O.C.S.C.C. No. 903President’s Report - A Year in

Review

Annual General Meeting – November 18, 2014 1

A Year in ReviewA Year in Review

• IntroductionsIntroductions• Performance Audit UpdatePerformance Audit Update• Reserve Fund Study UpdateReserve Fund Study Update• Financial SummaryFinancial Summary• Items of InterestItems of Interest• General RemindersGeneral Reminders• How Can You Get More InvolvedHow Can You Get More Involved

2

Board MembersBoard Members• Marty van Gaal (3 year term ending Fall 2015), Marty van Gaal (3 year term ending Fall 2015),

PresidentPresident• Paul Gallagher (2 year term ending Fall 2014), Paul Gallagher (2 year term ending Fall 2014),

DirectorDirector• Krista Nonnenmacher–Biddiscombe (3 year term Krista Nonnenmacher–Biddiscombe (3 year term

ending Fall 2016), Secretaryending Fall 2016), Secretary

Property Manager Property Manager • Stefania Parnanzone, Taggart Realty ManagementStefania Parnanzone, Taggart Realty Management

ConciergeConcierge• TBDTBD

Financial AuditorFinancial Auditor• Annette JensenAnnette Jensen

LawyerLawyer• Jim DavidsonJim Davidson

3

Performance Audit UpdatePerformance Audit Update

• The Condominium Act, 1998, requires that The Condominium Act, 1998, requires that the Board of Directors commission a the Board of Directors commission a Performance Audit (PA) to determine if Performance Audit (PA) to determine if there are any deficiencies in the there are any deficiencies in the construction of the common elements. construction of the common elements.

• Priority 1 – health and safetyPriority 1 – health and safety• Priority 2 – deterioration of the buildingPriority 2 – deterioration of the building• Priority 3 - minor in naturePriority 3 - minor in nature• Priority 4 – aesthetic in naturePriority 4 – aesthetic in nature• Priority 5 – deviated from contract drawingsPriority 5 – deviated from contract drawings

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Performance Audit UpdatePerformance Audit Update

• Report captured 174 deficienciesReport captured 174 deficiencies– Priority 1 – 21Priority 1 – 21– Priority 2 – 37Priority 2 – 37– Priority 3 – 61Priority 3 – 61– Priority 4 – 53Priority 4 – 53– Priority 5 – 2 Priority 5 – 2

• To DateTo Date– 115+ deficiencies have been addressed and closed115+ deficiencies have been addressed and closed– 35 deficiencies are awaiting contractor inspection (elevator and 35 deficiencies are awaiting contractor inspection (elevator and

mechanical)mechanical)– Meetings with Urban Capital to review and address remaining open itemsMeetings with Urban Capital to review and address remaining open items

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Reserve Fund Study UpdateReserve Fund Study Update

•The Condominium Act, 1998, requires all The Condominium Act, 1998, requires all condominium corporations to establish a condominium corporations to establish a reserve fund (RF) study within the year reserve fund (RF) study within the year following registration, and periodic reviews following registration, and periodic reviews of the RF every three (3) years afterwards.of the RF every three (3) years afterwards.•The purpose of a RFS:The purpose of a RFS:

– 30 year forecast of future major repairs or 30 year forecast of future major repairs or replacement of common elements of the replacement of common elements of the building; building; – To lower risk of unexpected repairs; and;To lower risk of unexpected repairs; and;– To ensure that proper funds will be available To ensure that proper funds will be available for those repairs when the time comes.for those repairs when the time comes. 6

Reserve Fund Study UpdateReserve Fund Study Update

•ObjectiveObjectivea)a) Setup a schedule for the anticipated repair and Setup a schedule for the anticipated repair and

replacement of common element itemsreplacement of common element itemsb)b) Set up a special account for major repair items and Set up a special account for major repair items and

replacement of common elements and assets of the replacement of common elements and assets of the CorporationCorporation

c)c) To determine the annual contribution necessary to To determine the annual contribution necessary to maintain an adequate balance for the 30 year period of maintain an adequate balance for the 30 year period of this study, andthis study, and

d)d) Satisfy the legislation regarding the Condominium Act, Satisfy the legislation regarding the Condominium Act, 1998 and related regulations1998 and related regulations

e)e) Update every 3 years (paper followed by full inspection)Update every 3 years (paper followed by full inspection)a)a) Paper – spring 2016 for input into the 2016-2017 budget (paid for Paper – spring 2016 for input into the 2016-2017 budget (paid for

out of the Reserve Fund)out of the Reserve Fund)b)b) Full – spring 2019Full – spring 2019

