1 / 26

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

O.C.S.C.C. No. 903 President’s Report - A Year in Review. Annual General Meeting – November 18, 2014. A Year in Review. Introductions Performance Audit Update Reserve Fund Study Update Financial Summary Items of Interest General Reminders How Can You Get More Involved. Board Members

mwinkles
Download Presentation

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

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. O.C.S.C.C. No. 903President’s Report - A Year in Review Annual General Meeting – November 18, 2014

  2. A Year in Review • Introductions • Performance Audit Update • Reserve Fund Study Update • Financial Summary • Items of Interest • General Reminders • How Can You Get More Involved

  3. Board Members • Marty van Gaal (3 year term ending Fall 2015), President • Paul Gallagher (2 year term ending Fall 2014), Director • Krista Nonnenmacher–Biddiscombe (3 year term ending Fall 2016), Secretary Property Manager • Stefania Parnanzone, Taggart Realty Management Concierge • TBD Financial Auditor • Annette Jensen Lawyer • Jim Davidson

  4. Performance Audit Update • The Condominium Act, 1998, requires that the Board of Directors commission a Performance Audit (PA) to determine if there are any deficiencies in the construction of the common elements. • Priority 1 – health and safety • Priority 2 – deterioration of the building • Priority 3 - minor in nature • Priority 4 – aesthetic in nature • Priority 5 – deviated from contract drawings

  5. Performance Audit Update • Report captured 174 deficiencies • Priority 1 – 21 • Priority 2 – 37 • Priority 3 – 61 • Priority 4 – 53 • Priority 5 – 2 • To Date • 115+ deficiencies have been addressed and closed • 35 deficiencies are awaiting contractor inspection (elevator and mechanical) • Meetings with Urban Capital to review and address remaining open items

  6. Reserve Fund Study Update • The Condominium Act, 1998, requires all condominium corporations to establish a reserve fund (RF) study within the year following registration, and periodic reviews of the RF every three (3) years afterwards. • The purpose of a RFS: • 30 year forecast of future major repairs or replacement of common elements of the building; • To lower risk of unexpected repairs; and; • To ensure that proper funds will be available for those repairs when the time comes.

  7. Reserve Fund Study Update • Objective • Setup a schedule for the anticipated repair and replacement of common element items • Set up a special account for major repair items and replacement of common elements and assets of the Corporation • To determine the annual contribution necessary to maintain an adequate balance for the 30 year period of this study, and • Satisfy the legislation regarding the Condominium Act, 1998 and related regulations • Update every 3 years (paper followed by full inspection) • Paper – spring 2016 for input into the 2016-2017 budget (paid for out of the Reserve Fund) • Full – spring 2019

  8. Reserve Fund Study • Recommendation from Initial Report (Spring 2013) • Assumptions – Inflation of 2%, Interest of 3% • 2012-2013, contribution of $112,406 (15% of the Operating Budget) be increased to $294,504 (162%) for fiscal year June 1, 2013- May 31, 2014 • Increase by inflation for fiscal years 2014-2015 and 2015-2016 • Benefits • If such funding is not achieved, future condominium owners can expect the need for increased condo fees and/or special assessments to address major renewal activities • Healthy Reserve Fund is attractive to new investors

  9. Reserve Fund – Investment Plan • Investment Rules • All investments must be 100% guaranteed (federal or provincial) • Government (Federal or Provincial) – Investment Funds • Banks ($100,000 CDIC insured) - GICs • Current Investments ($665,000 plus earned interest) Fiscal Years 2012-2014 - $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 (1.95%) – Equity Financial Trust 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) Fiscal Year 2014-2015 • $95,000, 24 month (2.15%) – MCAN Mortgage (start - Jun 2014) • $95,000, 36 month (2.05 %) – Equitable Bank (start - Nov 2014) • Future Investments - $95,000 GICs (every 4 months)

  10. Financial - Summary • 2013-2014 Year End • Operating Cash Surplus - $154, 588 • Reserve Fund - $557,906 (Reported stated $414,699, did not include $143,630 in one-time payments) • 2014-2015 Budget • 2% overall increase in Condo Fees • 2% increase in Operating Budget • Increase to accommodate the maintenance of the building system (no longer covered by warranties) • Utilities and Contingency (increases in costs, usage and unknowns) • Contingency for unforeseen expenses (remainder used for next years budget) • 2% increase in Reserve Fund • 48.02 cents per square foot per month • Reserve Fund represents 27.4% of the overall budget

  11. Other Items of Interest • Last AGM – held January 22, 2014 (delay due to finalizing closing costs - EnerCare) • Information Session – held May 13, 2014 • Installation of ‘entrance restriction bars’ at ground level at the McLeod garage door • Operating Fund - GIC investment (cashable and 90 day GICs) • Installation of Exterior Fencing – to control dog owners and save plants • Proposed By-Law Amendments • Insurance Deductibles • Modifications to Common Elements – Screen Doors, hooks in storage lockers, security ring in parking spots • Proxies • Landscaping (watering, and weeding) – $$ volunteers (courtyard and exterior) • Gladstone Garage Door – Upgraded Springs • LEED Gold Certification - June 2014 • Painting of door frames by a volunteer – saving $$$ for all owners • No Pet signs to be installed in courtyard and landscaping beds outside building • No Smoking signs in courtyard and outside building entrances

