annual general meeting minutes
ANNUAL GENERAL MEETING MINUTES STRATA PLAN BCS 535 – CASCINA AND DENIA DATE HELD: LOCATION:
CALL TO ORDER:
TUESDAY, DECEMBER 10, 2013 COAL HARBOUR COMMUNITY CENTRE MULTI-PURPOSE ROOM 480 BROUGHTON STREET VANCOUVER, BRITISH COLUMBIA 7:00 PM
Owners in Attendance:
47 Owners votes were registered as being in attendance, 9 Owners votes of which by Proxy.
Also in Attendance:
Mr. Alvin Yen, STRATAWEST MANAGEMENT LTD.
(1)
CALL TO ORDER Consistent with the Strata Corporation Bylaw 29 (1), the Meeting was convened ½ hour from the time appointed for the meeting with the eligible voters present in person or by proxy due to a quorum not being present for the meeting at 7:00 p.m. The meeting was called to order by Mr. John Harrison, Council President at 7:30 p.m.
(2)
CERTIFICATION OF PROXIES/DETERMINATION OF QUORUM Prior to the commencement of the Meeting, all Owners were registered and it was determined that 38 Residential Owners votes were present in person and 9 Residential Owners votes by Proxy for a total representation of 47 Owners votes. As this met the required quorum in accordance with the Strata Corporation Bylaws 29 (1), the meeting was declared competent to proceed with business.
(3)
PROOF OF NOTICE Owners were advised that Notice of the Annual General Meeting was mailed in accordance with the Strata Property Act and there being no objections raised, it was
MOVED AND SECONDED (Lemke, #TH 1455/Ward, #1105-Cascina) That Notice of the Meeting be accepted. CARRIED (4)
ADOPTION OF PREVIOUS MINUTES There being no errors or omissions, it was
MOVED AND SECONDED (LePore, #404 – Cascina/Schultz, #1302 – Cascina) That the Minutes of the Annual General Meeting held Sunday, November 18, 2012 be adopted as circulated. CARRIED
BCS 535 - AGM Minutes December 10, 2013 Page Two, (5)
COUNCIL REPORT Mr. John Harrison, Council President presented the following report to the Owners. Continued attention to building maintenance and landscaping improvements: we recently hired a new landscaping company, Paraspace. The parkade bird netting was installed and has resulted in a “spotless” parkade environment, wall paper was replaced on the parkade level lobbies, steam room re-tiling, painting, in 2nd floor lobby, technology upgraded in the theater room etc. Throwing cigarette butts and other smoking materials from balconies and inappropriate recycling practices by some residents continues to be a frustrating challenge. A big item for this past year was addressing the requirement to present a Depreciation Report and to oversee the 10 year Building Envelope Warranty Review. With our complex now ten years old, Council has been re-evaluating the use of all amenity spaces to consider better ways to maximize use of these spaces. In keeping with our desire to carefully monitor the strata corporation’s finances, a review of our investments was undertaken and actions were taken to secure a higher return on these funds. We have implemented reviews of our service contracts (e.g. landscaping, pool maintenance etc.) to ensure maximum value and service. We have continued to implemented strategies to reduce cost where possible such as LED lighting. An earthquake preparedness session was help to encourage resident to learn about this important topic. Implemented a Composting Program to help reduce our carbon footprint and the amount of waste BCS 535 sends to landfill. Consulted with Stratawest to set up and maintain a strata corporation website for access to building minutes, reports , by-laws and other building information We have recently hired a building maintenance worker, Aldo, whom we are hopeful will work out well in this new position. Thanks again to our concierge staff for their professionalism in making our building secure and contributing to the high standard of maintenance that is our hallmark. Much appreciation to Alvin of Stratawest Management Ltd. for his professionalism and expertise. Sad to report the passing of former council member Mr. Bob Shultz and Mr. Greg Hartnup. Thank you to our council members John Shed and Anne Gray who will not be putting forward their names for the next council. John has provided much analysis and insight into the complex task of advancing a Depreciation Report and many matters involving finance and insurance. Anne has been an icon of commitment to the Casina and Denia community with her extraordinary work in organizing wine and cheese events, the Book Club, the bike room, managing the libraries, writing the newsletters, amenity space use, creating abbreviated by-law summaries, working with the landscaping companies, the list goes on. Anne played a key role in getting the piece of art which is now enhancing the second floor lobby by the pool. John Harrison, Council President
(6)
INSURANCE REPORT Consistent with the Strata Property Act, a summary of the Strata Corporations Insurance Coverage was attached to the Notice of Annual General Meeting for Owners review. Mr. Yen explained the insurance coverage summary. Reported was the buildings appraised value is insured at $128,875,000.00 and that the Strata Corporations appraised building value is updated annually and the Strata Corporations master insurance policy adjusted to provide full coverage for the Strata Corporation. Outlined was the Strata Corporations property coverage, applicable deductibles payable by the Strata Corporation and list of the insurance underwriters.
