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Wentworth Residents’ Association

Annual General Meeting

March 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


The WRA Board of Directors

• Directors: Janet WelshJames Waddock Sharleen Traynor Sean ReilyRyan RemingtonSuzi VadoriDavid Klug

• Secretary: Sandra Burns

• Treasurer: Greg Leusink

• President: Brian Wilson


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

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)

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


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)


2008 New Business


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


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)


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

• Working with the Association• How to Reach Us

– Email (website contact form)

– Directors

• Bring us your ideas


Questions? Concerns?Comments?

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