and sufficient water for the valley's needs." TVA's  Environmental Policy .

 

TVA's policy, Aquatic Species Management: http://www.tva.gov/rrsc/readingroom/aquaplantrec.htm

The policy states: Policy for managing aquatic plants in the Tennessee River system-

TVA will assume the leadership responsibility for resolving problems with, and disputes over, aquatic plants within the Tennessee River system. TVA will take the lead in bringing stakeholders and technical experts together to discuss and define the problems, voice concerns, design management plans, and develop funding strategies. Administration, implementation, and financial responsibilities will be negotiated among local, state, and federal government agencies, TVA and other stakeholders.

State of Alabama: The Department of Conservation and The Alabama Department of Environmental Management (ADEM) have responsibilities under several laws. Previously, ADEM did not issue permits for aquatic nuisance species control. Currently they are issuing permits for herbicide treatment. There are other responsibilities outlined in Alabama Water Resources Act. This law is referenced in the Code of Alabama Section 9-10B various subparts.  Also relevant is the Alabama Aquatic Nuisance Species Management Plan which was developed by Governor Riley and signed into law but has never been funded.   www.outdooralabama.com/education/generalinfo/ans/plan/AlANSPlan200812.pdf. A public law has been passed regarding aquatic nuisance species, and it may be found in the Code of Alabama Section 9-20.  http://alisondb.legislature.state.al.us/acas/CodeOfAlabama/1975/coatoc.htm

There are several problems relating not only to government responsibility but to the Roseberry Rescue Group Responsibility.

There is no doubt that Hydrilla and Millfoil are out of control in many areas of the lake. The last application of the herbicide reduced the current problem. Short term solutions are not the answer. Poisoning the waters over and over again will have an impact on the fishery. The application of Fluridone and also a shoreline herbicide promotes the growth of dangerous algae. Reports from Florida reveal Hydrilla will build a resistance to Fluridone.

There is no long term plan by any of the governmental entities or the Roseberry Rescue Group concerning their deployment of this herbicide. Nor has there been any scientific input concerning the impact on the fishery or native aquatic species relating to the long term use of the herbicide.

To continue to spend $150,000 in public funds every 3 years for the spraying of "water weeds" in an 1100 acre area without knowing the long term effects of the application is negligent. In 21 years (began in 2008) that will equal a total of $1.05 million dollars (2012 dollars) in tax dollars spent without any scientific input from biologists or a definitive plan to evaluate and resolve the problem for a long term solution.

It is significant that the Dry Creek area has been identified by government conservation agencies as an area affected by siltation and pesticide runoff. There are 2 sewage treatment plants releasing effluents in the area of Roseberry Creek. Killing off the aquatic species in the area will have an effect on the fishery and the lake. Aquatic species in shallow water serve a purpose to clean human waste and agricultural discharges. The possible repercussions of widespread aquatic species poisoning are not known at this time due to the lack of a study. However, in Florida and other areas there are horror stories related to excessive algae blooms killing off the fishery as a result of eliminating other aquatic plant species.

Previous stories from 4 years ago relating to this issue; including incidents of censorship on al.com due to discussion of the issue. http://arklite.blogspot.com/search/label/Roseberry%20Rescue20Group

TVA WOES, WATTS BAR UNIT 2 PROBLEMS EQUAL PROBLEMS FOR BELLEFONTE

WATTS BAR UNIT 2 - Chattanooga Times Free Press article revealing. http://timesfreepress.com/news/2012/feb/04/delays-cost-overruns-hit-watts-bar-work/

"Despite the cost overruns, Kilgore said finishing Watts Bar Unit 2 still makes good economic sense. Watts Bar is still expected to be far cheaper than the $4.9 billion expense of finishing one of the reactors at Bellefonte, which TVA determined last year was still the best way to meet future power demand."

"We could spend up to $4.58 billion and still have an economical plant," Kilgore said of the Watts Bar Project. "I don't think the estimate is going to be anywhere near that, but we know this is going to be a good plant and that is why we continue to work on it."
 