BCS 535 - AGM Minutes December 10, 2013 Page Three, It was recommended that Owners review their suite insurance policy with their insurance agents to determine full and proper coverage for your suite. Reviewed should be coverages for insurance deductible chargebacks, contents, suite betterments and improvements, liability, rental insurance (if applicable) and other coverages. A copy of the Strata Corporations insurance summary should be provided to your insurance agent for their review and recommendations for your suite policy. Brought forth was the Strata Corporations $20,000.00 water damage deductible and the Strata Corporation Bylaws permit chargeback of insurance deductibles to a strata lot held responsible. (7)
CONSIDERATON OF ¾ VOTE RESOLUTION #1 The ¾ Vote Resolution #1 as contained in the Notice of Annual General Meeting was read by Mr. Yen. It was then,
MOVED AND SECONDED (Clapp, #1601-Cascina/Gray, #701-Denia) WHEREAS: In accordance with the Strata Property Act, Section 71, the Strata Corporation must not make a significant change in the use or appearance of common property or land that is a common asset unless the change is approved by Resolution passed by a ¾ Vote at an Annual General Meeting. AND WHEREAS: The Strata Corporation, Strata Plan BCS 535, Residential Strata Lots, wishes to change the common property Meeting Room located at the Cascina 2nd floor into a Guest Suite with Ensuite Bathroom, to change the Cascina 2nd Floor Billiards Room to a Meeting Room and to place the billiard table in the Cascina 1st floor Library. AND WHEREAS: The Strata Corporation intends to rent out the Guest Suite to owners and residents of the Strata Corporation at a rental rate with cleaning fee, plus any administration charges, to be determined by the Strata Council, at their discretion, which will be in the best interest of the Strata Corporation. THEREFORE BE IT RESOLVED: As a ¾ Vote of The Owners, Strata Plan BCS 535, Residential Strata Lots, that the Strata Corporation is hereby approved to change and construct the 2nd floor Meeting Room to a Guest Suite with Ensuite Bathroom, to change the Billiards Room to a Meeting Room and to place the billiard table in the Cascina 1st floor library. FURTHERMORE: That a maximum of $70,000.00 be expensed to the Contingency Reserve Fund for the Guest Suite and Ensuite Bathroom construction/improvement and for the Meeting Room and Library alterations. AND FURTHERMORE: That the Strata Council on behalf of the Strata Corporation is hereby approved to charge a Guest Suite rental rate, cleaning fees and any administration charges, that the Strata Councils deems appropriate and which will be in the best interest of the Strata Corporation.
Mr. Harrison, Council President reviewed the purpose of the Resolution, whereas the Strata Corporation, Residential request to change the common property meeting room located at the Cascina 2nd floor into a guest suite with ensuite bathroom. Additionally to change the 2 nd floor billards room to a meeting room and to place the billiards table in the Cascina 1 st floor library. Additionally to rent out the guest suite to owners and residents of the Strata Corporation at a rental rate to be determined.
