Post on 04-Jan-2016
November 2010 Resident’s Meeting
November 10, 2010
President’s Address
Audit 2009
“In my opinion these financial statements present fairly, in all material respects the financial position of the Condominium Corporation as at December 31st , 2009”
Shahid NaqiChartered Accountant
Insurance Presentation
2010 Finances
How are we doing for 2010?
Bank Account Balances @ Oct.31, 2010
Operating Account…………... $ 35,956Reserve - Current Account….. $ 13,634Reserve - ST Investment……. $ 341,470Reserve - LT Investment…….. $ 600,000
Total…… $ 991,060
2010 Budget vs Actual Projected
2010 Projected Budget to Year End
Revenue $1,830,456 $1,856,052
Total Operating $1,435,450 $1,507,675 Reserve Funding $ 380,000 $380,000 Subtotal $1,815,450 $1,887,675 (Deficit)/Surplus $ 15,006 ($31,623)
3.9 % over budget
Revenue Up
Expenses Up
2010 Budget vs Actual Projected
2010 Projected Budget to Year End
Total Operating $1,435,450 $1,507,675
Operating Budget vs Actuals for 2010 2010 2010 Estimate Budget Oct. 31 YearEnd
Maintenance $179,300 $ 172,113 $ 208,953 Cleaning $ 33,000 $ 18,592 $ 26,805 Payroll Expenses $376,640 $ 317,466 $ 380,959 Utilities $658,600 $ 563,884 $ 680,789 Admin. Exp $167,910 $ 174,460 $ 210,169 Contingency $ 20,000 $ - 0 - $ - 0 - Total Operating $1,435,450 $1,246,515 $1,507,675
Reserve Funding and Projects for 2010
Reserve Fund Balances at October 31, 2010
Reserve - Current Account….. $ 13,634Reserve - ST Investment……. $ 341,470Reserve - LT Investment…….. $ 600,000
Total…… $ 955,104
Reserve Funding and Projects for 2010
Contractual Commitments for 2010 Total……. $1,355,000
Expended Jan. to Oct. 2010…………………... $ 372,824 Expenditures forecast Sept. to Dec. 2010……. $ 590,303 Total 2010 Anticipated Expenditure…………. $ 963,127
Project Expenditure carry in to 2011………. $ 391,873
Reserve Funding and Projects for 2010
2011 Budget and Fee Schedules
What is in store for 2011?
Check your handout for this form.
2009, 2010 Expense Budgets vs 2011 Budget Expense 2009 2010 2011 Category Budget Budget Budget
Maintenance $219,000 $179,300 $209,000 Payroll Expenses $400,000 $376,640 $403,000 Utilities $642,000 $658,600 $676,000 Admin. Exp $120,000 $167,910 $124,000 Cleaning $ 29,200 $ 33,000 $ 25,500 Contingency $ 15,000 $ 20,000 $ 20,000 Total Operating $1,425,200 $1,435,450 $1,457,500
=1.5% inc.
“zero based budgets 2010 and 2011”
=27.6% of total
=46.3% of total
2011 Budget
Operating Expense + Reserve Funding = Total Expense = Fees
Last year your Board proposed increased levels of reserve funding “phased in” over the 3 years 2010,11,12, to meet the increased levels of reserve expenditure necessary to maintain the building systems.
Reserve Funding For 2010 we proposed $380,000 be committed to reserve For 2011 , next year, we proposed $550,000 For 2012 , $649,000 with modest inflation applied yearly thereafter
Actual Actual
What % fee increase is anticipated for 2011
2009 2010 2011 Westmount Westmount WestmountOperating Expense $1,425,200 $1,435,450 $1,457,500Reserve Funding $ 137,609 $ 380,000 $ 550,000Total Expense $1,562,809 $1,815,450 $2,007,500
=10.6% inc.
How does our condo fee compare with our peer group for 2011?
Westmount Eau Claire Estates
16.2%
10.6%6.3%2012
20092009 2009
2010
201120102011
In summary, 2011 Budget for Westmount
Operating Expense $1,457,500Reserve Funding $ 550,000Total Expense $2,007,500% increase 10.6%$/unit factor/mo. $17.80 $/sq.ft./mo. $ 0.69
Fee Schedule – Schedule B
New Website – www.westmountplacecalgary.org
Bylaw Change Update
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