  It appears the money raised in the sale of John Sevier Combined Cycle Gas plant and the pending Watts Bar 2 sale will not be utilized for Bellefonte but for the completion of Watts Bar 2. The two $30,000,000,000 questions: Can the TVA afford Bellefonte after Watts Bar's unit 2 construction? Will TVA Executives and the Board be honest with citizens about TVA's financial difficulties or continue with deceit?

Now the question: Can the TVA afford Bellefonte and Watts Bar without selling more assets and placing the TVA into an unrecoverable financial failure spin. Will the TVA Executives advise the Board to cancel the Bellefonte Project or extend the start date to 2016? Or will the TVA continue to treat the ratepayers as an ever-bearing "money tree?"

More revelations: In the article from the Times Free Press Saturday, "the [Watts Bar] project is probably only 70 percent complete." (TVA CEO Tom Kilgore)

Watts Bar Unit 2 public misinformation/information: Just how far along is Watts Bar 2? a) "Power News" via a TVA news release: "August 10, 2011-The Tennessee Valley Authority (TVA) on Monday said it would delay construction at Watts Bar Unit 2 and delay commercial operation of the facility from the previously anticipated late 2012 time frame into 2013...Work to complete the 1,180 MW generating unit resumed in 2007; the unit is currently about 86% complete." http://www.powermag.com/POWERnews/TVA-to-Delay-Watts-Bar-2-Startup-until-2013_3932.html b) Bechtel Corporation: "Unit 2 at Watts Bar in Spring City, Tennessee, was about two-thirds (66%) complete in 1988" http://www.bechtel.com/watts-bar-completion.html c) From Wikipedia: "TVA is currently working to finish the partially completed Unit 2. Unit 2 was about 80% complete when its construction was stopped in 1988. d) Rhea County Herald News: "Watts Bar Nuclear Unit 2 is on schedule to be completed by October 2012, according to a Tennessee Valley Authority spokesman...We're still on schedule to get it complete on time," TVA spokesman Terry Johnson said. "And we're still on budget too."" (Current information has shown this TVA report to be inaccurate information. ) http://rheaheraldnews.com/story/17178 e) Chattanooga Times Free Press article Feb. 4, 2012: "TVA has already spent more than $2.2 billion on finishing the new Watts Bar reactor since work was restarted there four years ago, and Kilgore said the project is probably only 70 percent complete." http://timesfreepress.com/news/2012/feb/04/delays-cost-overruns-hit-watts-bar-work/

Utilizing the figures in the article links provided we may conclude that the plant construction has gone in reverse according to TVA sources, contractors and news reports. (There was a construction rate loss of 16% due to inaccurate TVA information between Aug 2011 and this weekend.) In 4 years, if we utilize Bechtel and TVA's Chief Executive Officer's figures, the plant has progressed at a total construction rate of 4% or 1% per year. It is obvious there have been information inaccuracies and serious management problems within the TVA regarding the Watts Bar nuclear construction project over the past 4 years. At 1% rate of construction per year the plant will take 25-30 years to complete. (Relying on the TVA CEO's information of "probably only 70% complete.")

Once management problems are worked out, a real construction time would be 3-4 years for completion of 25-30% of the plant - construction completion in 2015-2016; financially, an additional 3.5 billion dollars in construction costs due to inflation and cost overruns would be a more realistic cost estimate.

Alabama Senator Shad McGill (State Senate district 8 Republican), Caviar, Paddlefish, Russians, Department of Justice, Teachers, Religion and Politics

The Paddlefish used to be plentiful in Lake Guntersville and on the mighty Tennessee River, including other waters in the State of Alabama. The species is now threatned primarily due to the Caviar Industry which harvests the fish, takes its roe then sells it on the open market as Russian Caviar. Siltation of the river and tributaries is also a factor in the species decline.(photo by Alabama Dept. of Conservation Polyodon spathula, Paddlefish or Spoonbill Catfish)

Department of Justice Photo of caviar tin which was not as advertised. The contents when tested for DNA revealed the roe was that of American Paddlefish, a protected species.

