The Expresso Condo board would like to provide you with highlights of
the past year and communicate the plans for the upcoming year. Overall, there were no major issues this past
year and the condo remains in a good financial position.
The main expenditures in the past year include the replacement of the
domestic hot water recirculation line in the first floor ceiling which was a
source of repeated leaks, the installation of a backflow preventer on the
sprinkler system to ensure the condo is compliant with the city’s by-laws and
recently the replacement of the hot water boiler. The majority of these expenditures will be
charged to the 2013 fiscal year.
Financial update
The 2012 fiscal year covers March 1, 2012 - February 28, 2013. The year-end audit was completed for 2012
with no qualifications. As of February
28, 2013, our net asset position strengthened to $174 thousand from $154
thousand in 2012. This was due to higher
revenue over expenses for the year-ended February 28, 2013 compared to the
prior year ($12 thousand increase). The
main reason for this was lower repair costs and a prior year insurance
deductible that did not reoccur in the current year. Although cash slightly decreased by
approximately $4 thousand compared to the prior year, this was partly due to a
transfer of $10 thousand from our operating fund to reserve fund.
A new five year reserve fund study was completed in 2013. Although this did not result in a condo fee
increase for the 2013-2014 budget, we will assess how the revised budget will
impact future years, including any potential condo fee increases.
Forward-looking items
The budget strategy being implemented by the board is to keep the condo
fee increases to a minimum and use special assessments to cover a couple
specific reserve fund purchases. The
first of which will be for new carpets.
As the current carpets are badly worn, the board is planning to replace
all the common area carpets this fall.
The hallways will be re-painted this year (or early next year) giving
our home a fresh new look. Once the
board finalizes the quote for the carpet, more details on the special
assessment will follow.
The condo board is always looking for more members, so if you are
interested in having a say in the running of the condo please contact Connelly
and Company.
We look forward to seeing you at the AGM.
Best Regards,
signed “the Espresso Condo Board”