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Reserve Fund StudyReserve Fund Study

•Recommendation from Initial Report Recommendation from Initial Report (Spring 2013)(Spring 2013)

- Assumptions – Inflation of 2%, Interest of 3%Assumptions – Inflation of 2%, Interest of 3%- 2012-2013, contribution of $112,406 (15% of the 2012-2013, contribution of $112,406 (15% of the

Operating Budget) be increased to $294,504 (162%) for Operating Budget) be increased to $294,504 (162%) for fiscal year June 1, 2013- May 31, 2014 fiscal year June 1, 2013- May 31, 2014

- Increase by inflation for fiscal years 2014-2015 and Increase by inflation for fiscal years 2014-2015 and 2015-20162015-2016

• BenefitsBenefits– If such funding is not achieved, future condominium If such funding is not achieved, future condominium

owners can expect the need for increased condo fees owners can expect the need for increased condo fees and/or special assessments to address major renewal and/or special assessments to address major renewal activitiesactivities

– Healthy Reserve Fund is attractive to new investorsHealthy Reserve Fund is attractive to new investors8

Reserve Fund – Investment PlanReserve Fund – Investment Plan

•Investment RulesInvestment Rules– All investments must be 100% guaranteed (federal or All investments must be 100% guaranteed (federal or provincial)provincial)– Government (Federal or Provincial) – Investment FundsGovernment (Federal or Provincial) – Investment Funds– Banks ($100,000 CDIC insured) - GICsBanks ($100,000 CDIC insured) - GICs

•Current Investments ($665,000 plus earned Current Investments ($665,000 plus earned interest)interest)

Fiscal Years 2012-2014Fiscal Years 2012-2014

- $95,000, 18 month (2.05%) – Home Trust GIC ( start - Dec 2013)- $95,000, 18 month (2.05%) – Home Trust GIC ( start - Dec 2013)

- $95,000, 24 month (1.73%) – Dundee Wealth Bank GIC (start - Dec 2013)- $95,000, 24 month (1.73%) – Dundee Wealth Bank GIC (start - Dec 2013)

- $95,000, 24 month (1.95%) – Equity Financial Trust GIC (start - Dec 2013)- $95,000, 24 month (1.95%) – Equity Financial Trust GIC (start - Dec 2013)-$95,000, 36 month (2.01%) – Manulife GIC (start - Dec 2013)$95,000, 36 month (2.01%) – Manulife GIC (start - Dec 2013)-$95,000, 36 month (1.95%) – Home Equity (start - Feb 2014)$95,000, 36 month (1.95%) – Home Equity (start - Feb 2014)

Fiscal Year 2014-2015Fiscal Year 2014-2015-$95,000, 24 month (2.15%) – MCAN Mortgage (start - Jun 2014)$95,000, 24 month (2.15%) – MCAN Mortgage (start - Jun 2014)-$95,000, 36 month (2.05 %) – Equitable Bank (start - Nov 2014)$95,000, 36 month (2.05 %) – Equitable Bank (start - Nov 2014)

•Future Investments - $95,000 GICsFuture Investments - $95,000 GICs (every 4 months) (every 4 months)9

Financial - SummaryFinancial - Summary

• 2013-2014 Year End 2013-2014 Year End – Operating Cash Surplus - $154, 588Operating Cash Surplus - $154, 588– Reserve Fund - $557,906 (Reported stated $414,699, Reserve Fund - $557,906 (Reported stated $414,699, did not include $143,630 in one-time payments)did not include $143,630 in one-time payments)

• 2014-2015 Budget2014-2015 Budget–2% overall increase in Condo Fees2% overall increase in Condo Fees

