Ad-Express and Daily Iowegian, Centerville, IA

January 10, 2014

Resort turns a profit

By Michael Schaffer
Managing Editor

---- — Honey Creek Resort State Park on Rathbun Lake in northern Appanoose County turned an operating profit for the year ending June 30, 2013, that according to an audit released by the state auditor in December of 2013.

The audit states HCRSP reported operating revenues of $6,066,364 and operating expenses of $5,830,398 for the year ending June 30, 2013. So the resort reported operating income of $235,966 for FY 2013.

A quick look at the numbers shows operating revenue from lodging of $3,335,090 was offset by $708,006 in operating expenses. Operating revenue from restaurant and banquet operations was $1,924,877 which was offset by $1,620,941 in operating expenses. Operating revenue from golf course operations was $623,080 which was offset by $666,183 in operating expenses. Operating revenue from the water park was $121,133 which was offset by $199,521 in operating expenses. Operating revenue from the gift shop was $62,184 which was offset by $49,960 in operating expenses.

Operating expenses for general/administrative, sales/marketing and property operation/maintenance was $1,535,643, $653,831 and $396,313 respectively.

HCRSP's most costly operating expense is payroll with a total of $2,740,511 paid out in FY 2013.

What might surprise some people is that this is not HCRSP's first time to report more operating revenue than operating expenses. Besides FY 2013, the resort reported operating profit in FY 2011 and FY 2012.

In FY 2012, HRCSP reported total operating revenues of $5,912,534 versus total operating expenses of $5,720,762. That's an operating profit of $191,772.

In FY 2011, HCRSP reported total operating revenues of $5,547,357 versus total operating expenses of $5,543,127. That's an operating profit of $4,230.

Since FY 2009, when HCRSP first started generating financial records, the resort's total operating revenues have almost doubled, going from $3,104,679 in FY 2009 to $6,066,364 in FY 2013. Helping to lead that surge was lodging, where operating revenues in FY 2009 was $1,314,958 that jumped up to $3,335,090 in FY 2013.

HCRSP opened Sept. 18, 2008 to the general public as a destination resort. The resort consists of an 850-acre park with lodge/hotel, conference center, restaurant, indoor water park called Buccaneer Bay, cottages or cabins and an 18-hole golf course called The Preserve. The resort boosts a boat dock and ramp, trails, shelters, RV campground and children's playground.

Find a more in-depth look at Honey Creek Resort State Park including photos and an interview with Andy Woodrick, HCRSP general manager, in the upcoming edition of Community Focus.