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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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  1. Title Wentworth Residents’ Association Annual General Meeting March 12, 2008

  2. 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

  3. 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

  4. 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

  5. 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).

  6. 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

  7. 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

  8. 2008 New Business

  9. 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

  10. 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

  11. 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

  12. Moving Forward • Working with the Association • How to Reach Us • Email (website contact form) • Directors • Bring us your ideas

  13. Questions? Concerns?Comments?

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