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Ferns PARADISE AGM SEP 2009

PRESENTATION By Management committee

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Agenda

1. President’s Address

2. Annual Report

3. Adoption of Audited Accounts

4. Amendment of FP Bye-laws

5. Appointment of Auditors

6. BREAK (20 mins)

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Agenda (Contd..)

6. Financials

1. Proposed Budget FY 09-10

2. Revised Maintenance Charges wef. FY 2010-11

3. Approval of Sinking Fund Scheme

4. FBD Receipts and Dues

5. Regularization of Expenditure exceeding Rs. 25000

7. Outstanding Issues/concerns

8. Any other matters and close up.

ANNUAL REPORT – 2009Major Achievements

Security System NOC Procedure FP Club Rules FC Club Usage by FP

Members Entry Road to FP & FC

and St Lighting Environment Initiatives

Upgraded Communication System

Web Site Direct Mailing SMS Alert Yahoo Group

Entertainment Landscaping

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Annual Report (Contd..)Financials

Stream Lined and automated

Settlement of Dues from FBD

Significant Improvement in Collection

ADOPTION OF AUDITED ACCOUNTS

Accounts of FY 08-09 have been closed and have been audited

Balanced Sheet, I & E Statements along with the Audit Report have been sent to all members

It is now proposed for adoption.

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Amendments of FP Bye Laws

House Construction Rules ( Ch 11) Club Rules ( Ch 12) Recurring Fee, Penalty Interest and Defaulters

(Ch 2 sec 2) Audit & Elect Committee members : Min no.

reduced to 2 and 3 resp. (Ch 6) Revision of Financial Powers of MC (Ch 10

Gen) Corrections of errors : address, Chapter

Numbers etc.

Maintenance Fees Incentive Scheme

The payment scheme : (proposed for 2010-2011 onwards):

Annual Fee is payable by all plot owners on 1st April. A rebate of 5% if paid by 30th April.Beyond 30th June,

a penal interest of 2% per month. Member’s name will be included in the defaulters list.

The defaulters list published on 1st July.Member name removed from the Defaulters List only on payment of all dues including arrears and interest. If dues not paid by 30th September, member will no longer be entitled for any facility/services provided by the Association such as Water Supply, Security, Garbage clearance etc. Defaulter cannot stand in elections, cannot vote or participate in AGM/EGMs. Defaulter will not be issued NOC for construction of house.

Annual Charge is payable by all plot owners on 1st April. A rebate of 5% if paid by 30th April. Beyond 30th June,

a penal interest of 2% per month charged . member’s name included in defaulters list.

Defaulter for 3 years, loses membership of the Club. Membership can be restored on payment of a re-entry Charge of Rs.50, 000/- + current year Club House charge.

Payment Scheme for Club Charges

Appointment of Auditors

Mr. S. Rajagopalan had been appointed as the auditor for the FY 08-09 at a remuneration of Rs. 7500.

Ferns Paradise Financial Update and Budget for 2009-2010

Managing Committee

Proposed Budget 2009-2010Layout Expenditure

2008-2009(Ph1)2009-2010( Ph1,2)

(in Lacs) Security 8.38 8.39 Electricity 5.43 6.04 Salaries 2.80 3.72 Site maintenance 5.64 7.04 Office Admin & Misc 1.56 1.65 FBD Bill for phase 2 3.21 0 Sub-total 27.05 26.86 Contingency 0 2.00 Projects and Capex 1.46 5.00 Grand Total 28.51 33.86

Proposed Budget Contd.. Planned Projects

• New Borewell : 1,50,000• Groundwater Recharge : 1,50,000• Motor and Motor room : 50,000• Storm water Drain mesh : 40,000• Landscaping and trees : 30,000• Benches for school kids : 20,000• Celebration expenses

(AGM, 26th Jan,15th Aug) : 40,000 Layout Map : 20,000

• Total : 5,00,000

Proposal for Approval

To move ahead with the proposed projects with amendments if any

Budget Contd..Collections: Layout Maintenance

• Collections (in Lacs)– Phase 1 2008-2009 2009-2010

Due/Actual Due/Actual

• Vacant: 9.65 /7.38 9.85 / 4.62• Built: 10.81 /10.79 11.23 /10.64• Total: 20.46 /18.18 21.08 /15.26

