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Title. Wentworth Residents’ Association Annual General Meeting March 12, 2008. Agenda. Opening Remarks Review Highlights from 2007 AGM 2007 Financial Highlights New Business 2008 Operating Budget 2008 Planning Nominations & Elections for Directors

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Title

Title

Wentworth Residents’ Association

Annual General Meeting

March 12, 2008


Agenda
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


The wra board of directors
The WRA Board of Directors

  • Directors: Janet Welsh James Waddock Sharleen Traynor Sean Reily Ryan Remington Suzi Vadori David Klug

  • Secretary: Sandra Burns

  • Treasurer: Greg Leusink

  • President: Brian Wilson


March 2008 agm
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


2007 financial review
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).


2007 income statement ye feb 29 08 preliminary
2007 Income Statement(YE Feb 29 ’08) (preliminary)

  • 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

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


2007 balance sheet ye feb 29 08 preliminary
2007 Balance Sheet (YE Feb 29 ’08) (preliminary)

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



2008 Budget Outlook

Expense 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


Association plans
Association Plans

  • Continuation of maintenance services through Foothills Landscaping

  • Addition of area amenities (trash cans, benches)

  • Increase focus on plantings (expanded beds, seasonal bulbs)

  • Landscape Maintenance Agreement recently executed with City of Calgary, permits collection of allocated funds from City maintenance budget


Call for directors
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


Moving forward
Moving Forward

  • Working with the Association

  • How to Reach Us

    • Email (website contact form)

    • Directors

  • Bring us your ideas


Questions concerns comments

Questions? Concerns?Comments?


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