BCS 535 - AGM Minutes December 10, 2013 Page Four, Council Member, Mr. Ron Jacobsen, Treasurer reviewed the purpose of changing the existing meeting room to a guest suite with ensuite bathroom and in which use of the room would be beneficial to the residents. Outlined was the existing common rooms usage such as the billiards room being under used. The proposed new meeting room will be larger for social events, meetings and the Annual General Meeting. Other buildings that have guest suites was reviewed by the Strata Council as well as the number of usage and the revenue received. Funding of the proposed guest suite and ensuite bathroom was considered by the Strata Council and was decided to expense to the Contingency Reserve Fund as the best option for the Strata Corporation. Additionally reported was the City of Vancouver has provided permission to the Strata Corporation for the guest suite. Owners questions and opinions were received regarding the proposed guest suite, ensuite bathroom and meeting room. Discussed was the use of the proposed meeting room which would be for owners and the Strata Council’s meetings, the Annual General Meeting and may be used as a party room for residents. Tables and chairs will be available as well as a sink and fridge. An owner brought forth the proposed location for the pool table in the Cascina 1 st floor library and questioned sound proofing to be considered to not disturb the Concierge desk and lobby. It was reported that the booking and monitoring of the guest suite will be performed by the Concierge Staff. The Strata Council will determine rules for use and rental of the guest suite. Additionally considered was the building security when the guest suites are rented. Owners were advised that the rental shall be for owners and residents guest use only and that a strata lot owner shall be responsible for their guests. This will be monitored by the Concierge Staff. Restrictions on the number of nights for rental will be considered by the Strata Council. Brought forth was expanding the existing exercise room or to add a new exercise room. Owners were advised that the gym is through City requirements and adding a new gym will also require structural consideration and soundproofing. Discussed was the Strata Corporations Depreciation Report timing and understanding of the Report by owners, the expense to the Contingency Reserve Fund and the guest suite revenue generating an investment with 8% return. After full discussion, a vote was then taken and the motion was declared, DEFEATED RESIDENTIAL VOTES – 31 IN FAVOUR 15 AGAINST 1 ABSTENTION (8)
STRATA PROPERTY ACT – DEPRECIATION REPORT Council Member, Mr. Ron Jacobsen Treasurer reviewed the purpose and intent of Strata Plan BCS 535 Depreciation Report completed by Morrison Hershfield Engineers Ltd. Reported was the Deprecation Report is available on the Strata Corporations website and a copy is available for review at the Concierge desk. Owners who have not signed up for the Strata Corporation website are encouraged to complete the Website Registration Form, available at the Concierge desk. Mr. Jacobsen reported that the Consultants had performed a thorough review of the building and had prepared a detailed Depreciation Report.
BCS 535 - AGM Minutes December 10, 2013 Page Five, In brief, a Depreciation Report is a long range financial planning tool applied over thirty (30) years that establishes the basis for the Contingency Reserve Fund (CRF) to accommodate anticipated maintenance costs, repairs and replacement costs. With adequate planning and reasonable predictions of future costs, Owners can prepare for future costs and avoid financial hardship that occurs with unexpected large special levies. The Depreciation Report provides realistic assessment of funds required for the purpose of undertaking major repairs to or replacement of major common building components. The report provides a financial forecast of the current contribution levels to the CRF and examples of thirty (30) year funding scenarios complete with descriptions, supporting tables and graphs. The Strata Council will continue to review the Depreciation Report and the Contingency Reserve Fund allocation yearly. The Strata Council will consider the report and schedule of maintenance, capital improvements and upgrades. Brought forth was the real estate market and financial institutions review of the Depreciation Reports. It is in the best interest of the Strata Corporation to maintain the building and to allocate sufficient funds to the Contingency Reserve Fund and in preparation for future expenditures. Mr. Jacobsen reviewed the cash flow scenarios with the inflation factor added for future allocation and expenses. Reported was the 2014 Operating Budget will be a 1.2% increase and the Contingency Reserve Fund will be a 25% increase. The sum of the Operating and Contingency Reserve Budgets will reflect a 3% increase in strata fees. Questions and opinions were brought forth by owners. Discussed was the purpose of a large Contingency Reserve Fund increase in the beginning and reported was the 25% Contingency Reserve Fund allocation is to reduce future special levies and to commence to bring up the Contingency Reserve Fund to a sufficient level. Additionally discussed was the Strata Corporations Operating Budget which is reviewed yearly by Strata Council on a line by line item basis with a budget increase recommended accordingly. The Strata Council encourages owners to review and become familiar with the Depreciation Report in preparation for future expenses, renewals, capital improvements and recommended reserve fund balances in future to keep your building in a first class condition. Having a plan in place and properly funding it will assist in preserving the value of your Strata Corporation. (9)
FINANCIAL REPORT a) Approval of 2014 Budgets The 2014 Operating and Contingency Reserve Budgets and the October 31, 2013 Financial Statements were circulated to all Owners with the Notice of Annual General Meeting. Mr. Jacobsen, Treasurer reviewed the 2014 Operating Budgets. A prior year operating surplus was carried forward into the 2014 Operating Budget. Noted was the budget increases which included insurance/appraisal expense, Concierge wages and increasing repair/maintenance as the building is now 10 years old. Noted was the change of HST to GST and PST in 2013 with the Budget adjusted accordingly. The allocation to the Strata Corporations Contingency Reserve Fund is $161,500.00. Reported was the sum of the Operating and Contingency Reserve Budgets reflects a 3% increase in strata fees for 2014.