• 2% increase in Operating Budget2% increase in Operating Budget– Increase to accommodate the maintenance of the building system (no longer Increase to accommodate the maintenance of the building system (no longer covered by warranties)covered by warranties)– Utilities and Contingency (increases in costs, usage and unknowns)Utilities and Contingency (increases in costs, usage and unknowns)– Contingency for unforeseen expenses (remainder used for next years budget) Contingency for unforeseen expenses (remainder used for next years budget)

• 2% increase in Reserve Fund2% increase in Reserve Fund

–48.02 cents per square foot per month48.02 cents per square foot per month–Reserve Fund represents 27.4% of the overall budgetReserve Fund represents 27.4% of the overall budget

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Other Items of InterestOther Items of Interest

•Last AGM – held January 22, 2014 Last AGM – held January 22, 2014 (delay due to finalizing closing (delay due to finalizing closing costs - EnerCare)costs - EnerCare)•Information Session – held May Information Session – held May 13, 201413, 2014•Installation of ‘entrance restriction Installation of ‘entrance restriction bars’ at ground level at the McLeod bars’ at ground level at the McLeod garage doorgarage door•Operating Fund - GIC investment Operating Fund - GIC investment (cashable and 90 day GICs)(cashable and 90 day GICs)•Installation of Exterior Fencing – to Installation of Exterior Fencing – to control dog owners and save plantscontrol dog owners and save plants•Proposed By-Law AmendmentsProposed By-Law Amendments

– Insurance DeductiblesInsurance Deductibles– Modifications to Common Modifications to Common Elements – Screen Doors, hooks in Elements – Screen Doors, hooks in storage lockers, security ring in storage lockers, security ring in parking spotsparking spots– Proxies Proxies

• Landscaping (watering, and Landscaping (watering, and weeding) – $$ volunteers weeding) – $$ volunteers (courtyard and exterior)(courtyard and exterior)

• Gladstone Garage Door – Gladstone Garage Door – Upgraded SpringsUpgraded Springs

• LEED Gold Certification - June LEED Gold Certification - June 20142014

• Painting of door frames by a Painting of door frames by a volunteer – saving $$$ for all volunteer – saving $$$ for all ownersowners

• No Pet signs to be installed in No Pet signs to be installed in courtyard and landscaping beds courtyard and landscaping beds outside buildingoutside building

• No Smoking signs in courtyard No Smoking signs in courtyard and outside building entrancesand outside building entrances

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Other Items of Interest Other Items of Interest (continued)(continued)

• Provided to your UnitProvided to your Unit– Domestic Hot and Cold WaterDomestic Hot and Cold Water– Conditioned Glycol Loop for HVAC (cooling Conditioned Glycol Loop for HVAC (cooling

and heating)and heating)

• Town Hall (March 12, 2014) – Town Hall (March 12, 2014) – Bicycles in lobbies and elevatorsBicycles in lobbies and elevators

• Amenity Room Amenity Room – due to user abuse – lockable AV Rackdue to user abuse – lockable AV Rack– Booking for 8 or more peopleBooking for 8 or more people

• Cornerstones and LEED PlaquesCornerstones and LEED Plaques• ConciergeConcierge

– Searching for ReplacementSearching for Replacement– Updated Job Description Updated Job Description

• Installation of Notice BoardsInstallation of Notice Boards• Replacement of Courtyard PlantsReplacement of Courtyard Plants• Development of Development of

www.central1condo.com

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• Common Elements and Exclusive Common Elements and Exclusive Use Common Elements (Balcony, Use Common Elements (Balcony, Parking, Locker)Parking, Locker)

• Gladstone Garage Door – 50/50 Gladstone Garage Door – 50/50 between Condo Corporation and between Condo Corporation and CommercialCommercial

• Upcoming Changes to McLeod Upcoming Changes to McLeod Garage Door (100% Condo Garage Door (100% Condo Corporation) – to reduce Corporation) – to reduce operational cost by reducing usage operational cost by reducing usage to Residents Only to Residents Only

