Otago Cricket has joined the list of first-class associations in New Zealand cricket unable to keep their heads above the financial waters.

Otago suffered a loss of $183,000, compared to a surplus of $15,000 last year.

The loss was budgeted for and the chairman of the OCA, Richard McKnight said there had been some progress on priority options outlined in last year's annual report.

A high performance centre at the Edgar Stadium had been completed and was operational.

The University Oval redevelopment was progressing while the bid to improve the performance of Otago's Shell Cup team was ongoing.

Another goal of cementing an annual One-Day International had been achieved with England confirmed for February next year.

The establishment of a capital base to fund the Association's required activities has not been achieved.

Chief executive Graeme Elliott said: "We are delighted with the New Zealand Cricket initiatives of the MILO Development programme and the funding available for us to appoint a full-time State Otago Volts coach.

"These initiatives, together with the opportunities that Otago Cricket will have with our 125th next summer, should help to overcome the major remaining issue of funding.

"This is a prime objective for the board in 2001/02," he said.

Otago president Warren Shirley commented: "Whilst there may be some disappointment at the financial result for the season, there is no doubt that cricket has developed enormously in the province over the last five year with turnover rising by over a million dollars in that time.

"Hopefully, it is only a matter of time before our finances are in the black again."

The OCA annual meeting will be held at 5pm on Thursday at Carisbrook.

© CricInfo