Prosecution of cases by the Department of Justice concerning fraud ...and the taking of protected species: http://www.justice.gov/enrd/3367.htm "The undercover agent, in cooperation with Sutton Place, purchased caviar from Connoisseur Brands, which was then DNA tested by the FWS National Forensics Laboratory in Oregon. The DNA results showed that the vast majority of Russian Sevruga caviar – one of three types of commercially available caviar – purchased from Connoisseur was in fact fish eggs from the American Paddlefish, a protected species indigenous to the United States and found in the Tennessee and Mississippi Rivers. "

Recent Paddlefish Caviar Prosecution: "CINCINNATI, Ohio, January 17, 2012 (Environmental News Service) - Two Kentuckians and their caviar companies pleaded guilty today in the U.S. District Court for the Southern District of Ohio to trafficking in and falsely labeling illegally harvested paddlefish, Polydon spathula. Steve Kinder, along with his wife, Cornelia Joyce Kinder, both of Owenton, Kentucky, owned and operated Kinder Caviar Inc. and Black Star Caviar Company. Those companies were in the business of exporting paddlefish eggs as caviar to customers in foreign countries." http://www.ens-newswire.com/ens/jan2012/2012-01-17-093.html

Alabama State Senator Shad McGill's statement in the Dekalb County Times Journal- (State of Alabama photo of Senator McGill on left) ""McGill said one bill he was developing was to open the state's waters to the harvesting of American paddlefish. McGill said the fish's roe sold as caviar and sells for as much as $90 a pound. "I'd never heard of a paddlefish," McGill said. "Some foreigners might like it, I'm not sure. I'm drafting legislation for this. It has the potential to open up thousands of jobs."" http://times-journal.com/news/article_bf20e02c-4b94-11e1-804b-0019bb2963f4.html  (Legaly obtained American Paddlefish Caviar sells for aprroximately $80.00 per 3.5 oz container. A similar size of Russian Beluga Caviar sells for approximately $700.00; reference Amazon.com search)

Senator McGill wants to open up thousands of jobs based on illegal activity?? It is illegal to possess or take Paddlefish from Alabama waters. There is one exception, that is the commercial spawning of the fish in grow out ponds as licensed by the Department of Conservation and Natural Resources. http://www.outdooralabama.com/fishing/freshwater/fish/paddlefish/reg.cfm
(From the Alabama Department of Conservation and Natural Resources: "220-2-.94 Prohibition of Taking or Possessing Paddlefish (Spoonbill): It shall be illegal to take or attempt to take paddlefish (spoonbill) from all public waters of Alabama by any method or to possess paddlefish (spoonbill) or any part of a paddlefish (spoonbill). Any paddlefish (spoonbill) accidentally captured shall be immediately returned to the waters from whence it came. This regulation does not apply to commercially packaged paddlefish (spoonbill) products imported from out-of-state or to paddlefish (spoonbill) cultured at hatchery operations or grow out ponds permitted through the Commissioner,  Department of Conservation and Natural Resources.")

DeKalb County Times Journal Editorial: "Paddlefish Bill is a bad idea" http://times-journal.com/opinion/article_2ab7f274-4b97-11e1-94b4-0019bb2963f4.html

McGill's proposal involves illegal activity of  "harvesting of the American Paddlefish from state waters." Appropriate authorities should be asking who has put McGill up to this scheme and has there been any money exchanging hands in this schemes development?


UPDATE: Feb. 7, 2012
Senator McGill on Religion and Teachers pay.

More on Senator McGill from WAAY TV http://www.waaytv.com/news/content/vote/story/McGill-Responds-to-Controversies/ECx6gqrHuE26PKjFRxlCWQ.cspx

Dekalb Co Times Journal  http://www.waaytv.com/news/content/vote/story/McGill-Responds-to-Controversies/ECx6gqrHuE26PKjFRxlCWQ.cspx

More: ""I don't believe you keep God out of state. Church represents the body of Christ, Christ being the head of that body. No, I don't believe in that separation," said Sen. McGill."

http://www.waaytv.com/mostpopular/story/Jackson-County-School-Board-Sides-with-Bible-Man/9L6CFjmae0WrdqgZi-StQA.cspx

 Thomas Jefferson interpreted the 1st Amendment in his famous letter to the Danbury Baptist Association in January 1, 1802: "I contemplate with sovereign reverence that act of the whole American people which declared that their legislature should 'make no law respecting an establishment of religion, or prohibiting the free exercise thereof,' thus building a wall of separation between church and State."

