Four years ago, the club was close to meltdown when it ousted its entire committee following a slide into debt and liabilities of more than $500,000.
Now its term debt has been reduced from $419,582 to $139,397 and the Balmacewen-based club expects to be debt free by February 2012.
New president Pat White, elected at the annual meeting on Thursday night, said the club was buoyant about its future.
"We're two-thirds of the way through the journey," White told the Otago Daily Times yesterday.
"We've had a good, focused board of management that has put a lot of time and commitment into planning to retire our debt.
"Equally, our members have bought into it. There's no one reason. Everyone's just kept on the job and got behind it."
The Otago club reported a surplus of $10,129 for the year ended February 28 but an operating deficit of $64,485.
It has slipped into overdraft because of its aggressive debt-reduction policy and intends to operate within its means over the next 12 months.
Membership revenue at the club is up 18% since 2005, with its annual subscription having risen from $845 to $975.
Otago has increased its fees by the maximum 3% every year but has trebled its numbers in the 20-34 age group, and women's subscription income is up 23% since 2005.
The men's club has 741 members, up from 646 four years ago, while there are about 150 women's members.
"In round figures, half of our income is from membership fees and green fees, the traditional golf income," White said.
"We've tried to maintain subscriptions below the magic $1000, because that's a barrier. I think we've maintained subs below the rate of inflation and put efforts into raising money outside that base."
Balancing its lift in revenue from subscriptions, the club experienced a reduction in gross bar and clubhouse income of $18,000 in the last year.
White said the economic recession was inevitably going to impact on a sport like golf.
"We know we're heading into challenging times. The golfing dollar is obviously a discretionary dollar.
"We also know that one of the great supporters of golf clubs is trust money and funds are going to be down there."
The club still managed to pour $180,000 last year into buying a new vehicle, greens and roughs mowers, a turf sweeper and six petrol-powered golf carts.
Balmacewen is also being maintained to its normal high standards, with 57 ageing pine trees knocked down last week and contouring and planting of the new 17th green scheduled for next season.
The Otago club has made a capital investment in its course and clubhouse of $530,000 since 2005, with money raised outside normal club revenue.
The women's section of the club has voted to amalgamate a special meeting is to be convened to allow the men to vote on the proposal.
