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LMS 2166 - Waterside 2013/2014 Annual General Meeting

LMS 2166 - Waterside 2013/2014 Annual General Meeting. December 3, 2013. Depreciation Report Discussion. Agenda. 1 General Information about Depreciation Reports. 2 Major Findings. 3 Cash Flow Projections. General Information.

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LMS 2166 - Waterside 2013/2014 Annual General Meeting

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  1. LMS 2166 - Waterside 2013/2014 Annual General Meeting December 3, 2013 Depreciation Report Discussion

  2. Agenda 1General Information about Depreciation Reports 2Major Findings 3Cash Flow Projections

  3. General Information Depreciation Reports have been mandated in an effort to move from reactive action to proactive action 1

  4. Reserve Fund Studies (a.k.a. Depreciation Reports • Other provinces with similar legislation • Ontario, Alberta, New Brunswick, etc.* Also mandated in 30 US States • Other provinces have drafted legislation • Ontario is mandated to be fully funded (i.e. Special Levies are not allowed) • BC legislation specifics • Reports to be updated on a 3-year cycle • Few regulations after report is acquired

  5. Major Findings Depreciation Reports are providing strata corporations an understanding of their assets and the costs associated with maintaining and / or replacing them. 2

  6. Major Findings • Immediate Term & Year 1 • $ 15,000 Gutters & Downspouts • $250,000 Cedar roof system (as is) • $ 10,000 Courtyard walkways • $ 10,000 Ramp handrails • $ 10,000 Garage structure investigation • $ 25,000 Garage repairs • $ 5,000 Building Envelope repairs • $ 15,000 Windows (annually for repairs & replacement) • $ 5,000 Suite identification numbers • $100,000 DHW plumbing • $ 1,800 Elevator repairs • $ 10,000 Security cameras$456,800

  7. Major Findings • Year 2 • $ 75,000 Balcony waterproofing membrane • $ 10,000 DHW #2 replacement • $ 30,000 Air handling unit $115,000 • Year 3 • $ 6,000 Depreciation report update • $ 5,000 Gym Flooring • $ 2,000 Refurbish gym (renovate / paint etc.) • $ 2,000 Upgrade equipment$ 15,000

  8. Major Findings • Year 4 • $105,000 Hallway flooring • $ 75,000 Hallway walls & ceilings • $ 45,000 Stairwell flooring • $ 30,000 Elevator interiors • $255,000 • Year 5 • $ 5,000 Landscaping • $ 15,000 Enter phone replacement • $ 3,500 Seismic safety valves (optional) • $ 23,500

  9. Bar Graph

  10. Funding Models Funding models are planning tools to move away from unexpected special levies 3

  11. Current Contributions

  12. Current Contributions • Current contributions to the CRF • Last fiscal year : • Opening balance: $336,126 • Contributed $100,000 • Average contribution per strata lot: • $490 per year; or, • $41 per month

  13. Proposed Contributions • Proposed contributions to the CRF • Proposed fiscal year : • Opening balance: $669,061 • Contributed $110,125 • Average contribution per strata lot: • $540 per year; or, • $45 per month

  14. Strata’s throughout BC are facing a change in culture. You make your first decision in light of the new landscape tonight.

  15. Questions?

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