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Ferns PARADISE AGM SEP 2009

Ferns PARADISE AGM SEP 2009. PRESENTATION By Management committee. Agenda. President’s Address Annual Report Adoption of Audited Accounts Amendment of FP Bye-laws Appointment of Auditors BREAK (20 mins). Agenda ( Contd..). Financials Proposed Budget FY 09-10

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Ferns PARADISE AGM SEP 2009

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  1. Ferns PARADISE AGM SEP 2009 PRESENTATION By Management committee

  2. Agenda President’s Address Annual Report Adoption of Audited Accounts Amendment of FP Bye-laws Appointment of Auditors BREAK (20 mins)

  3. Agenda(Contd..) • Financials • Proposed Budget FY 09-10 • Revised Maintenance Charges wef. FY 2010-11 • Approval of Sinking Fund Scheme • FBD Receipts and Dues • Regularization of Expenditure exceeding Rs. 25000 • Outstanding Issues/concerns • Any other matters and close up.

  4. ANNUAL REPORT – 2009Major Achievements • Security System • NOC Procedure • FP Club Rules • FC Club Usage by FP Members • Entry Road to FP & FC and St Lighting • Environment Initiatives • Upgraded Communication System • Web Site • Direct Mailing • SMS Alert • Yahoo Group • Entertainment • Landscaping

  5. Annual Report (Contd..)Financials Stream Lined and automated Settlement of Dues from FBD Significant Improvement in Collection

  6. ADOPTION OF AUDITED ACCOUNTS • Accounts of FY 08-09 have been closed and have been audited • Balanced Sheet, I & E Statements along with the Audit Report have been sent to all members • It is now proposed for adoption.

  7. Amendments of FP Bye Laws House Construction Rules ( Ch 11) Club Rules ( Ch 12) Recurring Fee, Penalty Interest and Defaulters (Ch 2 sec 2) Audit & Elect Committee members : Min no. reduced to 2 and 3 resp. (Ch 6) Revision of Financial Powers of MC (Ch 10 Gen) Corrections of errors : address, Chapter Numbers etc.

  8. Maintenance Fees Incentive Scheme • The payment scheme : (proposed for 2010-2011 onwards): • Annual Fee is payable by all plot owners on 1st April. • A rebate of 5% if paid by 30th April. • Beyond 30th June, • a penal interest of 2% per month. • Member’s name will be included in the defaulters list. • The defaulters list published on 1st July. • Member name removed from the Defaulters List only on payment of all dues including arrears and interest. • If dues not paid by 30th September, member will no longer be entitled for any facility/services provided by the Association such as Water Supply, Security, Garbage clearance etc. • Defaulter cannot stand in elections, cannot vote or participate in AGM/EGMs. • Defaulter will not be issued NOC for construction of house.

  9. Payment Scheme for Club Charges • Annual Charge is payable by all plot owners on 1st April. • A rebate of 5% if paid by 30th April. • Beyond 30th June, • a penal interest of 2% per month charged . • member’s name included in defaulters list. • Defaulter for 3 years, loses membership of the Club. • Membership can be restored on payment of a re-entry Charge of Rs.50, 000/- + current year Club House charge.

  10. Appointment of Auditors Mr. S. Rajagopalan had been appointed as the auditor for the FY 08-09 at a remuneration of Rs. 7500.

  11. Ferns Paradise Financial Update and Budget for 2009-2010 Managing Committee

  12. Proposed Budget 2009-2010Layout Expenditure 2008-2009(Ph1) 2009-2010( Ph1,2) (in Lacs) • Security 8.38 8.39 • Electricity 5.43 6.04 • Salaries 2.80 3.72 • Site maintenance 5.64 7.04 • Office Admin & Misc 1.56 1.65 • FBD Bill for phase 2 3.21 0 • Sub-total 27.05 26.86 • Contingency 0 2.00 • Projects and Capex 1.46 5.00 • Grand Total28.51 33.86

  13. Proposed Budget Contd.. Planned Projects • New Borewell : 1,50,000 • Groundwater Recharge : 1,50,000 • Motor and Motor room : 50,000 • Storm water Drain mesh : 40,000 • Landscaping and trees : 30,000 • Benches for school kids : 20,000 • Celebration expenses (AGM, 26th Jan,15th Aug) : 40,000 • Layout Map : 20,000 • Total : 5,00,000