IS TVA HEADED FOR THE BIG CRASH? - Debt and the Bellefonte Financing Scheme Creates Bankruptcy Risk

Will the Bellefonte financing scheme bring down the TVA?  (ARTICLE UPDATED: Jan 30, 2012)

Business Insider lists the TVA at #6 in their list at high risk for bankruptcy. The house of cards nearing a tumble?  http://www.businessinsider.com/the-next-17-big-companies-that-are-at-risk-of-bankruptcy-2012-1#tennessee-valley-authority-6  Business Insider rates the  "Financial distress (failure) probability of the TVA at 11.82%."

"One other way TVA has looked to raise money is by selling off facilities, and leasing them back. Thomas (John Thomas CFO, TVA) argues that’s not as cheap as using bonds, and he says customers ultimately bear the added expense." http://www.keyumc.org/2011/11/tva-could-replace-30b-debt-limit-with-coverage-ratio/ 

A TVA spokesman has stated said he could not provide details about John Sevier Combined Cycle Generation LLC because of a nondisclosure agreement. Chief Financial Officer John Thomas said of the LLC, "it is a group made up of large, institutional investment companies." John Sevier Combined Cycle Generation LLC is a corporation registered in Delaware. The sale of the combined cycle gas plant was complete in September of 2011 in secret. There was no mention of such a transaction at the November 2011 TVA Board meeting in Starkville Ms. (Bank of America Merrill Lynch, Barclay's Capital and Morgan Stanley were the joint book-running managers for the sale and other TVA bond sales.) http://www.ubs.wallst.com/ubs/mkt_story.asp?docKey=1329-L1E8CAE2G-1&first=0


 In part from KnoxvilleBiz.com- TVA plans more lease purchase deals; who will pay? Ratepayers-"...the financing cost for TVA for the $1 billion amounts to about 5 percent, with TVA paying $10 million a year for 30 years, for a total of $300 million, for which it would immediately get the use of the $1 billion."

Specific details of the sale are secret due to the signing of a non-disclosure agreement. Details such as the terms of the contract and what determines a default are secret. This is a slap in the face to accountable, open government and what appears to be a violation of the Federal Sunshine Act.

The Federal Sunshine Act states: "§ 552b. Open meetings

(a)For purposes of this section—

(1)the term “agency” means any agency, as defined in section 552(e) ^[1] of this title, headed by a collegial body composed of two or more individual members, a majority of whom are appointed to such position by the President with the advice and consent of the Senate, and any subdivision thereof authorized to act on behalf of the agency..."  Note: "any subdivision thereof authorized to act on behalf of the agency..." Currently there is no committee meeting of the TVA open to the public although various committees act in behalf of the TVA..

More lease projects planned costing the ratepayers- "TVA also plans to do a lease-purchase deal with its Watts Bar Unit 2 nuclear reactor and Thomas said that will probably occur late this year, which also is when the project is expected to be completed. TVA plans to sell the John Sevier plant plus the Watts Bar reactor to help fund completion of the $4.9 billion Bellefonte nuclear reactor in Northern Alabama." http://www.knoxnews.com/news/2012/jan/22/tva-plans-more-lease-purchase-deals-like-john/


From The Chattanooga Times Fee Press,  Dec 1, 2011 article by Dave Flessner concerning TVA's lease purchase plans. "S&P credit analyst Theodore Chapman said the risk on TVA's $1.2 billion of outstanding long-term leases on buildings and generation facilities is even greater than TVA bonds.
"We believe that the debt service associated with these leases, which are paid as operating expenses of TVA's electric system, is less likely to receive extraordinary financial support from the federal government in periods of distress compared to debt issued directly by TVA and that is denominated in TVA's name as government-sponsored enterprise debt," S&P said in its analysis."  http://timesfreepress.com/news/2011/dec/01/debt-crisis-casts-doubt-on-tvas-long-term/


