November 2010 Resident’s Meeting

November 10, 2010

President’s Address

Audit 2009

“In my opinion these financial statements present fairly, in all material respects the financial position of the Condominium Corporation as at December 31st , 2009”

Shahid NaqiChartered Accountant

Insurance Presentation

2010 Finances

How are we doing for 2010?

Bank Account Balances @ Oct.31, 2010

Operating Account…………... $ 35,956Reserve - Current Account….. $ 13,634Reserve - ST Investment……. $ 341,470Reserve - LT Investment…….. $ 600,000

Total…… $ 991,060

2010 Budget vs Actual Projected

2010 Projected Budget to 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

2010 Budget vs Actual Projected

2010 Projected Budget to Year End

Total Operating $1,435,450 $1,507,675

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

Reserve Funding and Projects for 2010

Reserve Fund Balances at October 31, 2010

Reserve - Current Account….. $ 13,634Reserve - ST Investment……. $ 341,470Reserve - LT Investment…….. $ 600,000

Total…… $ 955,104

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

Reserve Funding and Projects for 2010

2011 Budget and Fee Schedules

What is in store for 2011?

Check your handout for this form.

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

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.

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 Actual

What % fee increase is anticipated for 2011

2009 2010 2011 Westmount Westmount WestmountOperating Expense $1,425,200 $1,435,450 $1,457,500Reserve Funding $ 137,609 $ 380,000 $ 550,000Total Expense $1,562,809 $1,815,450 $2,007,500

=10.6% inc.

How does our condo fee compare with our peer group for 2011?

Westmount Eau Claire Estates

16.2%

10.6%6.3%2012

20092009 2009

2010

201120102011

In summary, 2011 Budget for Westmount

Operating Expense $1,457,500Reserve Funding $ 550,000Total Expense $2,007,500% increase 10.6%$/unit factor/mo. $17.80 $/sq.ft./mo. $ 0.69

Fee Schedule – Schedule B

New Website – www.westmountplacecalgary.org

Bylaw Change Update

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