155 local governments across the U.S. lost a total of $61 million operating public golf courses in 2020

A Reason Foundation review of government financial statements found 221 local governments that reported running golf courses in their 2020 financial reports. Of those 221 local governments, 155 local governments lost money operating public golf courses in fiscal 2020. In the aggregate, these 155 local governments lost a total of $61 million in taxpayer money operating golf courses in the 2020 fiscal year.

In contrast, 62 of the 221 local governments broke even or turned a profit on their public golf courses in 2020. In the aggregate, these 62 governments made $16 million via their public golf courses in fiscal 2020.

Four governments did not provide net income results.

Thus, combining the profits and losses of the 221 entities identified, local governments across the country lost a total of $45 million operating public golf courses in fiscal 2020.

Five government-run golf facilities reported losses of greater than $2 million in 2020, three in California.

The largest operating loss by a public golf course—over $4 million—was recorded by the Indian Wells Golf Resort, owned by the city of Indian Wells. The course earned $11 million in revenue but had $15 million in expenses.

The other California golf courses showing losses greater than $2 million were in the cities of Carlsbad and Dinuba. Carlsbad’s facility, The Crossings Golf Course, roughly breaks even on a cash flow basis but does not cover its depreciation expenses.

The two other public golf courses that lost over $2 million in 2020 were the Mallard Cove Golf Course in Lake Charles, Louisiana, and the Wailua Golf Course on the Hawaiian Island of Lihue, which is owned by Kauai County.

Obviously, the extent of COVID-19-related lockdowns likely played a role in the 2020 financial results of many courses, particularly in California, Hawaii, and other states with strict or long shutdowns.

The 221 golf course funds Reason Foundation identified in municipal financial statements represent a subset of all golf facilities owned by local governments across the country. There are a variety of reasons not all of the public golf courses can be listed here. Los Angeles, for example, owns 13 golf courses but the city does not separately report the courses' financial results. Instead, financial information about Los Angeles' golf courses is included as part of the city’s larger parks and recreation fund.

Due primarily to the value of the land, the 221 local governments reported net assets of almost $800 million related to their golf courses. In many cases, these figures likely underestimate the current market property values of public golf courses, especially in metropolitan areas.

The operating expenses, revenues, profits and losses, assets and liabilities reported by the local governments for 2020 are available in the spreadsheet below.

Local Governments’ Expenses and Revenues Related to Public Golf Courses in 2020