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O.C.S.C.C. No. 903

O.C.S.C.C. No. 903. Information Session – May 13, 2014. Agenda. Introductions Performance Audit Update Reserve Fund Study Update June 1/2014 - May 31/2015 Budget Items of Interest General Reminders. Introductions. Board Members Marty van Gaal (term ending Sept 2015) – President

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O.C.S.C.C. No. 903

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  1. O.C.S.C.C. No. 903 Information Session – May 13, 2014

  2. Agenda • Introductions • Performance Audit Update • Reserve Fund Study Update • June 1/2014 - May 31/2015 Budget • Items of Interest • General Reminders

  3. Introductions Board Members • Marty van Gaal (term ending Sept 2015) – President • Paul Gallagher (term ending Sept 2014) – Director • Krista Nonnenmacher-Biddiscombe (term ending Sept 2016) – Secretary Property Manager (2nd year of a 3 year contract) • Stefania Parnanzone, Taggart Realty Management Concierge (employee of the Condominium Corp) • SamraMehmedagic

  4. Performance Audit • The Condominium Act, 1998, requires that the Board of Directors commission a Performance Audit (PA) to determine if there are any deficiencies in the construction of the common elements. • Must be completed in time to submit a claim to Tarion Warranty Corporation. • 1yr Warranty - By May 31, 2013 (COMPLETED) • 2 yr Warranty – water penetration and major items • 7 yr Warranty – structural defects

  5. Performance Audit • Urban Capital has 18 months to repair from the date the PA is filed with Tarion • Priority 1 – health and safety • Priority 2 – deterioration of the building • Priority 3 - minor in nature • Priority 4 – aesthetic in nature • Priority 5 – deviated from contract drawings

  6. Performance Audit • PA Report captured 174 deficiencies • To Date • Meet with Doran/Urban Capital on a regular basis to review • Working to completion by 18 months • Number of PA items associated with the elevators(28 items, 3 completed) – remainder to be inspected before signoff • Working with Urban Capital on approach to address the reliability concerns of the Gladstone Garage Door

  7. Reserve Fund Study • The Condominium Act, 1998, requires all condominium corporations to establish a reserve fund (RF) study within the year following registration, and periodic reviews of the RF every three (3) years afterwards. • The purpose of a RFS: • 30 year forecast of future major repairs or replacement of common elements of the building; • To lower risk of unexpected repairs; and; • To ensure that proper funds will be available for those repairs when the time comes.

  8. Reserve Fund Study • Objective • Setup a schedule for the anticipated repair and replacement of common element items • Set up a special account for major repair items and replacement of common elements and assets of the Corporation • To determine the annual contribution necessary to maintain an adequate balance for the 30 year period of this study • Satisfy the legislation regarding the Condominium Act, 1998 and related regulations, and • Update every 3 years (paper followed by full inspection) • Paper Study to be completed in the spring of 2016 for input into the 2016-2017 budget • Paid for out of the Reserve Fund.

  9. Reserve Fund Study • Recommendation from Initial Report • Assumptions – Inflation of 2%, Interest of 3% • 2012-2013, contribution of $112,406 (15% of the Operating Budget) to be increased to $294,504 (162%) for fiscal year 2013-2014 • Increased by inflation (2%) for fiscal years 2014-2015 and 2015-2016 • Benefits • If such funding is not achieved, future condominium owners can expect the need for increased condo fees and/or special assessments to address major renewal activities • Healthy Reserve Fund is attractive to new investors

  10. Reserve Fund – Plan and Financials • Investment Rules • No Risk • All investments must be 100% guaranteed (federal or provincial) • Government (Federal or Provincial) – Investment Funds • Banks ($100,000 CDIC insured) - GICs • Current Investments ($475,000) - $95,000, 18 month (2.05%) – Home Trust GIC (Dec 2014) - $95,000, 24 month (1.73%) – Dundee Wealth Bank GIC (Dec 2014) - $95,000, 24 month (1.95%) – Equity Financial Trust GIC (Dec 2014) • $95,000, 36 month (2.01%) – Manulife GIC (Dec 2014) • $95,000, 36 month (1.95%) – Home Equity GIC (Feb 2014) • Future Investments - $95,000 GICs (every 4 months) • May 31, 2014 – closing balance of approx. $555,000 (RF recommendation of $414,699)

