Riverbend Golf Complex in Kent turns profit for 3rd consecutive year

The profits keep rolling in for the city-owned Riverbend Golf Complex in Kent.

The 18-hole course and driving range will make about $696,000 in 2024, according to a report by Parks Director Julie Parascondola to the Kent City Council at its March 18 Committee of the Whole meeting.

The numbers are still being finalized but are showing revenue of $3.9 million and expenses of $3.2 million, according to city documents.

The golf complex made $393,560 in 2023 and $529,828 in 2022 following losses of $65,175 in 2021 and $77,253 in 2020. The facility lost $300,874 in 2017 and $715,732 in 2016.

Now Riverbend, 2019 W. Meeker St., has a fund balance of $1.9 million (profits from the golf complex) and a cash reserve of $500,000. Both funds can be used for improvements at the complex or unforeseen expenses. City policy requires a fund balance of 16% of the current year budgeted expenses or $400,000, whichever is higher. Sixteen percent of the $3.2 million operating budget in 2024 is $519,869, according to city documents.

“Pretty proud of the team,” Parascondola said, giving credit to golf complex manager Eric Hinrichs and his staff for keeping the profits going. “Very successful. And honestly, in 2024 we had the loss of the restaurant revenue so this is primarily just golf.”

The council agreed at its March 18 meeting to lease the empty restaurant space to a new operator starting in April. The opening of the Riverbend Bar and Grill is expected to bring in even more revenue.

The city continues to reap the financial benefits of selling the Riverbend par 3 course in 2017 for $10.5 million to an apartment developer and using a portion of that money to improve the 18-hole course and expand and upgrade the driving range.

Prior to the sale of the par 3, Riverbend had a debt of $4 million to other city funds and lost an average of about $300,00 per year, covered by the general fund.

The city spent $4.6 million to renovate and expand the driving range, which features over 50 stalls, an enlarged range field, new lighting and a remodeled pro shop. The project started in February 2020 and was completed in August 2021. The large profits began the next year.