– Remote Control Exit Only (removal of Remote Control Exit Only (removal of sensor)sensor)

– Eliminate Through TrafficEliminate Through Traffic– Paid/Visitor Parking – Exit Gladstone OnlyPaid/Visitor Parking – Exit Gladstone Only– Residents – Exit Gladstone or McLeodResidents – Exit Gladstone or McLeod– Reduce Opening HeightReduce Opening Height– Installation of Heavy Duty SpringsInstallation of Heavy Duty Springs

Other Items of Interest Other Items of Interest (continued)(continued)

•ContractsContractso Snow RemovalSnow Removalo Garage Door MaintenanceGarage Door Maintenanceo Fitness Room MaintenanceFitness Room Maintenanceo Elevator MaintenanceElevator Maintenanceo Generator and Fire Alarm TestingGenerator and Fire Alarm Testingo General Cleaning (5 days per week)General Cleaning (5 days per week)o General Maintenance (end of Doran 1 year warranty)General Maintenance (end of Doran 1 year warranty)o Carpet Cleaning (2Carpet Cleaning (2ndnd Floor – 4 times, others – 2 times Floor – 4 times, others – 2 timeso Property ManagementProperty Managemento Window Cleaning (annual)Window Cleaning (annual)o Garage Floor Cleaning (twice per year)Garage Floor Cleaning (twice per year)o Weekend Security Guard (Friday to Sunday – 7:30pm to Weekend Security Guard (Friday to Sunday – 7:30pm to

2:30pm)2:30pm)

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Reminders for Owners and Reminders for Owners and ResidentsResidents

• Balconies/Terraces, Parking Spots:Balconies/Terraces, Parking Spots:– Permitted: Plants (completed form), seasonal furniture.Permitted: Plants (completed form), seasonal furniture.– Not Permitted: items on railings, bikes, non-patio items Not Permitted: items on railings, bikes, non-patio items

(e.g. tires, picnic coolers, sports equipment, boxes), dead (e.g. tires, picnic coolers, sports equipment, boxes), dead plants, laundry drying, Doggie Mats/Kitty Litter Pans, etc.plants, laundry drying, Doggie Mats/Kitty Litter Pans, etc.

– No storage (except bicycles) in Parking SpotsNo storage (except bicycles) in Parking Spots– Warnings and Administration Costs will be issuedWarnings and Administration Costs will be issued

• Unit owner is responsible for all Unit owner is responsible for all maintenance and repair in their units (e.g.)maintenance and repair in their units (e.g.)– Replacement and/or cleaning of filters (HRV, HVAC, Dryer)Replacement and/or cleaning of filters (HRV, HVAC, Dryer)– Issues with the HRV (Heat Recovery Ventilator) and HVAC Issues with the HRV (Heat Recovery Ventilator) and HVAC

(Heating, Ventilating and Air Conditioning) Systems(Heating, Ventilating and Air Conditioning) Systems– Items related to Interior Plumbing, Fixtures and Entry Items related to Interior Plumbing, Fixtures and Entry

DoorsDoors 14

Reminders for Owners and Reminders for Owners and ResidentsResidents

• Noise & Disturbances:Noise & Disturbances:– All residents are entitled to quiet enjoyment of their unit. All residents are entitled to quiet enjoyment of their unit. – Report disturbances to Concierge/Security GuardReport disturbances to Concierge/Security Guard– Keep Log and Report to Ottawa By-Law (3-1-1)Keep Log and Report to Ottawa By-Law (3-1-1)

• Smoking:Smoking:– Not permitted in any common area, including 2Not permitted in any common area, including 2ndnd level level

courtyard and stairwellscourtyard and stairwells– Do not throw cigarette butts from balconies – disposal Do not throw cigarette butts from balconies – disposal

receptaclesreceptacles

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Reminders for Owners and Reminders for Owners and ResidentsResidents

• Control Your Pets: Control Your Pets: – – not allowed in Courtyardnot allowed in Courtyard

– ‘– ‘no business on exterior landscaping beds’no business on exterior landscaping beds’

