1. Welcome To Fairway Greens 2016 Annual General Meeting

2. PLANNING FOR THE FUTURE
………..Financial Stability

4. (Some things you wanted to ask but never did)
CONDO
101
(Some things you wanted to ask but never did)

5. CONDO 101 Property Manager or Self Managed.
Property Manager $40-$50/month/unit. ~$24,000/year.
Property Manager - communications, policies, financial, hire contractors.
Self Managed – hands on. As above but may complete some repairs maintenance saving $$. Conservatively $6,000 - $9,000 annually in unpaid services provided. Relies on owners to volunteer to keep costs/condo fees down.
Everyone owns a % of the Common Property.

6. CONDO 101

7. CONDO 101
Everyone is financially responsible (unit factor) for repairs, maintenance & replacement of Common Property.
Legally the Corporation must save sufficient monies for future replacements.
Reserve Fund Study is the basis for asset replacement timeframes & savings required.
Failure to save leads to assessments.
Failure to replace leads to decreasing value and increased costs to repair/replace.

8. Numbers and More Numbers
Reserve Fund Balance ~$210,000* ⇩
Term Deposit $180,000
Loan Balance $258,956
Contingency Balance $ 41,000
*After planned expenditures until 4/30/2017.

9. DISCLAIMER
The following information is for discussion purposes only and represents estimates based on current known values and assumptions based on historical data.
None of the forward looking expenditures have been approved by the BOD.
Unforeseen future events can and will affect the corporation’s ability to complete expenditures in the projected times frames and for the projected amounts.

10. **SUBJECT TO NEW RESERVE FUND STUDY

11. **SUBJECT TO NEW RESERVE FUND STUDY

12. **SUBJECT TO NEW RESERVE FUND STUDY

13. Looking To The Future
Based on the current monthly condo fees and the current monthly contributions to the Reserve Fund, coupled with the projected CAPEX required over the next 5-7 years (SUBJECT TO UPDATED RFS), increases could be kept to a minimum. New Reserve Fund Study will provide basis for future expenditures and funding requirements.
This is only possible if there are no “surprises” and operating expenses can be kept in line. We have no control over inflationary increases.
This doesn’t mean that future owner assessments won’t be required to complete required asset replacement (i.e. stucco) in a timely and cost effective manner.
Any reduction in condo fees MUST be sustainable over the long term and continue to build the reserve fund to fund future CAPEX.
Doing repairs, maintenance and replacements in a timely and scheduled fashion can substantially reduce a backlog / build up of needed expenditures.

14. By-Laws New by-laws came into effect in the fall of 2015;
So far so good……;
As per by-laws renters will be required to sign a form acknowledging they will abide.
Fine(s) applicable;
By-laws are posted on our web site;
Know your by-laws, respect your by-laws;

15. DENNIS’S
RANT

16. Very little can be accomplished while sitting on your hands.
Dennis Estey 2016

17. It’s The Same Old Song & Dance -Owner Participation
A board member’s role is to manage the financial and capital assets of the Corporation, not be the local handyperson;
The more we as owners can do reduces the need and expense of hiring a third party;
Volunteers have increased… THANK YOU!
Volunteers are great…its doesn’t take much time…pick something you’re interested in and get involved…pick some weeds, rake some pine cones, paint a step/deck, sweep a section of laneway, fill a crack in the asphalt…it all helps….a little exercise will probably do you some good;
Building a community building by building;
If you can’t, won’t or are unable to volunteer don’t complain about potential future increases to condo fees;
Remember self-managed doesn’t work without…..
YOU

18. What’s Next
Reserve Fund Study to be completed by April updates annually..future planning;
Complete individual unit water meter installations…..hopefully;
Ongoing schedule of maintenance and repairs…staying ahead;
Due diligence and costing of LED street lights…could save 60%+ of electricity costs;
Develop document for realtors and buyers outlining work ($$) completed….educate.

19. Questions ?