In this month’s city newsletter, Cedar Hills offered a rare correction, saying that an earlier report may have misled some residents to believe the city’s golf course was in the black when in fact it is subsidized.    

In September 2011 the city said the golf course had “shown positive cash flow” since 2005 “and even had a cash surplus of over $90,000 in 2009.”

But that surplus never existed — at least not for taxpayers. On Tuesday, Councilman Gary Gygi argued that the surplus did exist legally under certain accounting schemes, and he said the city never broke the law in its accounting. But for taxpayers, the golf course has been a sinkhole, never realizing even a single dollar in profit.

…Gygi said the city’s statement was in no way prompted by former mayor Eric Richardson’s recent fraud charge.

“I don’t think anyone ever purposely tried to mislead the residents,” Gygi said.

Meanwhile the city continues to work on a full review of the golf course finances, and will announce results this year.

For complete story please see… http://www.heraldextra.com/news/local/north/cedar-hills/cedar-hills-golf-course-not-profitable-nor-ever-has-been/article_3203410c-9844-57d2-9e37-bcf4d22516bd.html