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Accountant Saidee Gibson said Buena Vista gained $5.5 million this past year because it settled The Vista Links golf course debt.
Gibson, of Robinson, Farmer, Cox, presented the 2023 audit results at the Buena Vista City Council meeting Thursday, Feb. 15. She commended the city for its exemplary financial reporting, earning recognition from the Government Finance Officers Association for achievement and excellence in financial reporting.
Buena Vista settled The Vista Links debt last year after the municipal golf course was losing money for several years. The course was also embroiled in a years-long legal battle with an insurance company, ACA Financial, after the city defaulted on a loan.
The audit revealed the city’s overall positive financial position. Particularly notable was the government-wide net position, which showcased a significant improvement.
The accountant further delved into the specifics of the audit, discussing various financial statements and fund balances.
Settling the golf course debt emerged as a standout point, contributing substantially to the city’s financial success. The transaction involved settling an outstanding debt and relinquishing assets associated with the golf course, ultimately resulting in a net gain of over $5 million for the city.
Council member Steve Webb asked about the golf course deal’s impact on the city. “An extreme benefit,” said Gibson.
If the city hadn’t disposed of the golf course, she said, Buena Vista would have lost $1.3 million.
She said the city’s financial health has vastly improved since the Covid pandemic.
Mayor Tyson Cooper asked Gibson about the city’s rating.
“It’s an A,” she said with a laugh.