• Damage & Theft:Damage & Theft:–Residents are responsible for the actions of their guestsResidents are responsible for the actions of their guests–Theft and damage of condo assets costs everyoneTheft and damage of condo assets costs everyone

• AV System, Damage Walls, Pool Table Cover, Fire Exit Map, Fire AV System, Damage Walls, Pool Table Cover, Fire Exit Map, Fire Extinguishers, Glued Door BoltsExtinguishers, Glued Door Bolts

–Report suspicious activity to building staff or PMReport suspicious activity to building staff or PM

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Reminders for Owners and Reminders for Owners and ResidentsResidents

• Communication with Property ManagerCommunication with Property Manager– Except for emergencies, ONLY the owner is to communicate with Except for emergencies, ONLY the owner is to communicate with

the Property Manager and Boardthe Property Manager and Board– Renter – (except for emergencies) report issues/concerns to Renter – (except for emergencies) report issues/concerns to

their LANDLORD ONLYtheir LANDLORD ONLY– Owner is responsible for the actions of their tenantOwner is responsible for the actions of their tenant– Owners are responsible to inform their tenant of declarations, Owners are responsible to inform their tenant of declarations,

bylaws and rules (e.g. smoking, pets, no barbeques, bicycles, bylaws and rules (e.g. smoking, pets, no barbeques, bicycles, etc)etc)

– Problems in a unit (e.g. fire, water spill) that may/will impact Problems in a unit (e.g. fire, water spill) that may/will impact other units are to be reported immediately (Concierge, Property other units are to be reported immediately (Concierge, Property Manager, After-Hour Emergency Line) Manager, After-Hour Emergency Line)

– The Condo Corporations responsibility ends at a unit door. The The Condo Corporations responsibility ends at a unit door. The owner is responsible for all items within their unit (e.g. replacing owner is responsible for all items within their unit (e.g. replacing furnace filters, cleaning HVAC and dryer filters, maintaining and furnace filters, cleaning HVAC and dryer filters, maintaining and repairing their HVAC system, door handles/locks)repairing their HVAC system, door handles/locks)

– Owner can make a request to communicate with the BoardOwner can make a request to communicate with the Board 17

Reminders for Owners and Reminders for Owners and ResidentsResidents

• Communication with ConciergeCommunication with Concierge– Booking the Amenity RoomBooking the Amenity Room– Booking the Elevator for MovingBooking the Elevator for Moving– Reporting possible Declaration, Bylaw and Rule infractionsReporting possible Declaration, Bylaw and Rule infractions– Parcel pickupParcel pickup– Reporting Common Element Issues (e.g. Garbage Room/Chute, Reporting Common Element Issues (e.g. Garbage Room/Chute,

Amenity Room – AV system, Fitness Equipment, Garage Doors)Amenity Room – AV system, Fitness Equipment, Garage Doors)– Up to Unit Door (Common Elements Only)Up to Unit Door (Common Elements Only)

• Central1Condo.Com (still maturing)Central1Condo.Com (still maturing)– Booking forms (elevator, amenity room)Booking forms (elevator, amenity room)– General Information (e.g. programming thermostat) General Information (e.g. programming thermostat) – Declarations, Bylaws, RulesDeclarations, Bylaws, Rules– Contact InformationContact Information

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How Can You Get More How Can You Get More InvolvedInvolved

• Examples of possible volunteers (committee)Examples of possible volunteers (committee)– Landscaping (exterior and courtyard - maintain)Landscaping (exterior and courtyard - maintain)– Web site administratorWeb site administrator– Financial (monthly budget update, summarize, Financial (monthly budget update, summarize,

recommend options and note any discrepancies)recommend options and note any discrepancies)– Communication – e.g. newsletter, social eventsCommunication – e.g. newsletter, social events– Common Element Operations and ImprovementsCommon Element Operations and Improvements

• Recommend building improvements with cost estimates, Recommend building improvements with cost estimates, • Recommend changes to polices/procedures, etc.Recommend changes to polices/procedures, etc.