BCS 535 - AGM Minutes December 10, 2013 Page Six, Reported was the recent elevator problems were repaired and maintained under the maintenance contract with ThyssenKrupp Elevator and at no repair expense to the Strata Corporation. After discussion, it was then MOVED AND SECONDED (LePore, #404-Cascina/Spencer, #1301-Cascina) That the 2014 Operating Budgets authorizing income and expenditures in the amount of $1,633,150.00 plus an allocation to the Strata Corporation’s Contingency Reserve Fund in the amount of $161,500.00 be approved. CARRIED 46 IN FAVOUR 1 AGAINST (10)
NEW BUSINESS a) Guest Suite An owner brought forth that the Strata Council should continue to review set up a guest suite. Recommended was owners should write to the Strata Council with their requests. b)
Building Security Council Member, Mr. Dick Grosch, Building Security, reported that there has been no security breaches at the building this past year. Reported was neighbourhood activity at other buildings.
c)
Sump Pump Reported to the owners was that the sump pump located in the P3 parkade level will be replaced in December, upon receipt of the sump pumps and coating with epoxy finish to reduce corrosion.
d)
Main Drains Brought forth was the Strata Corporation consider to clean the main drain lines as the building has now been occupied for 10 years. It was recommended that residents do not at any time flush cat litter down the toilets and drains. The cat litter will harden and clog drain lines and will back up water into suites.
e)
Website Reviewed was the setup of the Strata Corporations website through Stratawest Management Ltd. Owners who have not yet signed up for the Strata Corporation website are to complete a Website Registration Form, available at the Concierge desk and return to the offices of Stratawest Management Ltd. Owners will then be notified when they are registered on the website.
f)
Common Hallways An owner brought forth pet allergies and the cleaning of the common area carpets. Reported was the Strata Corporation has a Pet Bylaw and that the buildings janitorial services are maintaining the common hallway carpets on a regular basis.
BCS 535 - AGM Minutes December 10, 2013 Page Seven, g)
Cigarette Butts An owner reported cigarette butts thrown from upper floor balconies/patio and damage to their outdoor furniture. Owners are requested to be aware of a suite throwing cigarette butts and to report immediately to the Concierge Staff.
(11)
ELECTION OF 2014 STRATA COUNCIL The 2013 Strata Council is deemed to have resigned at the Annual General Meeting. The floor was then opened for nominations to the Strata Council. Pursuant to the Bylaws of the Strata Corporation, the Strata Council must consist of a minimum of three and a maximum of seven members. The following Owners were then nominated: Mr. Brian Peck Ms. Andrea Banks Mr. John Harrison Mr. Hal Moore Mr. Ron Jacobsen Ms. Gale Brenner Mr. Dick Grosch
#1005-Cascina #302 - Denia #601 – Denia #TH 578 #403 - Denia #505 – Denia #TH 210
After three calls for further nominations, nominations were declared closed. It was then, MOVED AND SECONDED (Clapp, #1601–Cascina/ Hinds, #301-Cascina) That the above noted Owners be declared elected to the 2014 Strata Council. CARRIED (12)
TERMINATION There being no further business the meeting was terminated at 8:45 p.m.
