2013 Budget

The board called an owners meeting on Saturday 02 March 2013 in the auditorium at Don Bosco Secondary School to vote on the 2013 budget and to appoint an auditor.

Unfortunately, the meeting failed to reach a quorum and the board held an information meeting instead.

Proposed budget
The proposed budget called for the following decreases in spending:

Natural gas	-$460,000
Deficit recovery	-$350,000
Repairs/maintenance	-$300,000
Reserves	-$289,000
General & admin (including Andrew Atren's & legal fees)	-$192,500
Grounds keeping	-$80,000
Security	-$40,000
Employee wages/benefits	-$40,000
Fire & safety (less false fire alarms)	-$25,000

It also called for some increases in costs

Water & sewage	$86,000
Electricity	$49,000
Cleaning	$20,000
Elevators	$18,000
Pest control	$15,000
Supplies	$13,000

The expenses have been dropped from $8.27 million to $6.6 million. That is how they managed to lower the monthly maintenance fees by 20%.

Utility increases?
Khan told the owners that the board inherited a $1.7 million deficit from the previous administration and $700,000 in unpaid utility bills. The condo corporation was hit with $160,000 in water bill late payments.

The administrator signed contracts with a gas reseller that was charging the condo 32.7¢ while Enbridge says that if the condo got rid of the middle man, they would charge 10.7¢. That is why the condo foresees a $460,000 drop in gas prices.

Auditor
The owners were given a list of five auditing companies to choose from. The estimates range from $15,000 + HST down to $7,150 + HST. Only one firm came in at the budgeted target of $8,000.

According to the bylaws, if an owners meeting fails to meet quorum, the meeting may be re-scheduled for the same time seven days later. The owners at the second meeting, no matter the number, will be deemed the quorum.

The rescheduled meeting was announced and then it was canceled as the board wanted more time to revise their proposed budget.


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