Chelsea Foundation/Meredith Center AGM

A Year in Review Overall revenue consistent with previous year. Camps Improving in participation. Land Development created some challenges to access/egress. Development also an opportunity for further revenue growth/expansion. Some turn over in staff that created some short term hurdles in Arena rental and revenues. Moved to a synchronized financial year end with the Municipality. Moved from revenue audit to Financial Statement Audit, a tedious process but next year will be easier.

Strategic Plan Process

Strategic Priorities for 2014-2019 Improve Governance Structure Expand Community Engagement Expand Sustainable Program Delivery Improve Effective Use of Space How did we do?

5 year Strategic Plan 2014-19 Achievements: Strategic Goals: Center is a community hub Facilities have helped some of Chelsea’s athletes to reach goals, Programs and camps cater to the community Financial reporting is timely and accurate Relationship with municipality is positive Strong leadership by General Manager Renewed Entente with the municipality for the next 5 years $600,000 to municipality has been reconciled More events and programs Strategic Goals: Community engagement needs to be re-ignited. Volunteers for both board and committees Improve communication and financial reporting to community. Suppose to be monthly and a semi annual report. Gym / Shower renovations have not progressed. Cultural Component Missing Aligning with Mill Road Community Space /Grace Space, to try and offer services for promotion, sales and admin.

Strategic Planning for 2020-2025 Create Strategic Planning Committee and identify support – May/June 2019 Design process and community engagement – July/August 2019 Undertake Strategic Planning Process with key stakeholders – September 2019- March 2020 Present 5 Year Strategic Plan at AGM 2020

2019-2024, the Next 5 years We face a number of challenges/opportunities over the next 5 years Growth in community, 700 new homes most within a few hundred meters of the Center. Facility will need to be able to accommodate a growing community. Areas previously identified, gym, change rooms showers, More amenities, what does the community need/want? Re-engage community for input towards next strategic plan.

Meredith Center Financial Performance Overall revenue was down 7.8% from 2017 ($63,000) Loss of room rental contract and a couple ice contracts for the decline in revenue. On track to increase ice revenue with a few pending contracts. This does not consider closing for mold remediation. ($32k in lost revenue for June) Expenses well managed: Slight increase in salaries and wages due to increase in min. wage. Not in 2017 Statements: Non recurring payment to the muni. $15,000 Portion of Hydro paid by MC $29,000.

Performance by Department F&B -$24,032 ($78k - $102k) CC Programs: -$25,544 ($48k-$74k) Fitness -$10,319 ($77k - $86k) Child Camp $49,700 ($53K - $28k) Arena/Ice $301,119 ($484k - $184k)

Balance Sheet A/R collection of fees improving, down $100,000 Reduction of A/R would help reduce Bank indebtedness. Management fee of $107,743 is for 2 months, Nov. payment deposited in Jan. Timing between transferring revenue to the municipality and in return a management fee for the operations. Spending on capital improvements to support programming and events. 3 year capital goals were accomplished ahead of schedule, will see spending decrease in 2019. Goal for 2019 Improve current ratio

Cash Flow Cash position improved by increase in bank debt Need to assess/prioritize capital spending outside of budget and time lines for expenditure: need to reduce bank indebtedness.

Questions?