STRATAWEST MANAGEMENT LTD. #202 – 224 WEST ESPLANADE, NORTH VANCOUVER, B.C., V7M 1A4, TEL. 604-904-9595/FAX. 604-904-2323 Administration: Heidi Horsak, Email: [email protected] Accounting: Noelleen Modera, Email: [email protected]
CALL TO ORDER:
TUESDAY, DECEMBER 10, 2013 COAL HARBOUR COMMUNITY CENTRE MULTI-PURPOSE ROOM 480 BROUGHTON STREET VANCOUVER, BRITISH COLUMBIA 7:00 PM
Owners in Attendance:
47 Owners votes were registered as being in attendance, 9 Owners votes of which by Proxy.
Also in Attendance:
Mr. Alvin Yen, STRATAWEST MANAGEMENT LTD.
(1)
CALL TO ORDER Consistent with the Strata Corporation Bylaw 29 (1), the Meeting was convened ½ hour from the time appointed for the meeting with the eligible voters present in person or by proxy due to a quorum not being present for the meeting at 7:00 p.m. The meeting was called to order by Mr. John Harrison, Council President at 7:30 p.m.
(2)
CERTIFICATION OF PROXIES/DETERMINATION OF QUORUM Prior to the commencement of the Meeting, all Owners were registered and it was determined that 38 Residential Owners votes were present in person and 9 Residential Owners votes by Proxy for a total representation of 47 Owners votes. As this met the required quorum in accordance with the Strata Corporation Bylaws 29 (1), the meeting was declared competent to proceed with business.
(3)
PROOF OF NOTICE Owners were advised that Notice of the Annual General Meeting was mailed in accordance with the Strata Property Act and there being no objections raised, it was
MOVED AND SECONDED (Lemke, #TH 1455/Ward, #1105-Cascina) That Notice of the Meeting be accepted. CARRIED (4)
ADOPTION OF PREVIOUS MINUTES There being no errors or omissions, it was
MOVED AND SECONDED (LePore, #404 – Cascina/Schultz, #1302 – Cascina) That the Minutes of the Annual General Meeting held Sunday, November 18, 2012 be adopted as circulated. CARRIED
BCS 535 - AGM Minutes December 10, 2013 Page Two, (5)
COUNCIL REPORT Mr. John Harrison, Council President presented the following report to the Owners. Continued attention to building maintenance and landscaping improvements: we recently hired a new landscaping company, Paraspace. The parkade bird netting was installed and has resulted in a “spotless” parkade environment, wall paper was replaced on the parkade level lobbies, steam room re-tiling, painting, in 2nd floor lobby, technology upgraded in the theater room etc. Throwing cigarette butts and other smoking materials from balconies and inappropriate recycling practices by some residents continues to be a frustrating challenge. A big item for this past year was addressing the requirement to present a Depreciation Report and to oversee the 10 year Building Envelope Warranty Review. With our complex now ten years old, Council has been re-evaluating the use of all amenity spaces to consider better ways to maximize use of these spaces. In keeping with our desire to carefully monitor the strata corporation’s finances, a review of our investments was undertaken and actions were taken to secure a higher return on these funds. We have implemented reviews of our service contracts (e.g. landscaping, pool maintenance etc.) to ensure maximum value and service. We have continued to implemented strategies to reduce cost where possible such as LED lighting. An earthquake preparedness session was help to encourage resident to learn about this important topic. Implemented a Composting Program to help reduce our carbon footprint and the amount of waste BCS 535 sends to landfill. Consulted with Stratawest to set up and maintain a strata corporation website for access to building minutes, reports , by-laws and other building information We have recently hired a building maintenance worker, Aldo, whom we are hopeful will work out well in this new position. Thanks again to our concierge staff for their professionalism in making our building secure and contributing to the high standard of maintenance that is our hallmark. Much appreciation to Alvin of Stratawest Management Ltd. for his professionalism and expertise. Sad to report the passing of former council member Mr. Bob Shultz and Mr. Greg Hartnup. Thank you to our council members John Shed and Anne Gray who will not be putting forward their names for the next council. John has provided much analysis and insight into the complex task of advancing a Depreciation Report and many matters involving finance and insurance. Anne has been an icon of commitment to the Casina and Denia community with her extraordinary work in organizing wine and cheese events, the Book Club, the bike room, managing the libraries, writing the newsletters, amenity space use, creating abbreviated by-law summaries, working with the landscaping companies, the list goes on. Anne played a key role in getting the piece of art which is now enhancing the second floor lobby by the pool. John Harrison, Council President
(6)
INSURANCE REPORT Consistent with the Strata Property Act, a summary of the Strata Corporations Insurance Coverage was attached to the Notice of Annual General Meeting for Owners review. Mr. Yen explained the insurance coverage summary. Reported was the buildings appraised value is insured at $128,875,000.00 and that the Strata Corporations appraised building value is updated annually and the Strata Corporations master insurance policy adjusted to provide full coverage for the Strata Corporation. Outlined was the Strata Corporations property coverage, applicable deductibles payable by the Strata Corporation and list of the insurance underwriters.