  11. June 1, 2014 to May 31, 2015 Budget

  12. June 1, 2014 to May 31, 2015 Budget

  13. June 1, 2014 to May 31, 2015 Budget

  14. 2014-2015 Budget Summary • 2% overall increase in Condo Fees • 2% increase in Operating Budget • Increase to accommodate the maintenance of the building system (no longer covered by warranties) • Utilities and Contingency (increases in costs, usage and unknowns) • Contingency for unforeseen expenses (remainder used for next years budget) • 2% increase in Reserve Fund • 48.02 cents per square foot per month • Reserve Fund represents 27.4% of the overall budget

  15. Other Items of Interest • AGM – held January 22, 2014 (delay due to finalizing closing costs) • intend to have AGM in Sept/Oct • EnerCare • Errors (missing units, incorrect meter readings) • 10 year Contract – Jan 2009 • Early Contract Cancellation (May 2014) - $679 per unit • Installation of ‘entrance restriction bars’ at ground level at the McLeod garage door • GIC investment of Operating Funds • Proposed By-Law Amendments • Insurance Deductibles • Modifications to Common Elements – Screen Doors, hooks in storage lockers, security ring in parking spots • Proxies • Landscaping in Courtyard (replacement of dieback – May/June) • Gladstone Garage Door – Upgraded Springs • LEED Certification (Gold/Silver) – estimate of July/August 2014 • Painting of door frames by a volunteer – saving $$$ for all owners • No Pet signs to be installed in courtyard and landscaping beds outside building • No Smoking signs in courtyard and outside building entrances • Hot water – reported temperature issues

  16. Other Items of Interest (continued) • Contracts Snow Removal Garage Door Maintenance Fitness Room Maintenance Elevator Maintenance Cleaning (General and Carpets) Property Management Window Cleaning (annual) Garage Floor Cleaning Winter Carpets • Common Elements and Exclusive Use Common Elements • Doran warranty ended after 1year building – awarded contract to a General Contractor for maintenance and repair to Common Element Items • Town Hall (March 12, 2014) – Bicycles in lobbies and elevators

  17. Reminders for Residents • Balconies & Terraces: • Permitted: Plants (completed form), seasonal furniture. • Not Permitted: items on railings, bikes, non-patio items (e.g. tires, picnic coolers, sports equipment, boxes), dead plants, laundry drying, etc. • Warnings and Administration Costs will be issued • Unit owners responsible for maintenance and repair in their units • Keep the common areas clean - garbage • Noise & Disturbances: • All residents are entitled to quiet enjoyment of their unit. • Report disturbances to building staff and keep log • Report to Ottawa By-Law (3-1-1) and PM, if no staff onsite

  18. Reminders for Residents (cont’d) • Smoking: • Not permitted in any common area, including 2nd level courtyard • Do not throw cigarette butts from balconies • Respect your neighbours • Control Your Pets: – not allowed in Courtyard – ‘no business on exterior landscaping beds’ • Damage & Theft: • Residents are responsible for the actions of their guests • Theft and damage of condo assets costs everyone • AV System, Damage Walls, Pool Table Cover, Fire Exit Map, Fire Extinguishers, Glued Door Bolts • Report suspicious activity to building staff or PM

  19. How Can You Get More Involved • Examples of possible volunteers (committee) • Landscaping (exterior and courtyard - maintain) • Financial (monthly budget update, summarize, recommend options and note any discrepancies) • Communication – (recommend strategy, manage/develop/modify web site, update content) • Common Element Operations and Improvements (review and recommend improves/estimates, polices/procedures)

  20. Backup Slide

  21. 30 Year Reserve Fund Cash Flow

  22. 30 Year Reserve Fund Cash Flow

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