– Phase 2• Vacant: 12.12 /4.13 11.76/ 0.80• Built: 1.74 /1.40 2.16 /1.20• Total: 13.86 /5.53 13.93 /2.01

• Total Due/Actual Collections: 35.02 /17.28• Projected Collections: 24.00

Proposed Budget Contd..Collections from FBD

2008-2009 2009-2010

Maintenance Due(incl advances) 11.73 8.52 Collected 11.49 0 Advances 0.61

Club House Due 4.96 1.36 Actuals 3.38 0 Balance from owners 1.61

Total Collected from FBD : Rs. 14.87 Lacs

(In Lacs)

Budget Summaryfor 2009-2010

Collections Due : 35.02 Estimated Collections : 24.00 Water Charges : 5.00 Total Collections : 29.00 Estimated Expenses : 33.86 Projected Difference :(-)4.86

-For the current year the difference will be taken from previous surplus/arrears collected.

-For 2010-2011, we propose to increase the Layout maintenance charges

(In Lacs)

Proposal for Approval

To move ahead with the proposed Budget with amendments if any

Revision of Layout Maintenance Charges

2010-2011 To meet the Budget deficit Increase Maintenance charges by Re. 1 per sq ft

for built and under construction plots Increase maintenance charges by 50 paise per

sq ft for Vacant sites

This will add Rs.9.0 lacs to the collections billed of which we expect 6.0 lacs to be collected

Proposal for Approval

To move ahead with the revised maintenance charges with amendments if any

Sinking Fund Scheme

Objective: Build Sinking Fund up to Rs.1.0 crore :

Road Repairs, Wall, Bore wells Electrical Repairs, DG set for street lighting Repainting of Clubhouse etc

Sinking Fund Contd..

The actual surplus fund for Layout maintenance and the Clubhouse should be deposited into the Sinking Fund within 3 months of the FY beginning by the MC

Sinking fund to be put in a multi Deposit in a Nationalized Bank

Interest on sinking fund will be used for emergency expenditure fund

Usage of any funds from Sinking fund will require AGM approval prior to expenditure.

Deposit to Sinking Fund 2009-2010

Rs.10 lacs towards Layout Maintenance Rs.10 lacs towards clubhouse account These will be in FD accounts

Proposal for Approval

To move ahead with the proposed creation of sinking fund with amendments if any

Club House BudgetExpense Details

CLUB HOUSE EXP 2009-2010

SECURITY  1.5 LAKHS ELECTRICITY  1.47 LAKHS SALARIES  0.82 LAKHS SWIMMING POOL  1.20 LAKHS REPAIRS  0.60 LAKHS MISC  0.55 LAKHS

TOTAL EXPENDITURE 6.14 LAKHS

Club House Budget Contd..Proposed Projects

Music System :Rs. 1.20 Lacs Glass Roof for 1st

Floor open area :Rs.75,000 Total :Rs. 1.95 Lacs

Proposal for Approval

Club House projects with amendments if any

Club Subscription to remain same Projects funding will be from last year’s

surplus and arrears collected

Regularization of Purchases

Security Shelters Rs 40,702 Ladder Rs 31,798 Office Computer Rs 28,000 UPS for Gate Rs 27,000 Extra Security Rs 35,527

Basic Data of Layout

Area Phase 1 :7,84,705 sft Area Phase 2 : 5,63,924 sft Total Area : 13,48,629 sft Vacant area/plots : 8,96,361 sft Built or under area/plots : 4,52,268 sft Present Rate (vacant) : Rs. 2.5 /sft Present Rate : Rs. 3.0 /sft

(built/under-construction)

Comments on Budget 2008-2009

Maintenance Surplus (includes): 15.60 Receivables : 7.41 Capex (Assets) : 1.46

Club Surplus includes :15.06 Receivables : 8.21 Capex : 0.24

In Lacs

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Outstanding Tasks and Concerns

Work Pending with Registrar’s Office Water Management Formal Agreement with FBD on

FP Club House Lay Out Maintenance Charges for some Plot

owners in Ph 2 beyond FY 10-11 Sakrama!!

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THANK YOU