Bonds in this deal not protected by implicit federal government support: From "Market Watch-Wall Street Journal, Jan 10, 2012: Fitch Ratings has assigned a rating of 'AA' to the John Sevier Combined Cycle Generation LLC (LLC or the Lessor) lease note obligations... The notes are secured by basic lease rent payments to be made by theTennessee Valley Authority (TVA) whose obligation to make rent payments is absolute and unconditional. Noteholders are also granted a first mortgage interest in the assets under the lease. The rating of the LLC notes reflects TVA's absolute and unconditional obligation to make basic rent payments. However, Fitch does not believe that the implicit federal government support enjoyed by the global power bonds, (rated 'AAA', with a Negative Outlook by Fitch) extends to TVA's lease rent obligations. "  http://www.marketwatch.com/story/fitch-rates-john-sevier-combined-cycle-generation-llc-lease-note-obligations-aa-outlook-stable-2012-01-10

Browns Ferry NRC Inspection, Part 2 - Safety and Work Planning Problems Cited

"“We did identify safety culture problems, both with the workforce and with management,” said [NRC's] John Jandovitz, the team leader for the second group of on-ground inspectors who spent weeks watching maintenance and other work at the plant.'"

"“Work planning is weak, and people here told us, ‘Yeah, we know. We just live with it.’ That’s not appropriate,” Jandovitz said. "   Chattanooga Times Free Press article by Pam Sohn:  http://timesfreepress.com/news/2012/jan/27/inspectors-cite-inadequate-work-planning-browns-fe/

Browns Ferry Nuclear Plant near Athens, Alabama has 3 GE Mark 1 series of nuclear reactors.

A defective residual heat removal (rhr) system flow valve was found defective in October 2010. However, the defective component had been defective for more than a year and the management at Browns Ferry did not correct the problem.

NRC Inspectors, pictured above, delivered part 2 yesterday of a 3 part out briefing. Part 1 was conducted on October 3, 2011 blog link: http://arklite.blogspot.com/2011/10/nrc-inspection-red-findings-tva-browns.html  Link to all Browns Ferry related items: http://arklite.blogspot.com/search/label/TVA%20Browns%20Ferry

TVA Executives and managers were given an opportunity to respond to the NRC's presentation. Keith Polson (seated second from left), Vice President of TVA Browns Ferry Nuclear Plant stated: "We concur with the NRC's findings. We strive for excellence, our goal is to be the best nuclear plant operating in the United States."

"Preston Swafford (Seated far left at table, picture above.), TVA's chief nuclear officer, told the audience that TVA has been learning more through the inspection process, but has known that its maintenance programs and processes have been deficient for some time. Swafford said they have been working hard in the past 30 months or so to bring in new personnel, and when necessary, to provide plant managers with contract workers to bolster the workforce."It has been an ugly period as we've been identifying issues," Swafford said. "But you can't get well unless you put these issues on the table and address them."" Huntsville Times article by Brian Lawson- http://blog.al.com/breaking/2012/01/nrc_offers_tough_assessment_of.html

I met with Mr. Polson (photo above) after the meeting to discuss management communications at the facility.  He told me he had been at the plant for 2 years and it has been a challenging task to overcome negative attitudes and behaviors related to the safety culture. He stated he meets with different sections each week and there is a daily "morning report" which is reviewed by Browns Ferry Managers to identify and resolve any problems.

Members of BREDL and BEST/MATRR  (BREDL- Blue Ridge Environmental Defense League, BEST/MATRR-Bellefonte Efficiency and Sustainability Team, Mothers Against Tennessee River Radiation http://www.matrr.org ) spoke to the NRC and the TVA to express their concerns about the Browns Ferry Nuclear Plant. Ms. Jackie Posie, Ms. Gretel Johnston, Mr. Stewart Horn and Mr. Garry Morgan discussed their concerns relative to plant safety, deficiencies of design and the lack of a secondary containment structure above the cooling pool level.

