Pierce County’s Chambers Bay golf course finished its first year in the black and generated nearly $700,000 in tax revenue, according to a report released yesterday by the County.
The report, which tracks revenue and expenses from June 23, 2007 through June 30, 2008, shows $5.55 million in revenue against $5.45 million in expenses for a $104,541 surplus.
State and local taxes totaled $690,000. That includes $216,306 collected by the City of University Place in sales and use and admission taxes and $59,685 collected by Pierce County in sales and use taxes.
The golf operation generated $3.48 million, followed by food and beverage with $1.47 million and golf shop merchandise, $590,700.
Other first-year findings include:
— Both $430,000 debt payments were made on time;
— About half of the golfers came from out of the area and accounted for half of the tax revenue. According to the county, this group spent additional dollars in local hotels and restaurants that generated additional tax monies. Pierce County Economic Development is working on an estimate of how much local hotels and retail establishments benefitted from the golf course.
— Expenses were higher than expected due to weed and non-native plant removal on the perimeter and waste areas and increased maintenance due to extraordinary rainfall.
