CCA Board Financial Decisions Finance and Audit Committee.

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Presentation transcript:

CCA Board Financial Decisions Finance and Audit Committee

CCA Board Financial Decisions Calculation of Discretionary Spending for 2010/11 CCA surplus for the year ending April 30, 2010 $853,044 Less: 2009/10 Championship Revenue (consolidated net profit) (595,827) Plus: Discretionary Spending in 09/10 13,269 CCA operational surplus for the year ending April 30, 2010 $270, /10 Discretionary Spending -- which ever of the following is less: 2% of 2009/10 revenue ($9,773,953 x 2% = $195,479) OR 25% of 2009/10 operational surplus ($270,486 x 25% = $67,622) Discretionary spending for 2010/11 based on the year ending April 30, 2010 $67,622

CCA Board Financial Decisions Calculation of Discretionary Spending for 2011/12 CCA surplus for the year ending April 30, 2011 $640,727 Plus: 2010/11 Championship Revenue (consolidated net loss) $131,831 Plus: CAP expenditures paid or payable as at April 30/11 $ 36,146 Plus: Discretionary Spending in 10/11 $ 67,622 CCA operational surplus for the year ending April 30, 2011 $876, /11 Discretionary Spending -- which ever of the following is less: 2% of 2010/11 revenue ($9,990,130 x 2% = $199,803) OR 25% of 2010/11 operational surplus ($876,326 x 25% = $219,082) Discretionary spending for 2011/12 based on the year ending April 30, 2011 $199,803

CCA Board Financial Decisions CCA Surplus $640,727 Balance Owing Development Fund ( ) $115, Development Fund Rev. 72,525 $188,193 Long-Term Reserve (3.3% x$2.25 m) 74,250 Discretionary Spending (reinvest in Ops) 199,803 $462,246 Balance $178,481 50% to CAP 89,240 Balance Remaining $ 89,240

CCA Board Financial Decisions AMOUNT OF ALLOCATION $ 89,240 Additional Allocation to CAP $ 22,567 Allocation to National Office Mortgage 66,673 89,240 $ – 2012 CAP: Balance Owing ( )$ 115, Dev. Fund Rev. 72,525 50% to CAP 89,240 Subtotal$ 277,433 CCA Board-Approved Increase 22,567 TOTAL $ 300,000

CCA Board Financial Decisions National Office Mortgage: June, 2011 $311,095 Principal repayment of Mortgage 66,673 July 1, 2011 $244,422 * *1-year rate available at 3.68% (down from 7.4%)