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TitleWentworth Residents’ Association
Annual General MeetingMarch 12, 2008
www.mywentworth.com [email protected]
Agenda
• Opening Remarks
• Review Highlights from 2007 AGM
• 2007 Financial Highlights
• New Business
– 2008 Operating Budget
– 2008 Planning
– Nominations & Elections for Directors
– Open Floor for General Membership Discussion
www.mywentworth.com [email protected]
The WRA Board of Directors
• Directors: Janet Welsh James Waddock
Sharleen Traynor Sean Reily
Ryan RemingtonSuzi VadoriDavid Klug
• Secretary: Sandra Burns
• Treasurer: Greg Leusink
• President: Brian Wilson
www.mywentworth.com [email protected]
March 2008 AGM
• Held on March 28 2007
• 41 residents in attendance
• Meeting Highlights:
– Review of financial position
– Association fee increase
– Acquisition of area maintenance &
landscaping services
– General call for volunteers to serve as
directors
www.mywentworth.com [email protected]
2007 Financial Review
Highlights
2007 Budget was met with a surplus of $11,239
Online Payment Method implemented in April
over 80 online payments received in 2007.
Annual Fee increased from $100 to $200 per household
Collection rate increased to a record 88%. (thank you)
A large accounting firm generously offered to review our financials (pro bono).
www.mywentworth.com [email protected]
2007 Income Statement (YE Feb 29 ’08) (preliminary)
Receipts• $72,000 Fees received• $151 GIC interest income -----------------------------------
$72,151 Total Receipts
Disbursements• $55,581 Maintenance costs• $3,752 Administration• $1,399 Insurance• $109 Property Tax• $71 Bank Fees
-----------------------------------$60,912 Total Disbursements
Net Surplus• $11,239
• Ended the year with a surplus of $11,239 thanks to strong payment rate from residents.
• The $200 fee was required. Holding fees at $100 would have resulted in a $20-25,000 deficit, likely folding the association.
• Further fee increases probably not required in foreseeable future
www.mywentworth.com [email protected]
Assets $24,274 Cash $13,000 Fees Receivable $933 Prepaid
Insurance $22,500 Land ---------------------------------------------
$57,707 Total Assets
Liabilities $1,329 Mtce. Invoice $542 Administration $98 Property Tax
---------------------------------------------$1,969 Total Liabilities
Equity $56,738
• We have a strong cash position to deal with contingencies
• No debt
• Well positioned for 2008
2007 Balance Sheet (YE Feb 29 ’08) (preliminary)
www.mywentworth.com [email protected]
2008 Budget OutlookExpense Estimates
$49,000 Base Services $5,000 Plantings $3,000 Snow Removal $1,400 Insurance $100 Property Tax $3,800 Administration---------------------------------------
$62,300 Total Expenses
Revenue Projection 420 houses x $200 x 88% collection = $74,000
2007 Projected Net Surplus $11,700
Sufficient cash flow to provide contingency and to consider area enhancements without further Fee increase in 2008
www.mywentworth.com [email protected]
Association Plans
• Landscape Maintenance Agreement recently executed with City of Calgary, permits collection of allocated funds from City maintenance budget
• Continuation of maintenance services through Foothills Landscaping
• Addition of area amenities (trash cans, benches)
• Increase focus on plantings (expanded beds, seasonal bulbs)
www.mywentworth.com [email protected]
Call for Directors• 2 year terms expiring for several board
members
• Association requires several candidates
for specific executive functions:
– Secretary
– Treasurer
– President
• 2 year terms
• Floor open for nominations & voting
www.mywentworth.com [email protected]
Moving Forward
• Working with the Association• How to Reach Us
– Email (website contact form)– Directors
• Bring us your ideas