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Backup Slide

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June 1, 2014 to May 31, 2015 June 1, 2014 to May 31, 2015 BudgetBudget

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Categories Notes Year 2 (Budget) Year 2 (Year

End Projection) Year 3 (Budget) Notes:

Revenue   -$ 1,073,377.50 -$ 1,083,445.50 -$ 1,208,478.47  

Common Element Fees   -$ 1,073,377.50 -$ 1,073,377.50 -$ 1,094,845.05 2.0% increase

Miscellaneous Income   $ - -$ 10,068.00 -$ 8,000.00  

Suprlus from Previous Year     -$ 105,633.42  

Administration   $ 115,287.44 $ 114,475.00 $ 116,137.44  

ManagementTaggart Realty Management

$ 87,787.44 $ 87,780.00 $ 87,787.44 Based on existing agreement

Insurance Aviva $ 25,000.00 $ 25,295.00 $ 26,500.00  

Office Expenses   $ 2,000.00 $ 1,125.33 $ 1,500.00  

Bank Charges   $ 500.00 $ 274.67 $ 350.00  

Utilities   $ 272,600.00 $ 193,078.36 $ 270,398.03  

Electricity EnerCare Connections $ 110,000.00 $ 80,255.69 $ 96,306.83 Based on Year 2 consumption

Water City of Ottawa $ 66,000.00 $ 57,737.33 $ 69,284.80 Based on Year 2 consumption

Gas Enbridge $ 75,000.00 $ 46,576.00 $ 65,206.40 Based on Year 2 consumption

Utilities Contigency   $ 20,000.00 $ -

$ 30,000.00  

Telephones/Wireless/Cable Bell/ Rogers $ - $ 7,109.33 $ 8,000.00  

Generator Fuel Petro-Canada $ 1,600.00 $ 1,400.00 $ 1,600.00  

Consulting   $ 19,500.00 $ 12,452.00 $ 19,500.00  

Legal Nelligan O'Brien Payne $ 10,000.00 $ 4,952.00 $ 10,000.00  

Audit (Financial) WPGCA $ 6,500.00 $ 6,500.00 $ 6,500.00  

Reserve Fund Study   $ - $ -

$ -

Removed from budget - included in RF

Performance Audit Morrison Hershfield $ - $ 1,000.00 $ 1,000.00  

General Consulting TBD $ 3,000.00 $ -

$ 2,000.00  

June 1, 2014 to May 31, 2015 June 1, 2014 to May 31, 2015 BudgetBudget

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Maintenance & Repairs   $ 23,000.00 $ 12,502.00 $ 40,000.00  

General Rep. & MainEnterphone, signs, doors etc.

$ 18,000.00 $ 10,243.33 $ 25,000.00 General repairs and improvements

Building SuppliesFobs, mats, garbage cans etc

$ 5,000.00 $ 2,258.67 $ 15,000.00 Fobs, mats, garbage cans, paint, etc.

Contracts   $ 183,300.00 $ 179,587.56 $ 212,250.00  

Elevator Maintenance Schindler Elevator $ 25,000.00 $ 35,056.00 $ 35,000.00 Monthly maintenance

Life Safety Inspections & Monitoring Activox/ Pyron Fire $ 12,000.00 $ 8,835.00 $ 10,000.00 Inspections & maintenance, emergency monitoring

Fitness Equipment Maintenance Exertech $ 1,200.00 $ 1,965.33 $ 2,000.00 Quarterly maintenance, repairs

Garage Overhead Doors Al Parsons Electric $ 8,000.00 $ 8,593.33 $ 10,000.00 Quarterly maintenance, repairs

Garage Cleaning Van's Pressure Wash $ 3,500.00 $ 2,802.00 $ 13,500.00 Twice per year

Compactor Lease/ Maintenance CKS Leasing Solutions $ 20,000.00 $ 19,277.33 $ 25,000.00 Lease Payments (June 2018), maintenance, repairs

Waste Removal BFI/ WSI $ 10,000.00 $ 11,045.33 $ 12,000.00 Extra pick-ups, contaminated bins

General Cleaning Dodd's Janitorial $ 58,500.00 $ 55,624.00 $ 56,500.00 Regular cleaning, special projects

