QUICK SUMMARY
The Riverbend Golf Complex in Kent is projected to generate approximately $696,000 in profit for 2024, marking its third consecutive profitable year. After experiencing significant losses in previous years, the complex has turned around its financial performance, aided by improvements made with funds from a past sale of a par 3 course. The city anticipates additional revenue from leasing a restaurant space to a new operator, further enhancing the complex's financial outlook.
The Riverbend Golf Complex in Kent is projected to achieve a profit of approximately $696,000 for 2024, as reported by Parks Director Julie Parascondola to the Kent City Council. This marks the third consecutive profitable year for the complex, which has shown a remarkable turnaround after suffering losses in previous years. With projected revenues of $3.9 million and expenses of $3.2 million, the facility’s financial health is a testament to effective management and strategic improvements. Notably, the complex is now benefiting from the leasing of a restaurant space, with the Riverbend Bar and Grill set to open in April, expected to further enhance revenue. The complex's successful recovery follows significant renovations to the driving range, which were funded by the sale of a par 3 course in 2017. The current fund balance of $1.9 million and a cash reserve of $500,000 reflect sound financial practices mandated by city policy. City officials express pride in the team's accomplishments, particularly in the face of challenges such as the loss of restaurant revenue. As the community anticipates the bar and grill's opening, the Riverbend Golf Complex stands as a shining example of revitalization and strategic city management.