Submitted by Eric on behalf of Planning and Development
Planning and Development has identified some miscalculations in our section of the budget that was sent to members earlier this month. Eric and Finance Committee Chair, Jane, met on March 8th to discuss the budget. Below is what discussed:
The budget has $178,000 allocated for Planning and Development
This amount is largely dedicated to work the membership approved at our June 2019 general meeting
Of the $178,000 budgeted, $138,000 of this is actually money that was provided in addition to the refinancing we received 2 summers ago. This means that the membership is being asked to raise an additional $138,000 through housing charges, but the money already exists as part of the mortgage.
Planning and Development received notice of our $25,000 grant from CMHC last September. We have until this September to complete the work and submit our final report (waiting to finish energy audit and produce a pro forma). This means Planning and Development will be generating $25,000 in revenue this year, but membership is also being asked to raise this money through housing charges.
In addition to above, Planning and Development has reduced our operating expenses by $14,7000 for 2020. We are able to do this because we have a clearer picture of the work that will be undertaken this year. We have submitted this change to Finance.
Put together: $138,000 existing mortgage + $25,000 CMHC grant + $14,700 reduction in operation expenses, means that Planning and Development has identified $177,000 that doesn’t need to be covered by the membership via housing charges.
Planning and Development isn’t advocating a change to the budget increases proposed by Finance. That is not our purpose here. Instead, with these corrections the membership will be able to have a clearer discussion about the budget.
Thank you to the Finance Committee for their hard work and collaborative spirit! Always a pleasure working with you folks.