  12. Other Items of Interest (continued) • Provided to your Unit • Domestic Hot and Cold Water • Conditioned Glycol Loop for HVAC (cooling and heating) • Town Hall (March 12, 2014) – Bicycles in lobbies and elevators • Amenity Room • due to user abuse – lockable AV Rack • Booking for 8 or more people • Cornerstones and LEED Plaques • Concierge • Searching for Replacement • Updated Job Description • Installation of Notice Boards • Replacement of Courtyard Plants • Development of www.central1condo.com • Common Elements and Exclusive Use Common Elements (Balcony, Parking, Locker) • Gladstone Garage Door – 50/50 between Condo Corporation and Commercial • Upcoming Changes to McLeod Garage Door (100% Condo Corporation) – to reduce operational cost by reducing usage to Residents Only • Remote Control Exit Only (removal of sensor) • Eliminate Through Traffic • Paid/Visitor Parking – Exit Gladstone Only • Residents – Exit Gladstone or McLeod • Reduce Opening Height • Installation of Heavy Duty Springs

  13. Other Items of Interest (continued) • Contracts • Snow Removal • Garage Door Maintenance • Fitness Room Maintenance • Elevator Maintenance • Generator and Fire Alarm Testing • General Cleaning (5 days per week) • General Maintenance (end of Doran 1 year warranty) • Carpet Cleaning (2nd Floor – 4 times, others – 2 times • Property Management • Window Cleaning (annual) • Garage Floor Cleaning (twice per year) • Weekend Security Guard (Friday to Sunday – 7:30pm to 2:30pm)

  14. Reminders for Owners and Residents • Balconies/Terraces, Parking Spots: • Permitted: Plants (completed form), seasonal furniture. • Not Permitted: items on railings, bikes, non-patio items (e.g. tires, picnic coolers, sports equipment, boxes), dead plants, laundry drying, Doggie Mats/Kitty Litter Pans, etc. • No storage (except bicycles) in Parking Spots • Warnings and Administration Costs will be issued • Unit owner is responsible for all maintenance and repair in their units (e.g.) • Replacement and/or cleaning of filters (HRV, HVAC, Dryer) • Issues with the HRV (Heat Recovery Ventilator) and HVAC (Heating, Ventilating and Air Conditioning) Systems • Items related to Interior Plumbing, Fixtures and Entry Doors

  15. Reminders for Owners and Residents • Noise & Disturbances: • All residents are entitled to quiet enjoyment of their unit. • Report disturbances to Concierge/Security Guard • Keep Log and Report to Ottawa By-Law (3-1-1) • Smoking: • Not permitted in any common area, including 2nd level courtyard and stairwells • Do not throw cigarette butts from balconies – disposal receptacles

  16. Reminders for Owners and Residents • Control Your Pets: – not allowed in Courtyard – ‘no business on exterior landscaping beds’ • Damage & Theft: • Residents are responsible for the actions of their guests • Theft and damage of condo assets costs everyone • AV System, Damage Walls, Pool Table Cover, Fire Exit Map, Fire Extinguishers, Glued Door Bolts • Report suspicious activity to building staff or PM

  17. Reminders for Owners and Residents • Communication with Property Manager • Except for emergencies, ONLY the owner is to communicate with the Property Manager and Board • Renter – (except for emergencies) report issues/concerns to their LANDLORD ONLY • Owner is responsible for the actions of their tenant • Owners are responsible to inform their tenant of declarations, bylaws and rules (e.g. smoking, pets, no barbeques, bicycles, etc) • Problems in a unit (e.g. fire, water spill) that may/will impact other units are to be reported immediately (Concierge, Property Manager, After-Hour Emergency Line) • The Condo Corporations responsibility ends at a unit door. The owner is responsible for all items within their unit (e.g. replacing furnace filters, cleaning HVAC and dryer filters, maintaining and repairing their HVAC system, door handles/locks) • Owner can make a request to communicate with the Board

  18. Reminders for Owners and Residents • Communication with Concierge • Booking the Amenity Room • Booking the Elevator for Moving • Reporting possible Declaration, Bylaw and Rule infractions • Parcel pickup • Reporting Common Element Issues (e.g. Garbage Room/Chute, Amenity Room – AV system, Fitness Equipment, Garage Doors) • Up to Unit Door (Common Elements Only) • Central1Condo.Com (still maturing) • Booking forms (elevator, amenity room) • General Information (e.g. programming thermostat) • Declarations, Bylaws, Rules • Contact Information

  19. How Can You Get More Involved • Examples of possible volunteers (committee) • Landscaping (exterior and courtyard - maintain) • Web site administrator • Financial (monthly budget update, summarize, recommend options and note any discrepancies) • Communication – e.g. newsletter, social events • Common Element Operations and Improvements • Recommend building improvements with cost estimates, • Recommend changes to polices/procedures, etc.

  20. Backup Slide

  21. June 1, 2014 to May 31, 2015 Budget

  22. June 1, 2014 to May 31, 2015 Budget

  23. June 1, 2014 to May 31, 2015 Budget

  24. 30 Year Reserve Fund Cash Flow

  25. 30 Year Reserve Fund Cash Flow

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

More Related