There are approximately 1 million people who reside within a 50 mile radius of the Browns Ferry Nuclear reactors. Browns Ferry has over 3.5 million pounds of highly radioactive spent fuel at the facility. The large majority of the radioactive spent fuel is contained within the fuel pools of which there is no required reinforced secondary containment above the cooling pool level, a serious design defect.


TVA 2012 Emergency Information Calendar link: Browns Ferry - TVA

Electric Light and Power web magazine listing-
http://www.elp.com/index/from-the-wires/wire_news_display/1591849908.html

Scottsboro Parks and Recreation Board Meeting and Audit Review, January 17, 2012, by George Anderson

The Goose Pond Colony/Plantation Pointe Board Meeting and Audit Review by George Anderson

All Goose Pond Colony Board members, except Mike Baggett-prior engagement conflict, were present;  Jim Olyniec presided.

 The audit for 2011 was presented by the Mr. James C.Smith, lead auditor from TUCKER, SMITH & ASSOCIATES P.C., the regular auditing firm for the board. Mr. Smith said that their audit was 'unqualified' or did not disclose any items they would have concluded that were not in compliance with Generally Accepted Accounting Procedures.  In other words, they gave the Goose Pond operations and management an 'attaboy' and said they were doing great.  Mr. Smith also praised the Board for their decision to curtail Plantation's ops and opined the decision should show big savings in 2012 since the course will only be open about 35% of the days the Colony  course is open.


Overall the 2011 audit showed:
Revenues decreased $42,946 (-1.4%) from 2010; Expenses decreased $150,614 (-5.2%) from2010;  $153,034 PROFIT (Increase in Net Assets) - resulting from lower expenses as compared to last year's $13,295 LOSS.

Ending Net Assets for 2011 increased 14.4% to $1,217,087 from 2010's $1,064,053

$29,690 LOSS for the Snack Bar at the Colony.  Board leased the Goose Pond Colony course Snack Bar to Stevarino's starting 1/1/2011.
TOTAL ASSETS on balance sheet decreased $195,930 (-3.2%) from 2010's $6,088,971 due mostly to recognition of depreciation of capital assets.
       
Cash available decreased $32,786 from 2010

80 golf carts purchased; 70 for the Colony, 10 for Plantation Pointe.

Copies of the audit are available to be purchased at the office.

Profits and Losses (Losses) in parenthesis) for the Goose Pond Colony/Plantation Pointe complex for 2011 as shown in the audit.
Colony Golf Course               116,188
Colony Pro Shop                    (28,935)
Colony Snack Bar                   (29,690)
       Total                              57,563             

Plantation Golf Course            (88,480)
Plantation Pro Shop                 (14,106)
Plantation Snack Bar                  5,928
      Total                                (96,658) 

Swimming Pool                     (26,261)
Marina                                 272,259
Bait & Tackle                         13,011
Convention Center                (14,795)
Colony Club House                 (11,201)
Plantation Club House            (19,823)
Patio Restaurant                     (2,694)
Cottages                               304,953
Campground                          179,607
General and Administrative  (333,296)
Maintenance                        (169,711)

GRAND TOTAL                     $153,034

OTHER NEWS:
The Plantation Pointe course course may open either 2/17 or 3/17.  If 3/17/2012 it will be open for 10 days straight because Spring Fling is being played at the Colony. Thereafter - Fri, Sat, Sun - 3 days per week!!
       
The Board is going forward with their plan to move into the [Plantation Pointe] Clubhouse and close the Pro Shop building. Interior modifications are needed, but final details are still being discussed. The board approved $3000 to purchase gravel for the new cart path layout.
  
The first tournament is 2/7/2012;  the current plan is to hold 8-9 tournaments each year.  They pay no lease fees till May or June, then $500 per month + $1 per vehicle launching a boat and parking at the Bait and Tackle Shop.