Carpet Cleaning TBD $ 3,000.00   $ 4,000.00 Professional full cleaning

Generator Inspections Gal Power $ 5,500.00 $ 7,584.00 $ 7,000.00 Monthly maintenance, annual inspection

HVAC Maintenance Optimum Mechanical $ 16,500.00 $ 9,860.00 $ 15,000.00 2 major, 2 mid-season, 4 regualr inspections, repairs

Landscaping Excel Landscaping/ TBD $ 3,000.00 $ 2,497.33 $ 3,000.00 Plants, etc

Snow Removal Marsten Equipment $ 2,500.00 $ 2,645.56 $ 2,750.00 contract price, extra snowfall

Water Treatment System Ashland Corp. $ 6,600.00 $ 5,933.33 $ 7,000.00 Monthly maintenance, repairs

Window Cleaning Window Butler $ 8,000.00 $ 7,869.00 $ 9,500.00 Once per year

June 1, 2014 to May 31, 2015 June 1, 2014 to May 31, 2015 BudgetBudget

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Other   $ 131,823.28 $ 98,372.67 $ 127,000.00  

General Contigency   $ 30,000.00 $ -

$ 25,000.00 Insurance reserve, contingency

Website   $ 4,000.00 $ 550.00 $ 4,000.00 To be finalized

Green Building Cost Recovery Loan   $ 97,823.28 $ 97,822.67 $ 98,000.00

Monthly payments on a $500,000 Loan - amortized over 6 years with fixed 5 years at 5.489% expiring on October 1, 2017. $95,043 remaining as of October 1, 2017.

Staff   $ 75,300.00 $ 72,840.00 $ 89,800.00  

Building Staff Concierge Service $ 42,000.00 $ 40,668.00 $ 45,000.00 Salary, holiday coverage, after hour coverage, CPI

Employee Benefits Blue Cross $ 800.00 $ -

$ 6,300.00 Health, training, WSIB

After-hours On-Call Ihsan Ismail $ 7,500.00 $ 6,372.00 $ 7,500.00 26 weeks (carrying and approx call outs)

Weekend Security/ Mobile Patrol Garda $ 25,000.00 $ 25,800.00 $ 31,000.00 Weekend Security/Mobile Patrol

SUB-TOTAL   $ 823,310.72 $ 683,307.58 $ 875,085.47  

       

TOTAL (excluding Reserve Fund)   $ 778,873.50 $ 683,307.58 $ 875,085.47  

RESERVE FUND CONTRIBUTION   $ 294,504.50 $ 294,504.50 $ 300,394.59 As per RFS contribution increase of 2%

