GENERAL MANAGER’S REPORT                       
7/17/03

1. The latest copy of the Wheelhouse (the LFYC,Inc. newsletter) indicates that their membership is continuing to take their boats to other marinas.  While we wish them the best in their new location, I would hope that the Boaters, Inc. members will continue to support the Association’s activities, especially at the Yacht Club.  They currently have 12 boats stored at various locations at the Yacht Club owned by the Association.  The Country Club, itself, has approximately 18 blackjack tables, a couple of roulette tables and a couple of dice tables that are used for Monte Carlo Night by the boaters and we haven’t had a Monte Carlo Night in over nine years.  The Association may want the boaters to pick up this equipment and store it elsewhere as our storage is limited and three of the larger tables are stored in the men’s employee restroom.  For general information, of the boats stored at the Yacht Club, we have 48 in wet slips that consist of 30 for the non-voting members and 18 regular members.  Currently in dry storage we have 17 for non-voting members and 47 for regular members.  Of course, these figures will change drastically as we move from summer into winter.

2.  The Lake Forest Swim team had another successful year.  There appeared to be about 100 swimmers on the team, down from approximately 150 last year.  I believe this reduction was intentional for more control and better swim time in the pool.  Ms. Joanna Fields booked their end of the year party at the Yacht Club and paid for 100 young people and 100 adults for a total expenditure of $2,370.  We absolutely appreciate their support and look forward to working with these individuals to have a better swim time next year.

3. We are in the process of renovating the chart room at the Yacht Club and I spoke with a contractor yesterday, July 16, and every effort is being made to have that completed by next Tuesday.  There is some delicate and time consuming work to be done concerning the framing of the maple timbers, but the comments I’ve heard from some members and some board members is that they really like the new open look.  This will increase seating and visibility and the A/C confined to that room can now be used to cool both rooms.  This project is costing us $10,500.

4. And speaking of Capital Expenditures, the renovations at the maintenance barn area for $50,000 is basically completed.  Except for gravel and some work performed in house, the results have been outstanding and these improvements were absolutely necessary.  To date we have spent $45,000 of the monies allocated.

5. At the 19^th Hole front entrance to the Golf Shop and the patio area, some live, working termites were found.  These areas have been treated by Terminix and repaired by contractors.

6. The results of our past and continuing rainy weather has been devastating to our golf course use and, needless to say, the golf financial is painful as we currently show a loss of nearly $73,000 YTD.  While, overall, the budget and financial position is good, we have basically completed our projected Capital Expenditures for 2003.  I think when all is said and done, we will spend in excess of $50,000 more than we had said per line item.

7. Overall, from the sign at Lawson Road Road to the piers and walkway at the marina, the renovation of the chart room, screens and sidewalk at the tennis courts and several other items, all of the improvements have continued to upgrade the looks of and contribution to the LFPOA properties.