The Club's Annual General Meeting was held in the Northern Hotel last night. Chairman Ken Ferguson welcomed over 50 members to the meeting at which Treasurer Martin Smith was able to report a profit for the second season running.

BRECHIN CITY made a profit of £14,231 on a turnover of £404,238 in the financial year ending May 31.

Club treasurer Martin Smith broke the news to season ticket holders at the annual general meeting.

“While delighted with a profit for the second consecutive year, especially considering the present economic climate, I need to point out that last season was exceptional in many ways.

“We received two extra payments from the... SFA and SFL, we sold Gary Twigg to Shamrock Rovers and we received compensation from the same club for our manager Michael O’Neill.”

Overall expenditure rose by £19,000 from £371,000 to £390,000.

Wages, which had been cut back over the two previous season, saw the biggest increase, up by almost £40,000. They are still well below the peak of season 2005/2006.

Income rose by almost £30,000, from £375,000 to £404,000. Home league gates rose by £8000 and some good performances in the CIS and Scottish cups saw income increase by £18,000.

Mr Smith said it was important to note that £10,000 of the debtors total on the balance sheet had been set aside for youth development.

He added, “The supporters’ club, the development association, sponsorship and advertising showed increases on the previous year and I think this speaks volumes for those who work so hard on the club’s behalf.”

City chairman Ken Ferguson said that maintaining a challenge at the top end of the second division remained the club’s primary objective for the coming season.

And he announced that Mackie Motors and the Northern Hotel are to continue as main sponsors for a third season.

Mr Ferguson paid tribute to the work of Calum Brown, who has retired from the management committee after 14 years’ service to the club. Gary Ross was elected to the vacant position.

He reported that discussions with the SFA continue on the issue of the Glebe Park pitch failing to conform to minimum regulation width. A £5000 fine has been suspended until January 1 pending progress being made.

Moves to sell the ground to a developer and relocating elsewhere have hit the buffers.

“The club has taken it as far as it can with the developers,” he said.

“There is nothing happening at the moment. The economic climate is making things difficult.”

Members were shown kit designs and an amended web site layout for the new season.