  14. Proposal for Approval To move ahead with the proposed projects with amendments if any

  15. Budget Contd..Collections: Layout Maintenance • Collections (in Lacs) • Phase 1 2008-2009 2009-2010 Due/ActualDue/Actual • Vacant: 9.65 /7.38 9.85 / 4.62 • Built: 10.81 /10.79 11.23 /10.64 • Total: 20.46 /18.18 21.08 /15.26 • Phase 2 • Vacant: 12.12 /4.13 11.76/ 0.80 • Built: 1.74 /1.40 2.16 /1.20 • Total: 13.86 /5.53 13.93 /2.01 • Total Due/Actual Collections: 35.02 /17.28 • Projected Collections: 24.00

  16. Proposed Budget Contd..Collections from FBD (In Lacs) 2008-2009 2009-2010 • Maintenance • Due(incl advances) 11.73 8.52 • Collected 11.49 0 • Advances 0.61 • Club House • Due 4.96 1.36 • Actuals 3.38 0 • Balance from owners 1.61 • Total Collected from FBD : Rs. 14.87 Lacs

  17. Budget Summaryfor 2009-2010 (In Lacs) • Collections Due : 35.02 • Estimated Collections : 24.00 • Water Charges : 5.00 • Total Collections : 29.00 • Estimated Expenses : 33.86 • Projected Difference :(-)4.86 -For the current year the difference will be taken from previous surplus/arrears collected. -For 2010-2011, we propose to increase the Layout maintenance charges

  18. Proposal for Approval To move ahead with the proposed Budget with amendments if any

  19. Revision of Layout Maintenance Charges 2010-2011 • To meet the Budget deficit • Increase Maintenance charges by Re. 1 per sq ft for built and under construction plots • Increase maintenance charges by 50 paise per sq ft for Vacant sites • This will add Rs.9.0 lacs to the collections billed of which we expect 6.0 lacs to be collected

  20. Proposal for Approval To move ahead with the revised maintenance charges with amendments if any

  21. Sinking Fund Scheme Objective: Build Sinking Fund up to Rs.1.0 crore : • Road Repairs, Wall, Bore wells • Electrical Repairs, • DG set for street lighting • Repainting of Clubhouse etc

  22. Sinking Fund Contd.. • The actual surplus fund for Layout maintenance and the Clubhouse should be deposited into the Sinking Fund within 3 months of the FY beginning by the MC • Sinking fund to be put in a multi Deposit in a Nationalized Bank • Interest on sinking fund will be used for emergency expenditure fund • Usage of any funds from Sinking fund will require AGM approval prior to expenditure.

  23. Deposit to Sinking Fund 2009-2010 Rs.10 lacs towards Layout Maintenance Rs.10 lacs towards clubhouse account These will be in FD accounts

  24. Proposal for Approval To move ahead with the proposed creation of sinking fund with amendments if any

  25. Club House BudgetExpense Details • CLUB HOUSE EXP 2009-2010 • SECURITY  1.5 LAKHS • ELECTRICITY  1.47 LAKHS • SALARIES  0.82 LAKHS • SWIMMING POOL  1.20 LAKHS • REPAIRS  0.60 LAKHS • MISC  0.55 LAKHS • TOTAL EXPENDITURE 6.14 LAKHS

  26. Club House Budget Contd..Proposed Projects Music System :Rs. 1.20 Lacs Glass Roof for 1st Floor open area :Rs.75,000 Total :Rs. 1.95 Lacs

  27. Proposal for Approval Club House projects with amendments if any Club Subscription to remain same Projects funding will be from last year’s surplus and arrears collected

  28. Regularization of Purchases Security Shelters Rs 40,702 Ladder Rs 31,798 Office Computer Rs 28,000 UPS for Gate Rs 27,000 Extra Security Rs 35,527

  29. Basic Data of Layout • Area Phase 1 :7,84,705 sft • Area Phase 2 : 5,63,924 sft • Total Area : 13,48,629 sft • Vacant area/plots : 8,96,361 sft • Built or under area/plots : 4,52,268 sft • Present Rate (vacant) : Rs. 2.5 /sft • Present Rate : Rs. 3.0 /sft (built/under-construction)

  30. Comments on Budget 2008-2009 In Lacs • Maintenance Surplus (includes): 15.60 • Receivables : 7.41 • Capex (Assets) : 1.46 • Club Surplus includes :15.06 • Receivables : 8.21 • Capex : 0.24

  31. Outstanding Tasks and Concerns • Work Pending with Registrar’s Office • Water Management • Formal Agreement with FBD on • FP Club House • Lay Out Maintenance Charges for some Plot owners in Ph 2 beyond FY 10-11 • Sakrama!!

  32. THANK YOU

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