RECORD betting turnover and the biggest Wagga Gold Cup carnival on record paved the way for Murrumbidgee Turf Club's (MTC) biggest financial result yet.
MTC held its annual general meeting on Tuesday night where the club announced a cash surplus of $715,800 for the 2020-21 financial year.
Despite a tough climate due to COVID-19, the MTC recorded a total income for the year of $541,901, in what was described as an 'outstanding result'.
MTC director Kevin Cross presented the treasurer's report, in the absence of Brett Bradley, and reflected on a year that only strengthened the club's position to the point where it has $2.2 million in the bank.
All 26 race meetings for the year generated a profit. Gold Cup day brought about a $230,000 net profit after a record profit from Town Plate the day before.
The success of this year's Country Championships race meeting delivered the club a $60,000 profit, while the club also boasted a record of $30 million TAB turnover for the year.
"The club is in a very strong financial position from an operational prospective and a balance sheet perspective," Cross said.
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MTC president Geoff Harrison congratulated the board and staff for their efforts in helping the club deliver such an outstanding result.
"We're in a very, very healthy position," Harrison said.
"I wouldn't think there are too many other clubs in NSW with these figures at their AGM."
The club also welcomed a new director in Wagga accountant Michael Douglas.
He was one of four Racing NSW-appointed directors announced alongside incumbents Scott Oehm, Peter Twomey and Kerri Reberger. Simon Rosengren chose not to stand again after two years on the board.
Douglas, a director at Navigate Advisors, has been on the Kurrajong raceday committee for a decade and jumped at the opportunity to join the MTC board.
"It's very exciting. I've been coming to the races all my life, I've been on the Kurrajoing raceday for the last 10 or 11 years so when I saw this opportunity pop up, I thought it was something which I'd like to sink my teeth into," Douglas said.
Douglas beat three other applicants for the position.
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