GRAND TOTAL   $ 1,073,377.50 $ 977,812.08 $ 1,175,480.06  

Year End Surplus/Deficit $ 44,437.22 $ 105,633.42 $ 32,998.41

30 Year Reserve Fund Cash Flow

24

Year Ending In May 31

Opening Balance

Annual Contribution*

Percent Increase over

Previous Year

Other ContributionEstimated Future

Inflated Expenditures

Projected Interest Earned

Closing Balance

2013 112,406       112,406 2014 112,406 294,504 162.0%   7,790 414,699 2015 414,699 300,394 2.0%   16,947 732,040 2016 732,040 306,402 2.0%   6,367 26,462 1,058,536 2017 1,058,536 312,530 2.0%   40,050 35,843 1,366,859 2018 1,366,859 318,780 2.0%   45,787 1,731,427 2019 1,731,427 325,156 2.0%   70,948 55,756 2,041,391 2020 2,041,391 331,659 2.0%   66,217 2,439,266 2021 2,439,266 338,292 2.0%   4,687 78,182 2,851,054 2022 2,851,054 345,058 2.0%   69,315 89,668 3,216,464 2023 3,216,464 351,959 2.0%   101,773 3,670,197 2024 3,670,197 358,998 2.0%   289,706 111,145 3,850,634 2025 3,850,634 366,178 2.0%   12,682 120,821 4,324,952 2026 4,324,952 373,502 2.0%   5,174 135,273 4,828,553 2027 4,828,553 380,972 2.0%   935,510 136,539 4,410,553 2028 4,410,553 388,591 2.0%   161,504 135,723 4,773,363 2029 4,773,363 396,363 2.0%   149,146 5,318,873 2030 5,318,873 404,291 2.0%   165,631 5,888,794 2031 5,888,794 412,376 2.0%   19,995 182,550 6,463,724 2032 6,463,724 420,624 2.0%   793,962 188,312 6,278,698 2033 6,278,698 429,036 2.0%   153,053 192,501 6,747,182 2034 6,747,182 437,617 2.0%   1,332,271 188,996 6,041,524 2035 6,041,524 446,369 2.0%   97,397 186,480 6,576,977 2036 6,576,977 455,297 2.0%   567,684 195,624 6,660,213 2037 6,660,213 464,403 2.0%   4,075,780 145,636 3,194,472 2038 3,194,472 473,691 2.0%   1,368,265 82,416 2,382,313 2039 2,382,313 483,165 2.0%   878,545 65,539 2,052,472 2040 2,052,472 492,828 2.0%   3,414 68,915 2,610,801 2041 2,610,801 502,684 2.0%   6,964 85,760 3,192,281 2042 3,192,281 512,738 2.0%   3,599,637 49,465 154,847

30 Year Reserve Fund Cash Flow

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Year Ending In May 30

Opening Balance

Annual Contribution*

Percent Increase over

Previous Year

Other ContributionEstimated Future

Inflated Expenditures

Projected Interest Earned

Closing Balance

2013 112,406   143,630   256,036 2014 256,036 294,504 162.0%   12,099 562,638 2015 562,638 300,394 2.0%   21,385 884,417 2016 884,417 306,402 2.0%   6,367 31,033 1,215,485 2017 1,215,485 312,530 2.0%   40,050 40,552 1,528,516 2018 1,528,516 318,780 2.0%   50,637 1,897,934 2019 1,897,934 325,156 2.0%   70,948 60,751 2,212,892 2020 2,212,892 331,659 2.0%   71,362 2,615,913 2021 2,615,913 338,292 2.0%   4,687 83,481 3,033,000 2022 3,033,000 345,058 2.0%   69,315 95,126 3,403,869 2023 3,403,869 351,959 2.0%   107,395 3,863,224 2024 3,863,224 358,998 2.0%   289,706 116,936 4,049,452 2025 4,049,452 366,178 2.0%   12,682 126,786 4,529,734 2026 4,529,734 373,502 2.0%   5,174 141,417 5,039,478 2027 5,039,478 380,972 2.0%   935,510 142,866 4,627,806 2028 4,627,806 388,591 2.0%   161,504 142,240 4,997,134 2029 4,997,134 396,363 2.0%   155,859 5,549,357 2030 5,549,357 404,291 2.0%   172,545 6,126,192 2031 6,126,192 412,376 2.0%   19,995 189,671 6,708,245 2032 6,708,245 420,624 2.0%   793,962 195,647 6,530,554 2033 6,530,554 429,036 2.0%   153,053 200,056 7,006,594 2034 7,006,594 437,617 2.0%   1,332,271 196,778 6,308,718 2035 6,308,718 446,369 2.0%   97,397 194,496 6,852,187 2036 6,852,187 455,297 2.0%   567,684 203,880 6,943,680 2037 6,943,680 464,403 2.0%   4,075,780 154,140 3,486,442 2038 3,486,442 473,691 2.0%   1,368,265 91,175 2,683,042 2039 2,683,042 483,165 2.0%   878,545 74,561 2,362,223 2040 2,362,223 492,828 2.0%   3,414 78,208 2,929,845 2041 2,929,845 502,684 2.0%   6,964 95,331 3,520,896 2042 3,520,896 512,738 2.0%   3,599,637 59,323 493,321

EnerCare Issues

•EnerCare EnerCare – Errors (missing units, incorrect meter readings)Errors (missing units, incorrect meter readings)– 10 year Contract – Jan 200910 year Contract – Jan 2009– Early Contract Cancellation (May 2014) - $679 per unitEarly Contract Cancellation (May 2014) - $679 per unit

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