1. November 2010 Resident’s Meeting November 10, 2010

2. President’s Address

3. Audit 2009 “In my opinion these financial statements present fairly, in all material respects the financial position of the Condominium Corporation as at December 31 st, 2009” Shahid Naqi Chartered Accountant

4. Insurance Presentation

5. 2010 Finances

6. How are we doing for 2010?

7. Bank Account Balances @ Oct.31, 2010 Operating Account…………...$ 35,956 Reserve - Current Account…..$ 13,634 Reserve - ST Investment…….$ 341,470 Reserve - LT Investment……..$ 600,000 Total……$ 991,060

8. 2010 Budget vs Actual Projected 2010Projected Budgetto Year End Revenue$1,830,456$1,856,052 Total Operating$1,435,450$1,507,675 Reserve Funding$ 380,000 $380,000 Subtotal$1,815,450$1,887,675 (Deficit)/Surplus$ 15,006 ($31,623) 3.9 % over budget Revenue Up Expenses Up

9. 2010 Budget vs Actual Projected 2010Projected Budget to Year End Total Operating$1,435,450$1,507,675

10. Operating Budget vs Actuals for 2010 2010 2010 Estimate Budget Oct. 31 YearEnd Maintenance $179,300$ 172,113 $ 208,953 Cleaning $ 33,000$ 18,592 $ 26,805 Payroll Expenses $376,640$ 317,466 $ 380,959 Utilities $658,600$ 563,884 $ 680,789 Admin. Exp $167,910$ 174,460 $ 210,169 Contingency $ 20,000 $ - 0 -$ - 0 - Total Operating $1,435,450 $1,246,515 $1,507,675

11. Reserve Funding and Projects for 2010 Reserve Fund Balances at October 31, 2010 Reserve - Current Account…..$ 13,634 Reserve - ST Investment…….$ 341,470 Reserve - LT Investment……..$ 600,000 Total……$ 955,104

12. Reserve Funding and Projects for 2010 Contractual Commitments for 2010 Total…….$1,355,000 Expended Jan. to Oct. 2010…………………...$ 372,824 Expenditures forecast Sept. to Dec. 2010…….$ 590,303 Total 2010 Anticipated Expenditure………….$ 963,127 Project Expenditure carry in to 2011………. $ 391,873

13. Reserve Funding and Projects for 2010

15. 2011 Budget and Fee Schedules

16. What is in store for 2011?

17. Check your handout for this form.

18. 2009, 2010 Expense Budgets vs 2011 Budget Expense 2009 2010 2011 Category Budget Budget Budget Maintenance $219,000 $179,300 $209,000 Payroll Expenses $400,000 $376,640 $403,000 Utilities $642,000 $658,600 $676,000 Admin. Exp $120,000 $167,910 $124,000 Cleaning $ 29,200 $ 33,000 $ 25,500 Contingency $ 15,000 $ 20,000 $ 20,000 Total Operating $1,425,200 $1,435,450$1,457,500 =1.5% inc. “zero based budgets 2010 and 2011” =27.6% of total =46.3% of total

19. 2011 Budget Operating Expense + Reserve Funding = Total Expense = Fees Last year your Board proposed increased levels of reserve funding “phased in” over the 3 years 2010,11,12, to meet the increased levels of reserve expenditure necessary to maintain the building systems.

20. Reserve Funding For 2010 we proposed $380,000 be committed to reserve For 2011, next year, we proposed $550,000 For 2012, $649,000 with modest inflation applied yearly thereafter Actual

21. What % fee increase is anticipated for 2011 2009 20102011 Westmount WestmountWestmount Operating Expense$1,425,200$1,435,450$1,457,500 Reserve Funding$ 137,609$ 380,000$ 550,000 Total Expense$1,562,809$1,815,450 $2,007,500 =10.6% inc.

22. How does our condo fee compare with our peer group for 2011? WestmountEau ClaireEstates 16.2% 10.6% 6.3%2012 2009 2010 2011 2010 2011

23. In summary, 2011 Budget for Westmount Operating Expense$1,457,500 Reserve Funding$ 550,000 Total Expense$2,007,500 % increase 10.6% $/unit factor/mo. $17.80 $/sq.ft./mo. $ 0.69

24. Fee Schedule – Schedule B

26. New Website – www.westmountplacecalgary.org

27. Bylaw Change Update

29. Thank you for your participation.