BCS 535 - AGM Minutes December 10, 2013 Page Three, It was recommended that Owners review their suite insurance policy with their insurance agents to determine full and proper coverage for your suite. Reviewed should be coverages for insurance deductible chargebacks, contents, suite betterments and improvements, liability, rental insurance (if applicable) and other coverages. A copy of the Strata Corporations insurance summary should be provided to your insurance agent for their review and recommendations for your suite policy. Brought forth was the Strata Corporations $20,000.00 water damage deductible and the Strata Corporation Bylaws permit chargeback of insurance deductibles to a strata lot held responsible. (7)
CONSIDERATON OF ¾ VOTE RESOLUTION #1 The ¾ Vote Resolution #1 as contained in the Notice of Annual General Meeting was read by Mr. Yen. It was then,
MOVED AND SECONDED (Clapp, #1601-Cascina/Gray, #701-Denia) WHEREAS: In accordance with the Strata Property Act, Section 71, the Strata Corporation must not make a significant change in the use or appearance of common property or land that is a common asset unless the change is approved by Resolution passed by a ¾ Vote at an Annual General Meeting. AND WHEREAS: The Strata Corporation, Strata Plan BCS 535, Residential Strata Lots, wishes to change the common property Meeting Room located at the Cascina 2nd floor into a Guest Suite with Ensuite Bathroom, to change the Cascina 2nd Floor Billiards Room to a Meeting Room and to place the billiard table in the Cascina 1st floor Library. AND WHEREAS: The Strata Corporation intends to rent out the Guest Suite to owners and residents of the Strata Corporation at a rental rate with cleaning fee, plus any administration charges, to be determined by the Strata Council, at their discretion, which will be in the best interest of the Strata Corporation. THEREFORE BE IT RESOLVED: As a ¾ Vote of The Owners, Strata Plan BCS 535, Residential Strata Lots, that the Strata Corporation is hereby approved to change and construct the 2nd floor Meeting Room to a Guest Suite with Ensuite Bathroom, to change the Billiards Room to a Meeting Room and to place the billiard table in the Cascina 1st floor library. FURTHERMORE: That a maximum of $70,000.00 be expensed to the Contingency Reserve Fund for the Guest Suite and Ensuite Bathroom construction/improvement and for the Meeting Room and Library alterations. AND FURTHERMORE: That the Strata Council on behalf of the Strata Corporation is hereby approved to charge a Guest Suite rental rate, cleaning fees and any administration charges, that the Strata Councils deems appropriate and which will be in the best interest of the Strata Corporation.
Mr. Harrison, Council President reviewed the purpose of the Resolution, whereas the Strata Corporation, Residential request to change the common property meeting room located at the Cascina 2nd floor into a guest suite with ensuite bathroom. Additionally to change the 2 nd floor billards room to a meeting room and to place the billiards table in the Cascina 1 st floor library. Additionally to rent out the guest suite to owners and residents of the Strata Corporation at a rental rate to be determined.
BCS 535 - AGM Minutes December 10, 2013 Page Four, Council Member, Mr. Ron Jacobsen, Treasurer reviewed the purpose of changing the existing meeting room to a guest suite with ensuite bathroom and in which use of the room would be beneficial to the residents. Outlined was the existing common rooms usage such as the billiards room being under used. The proposed new meeting room will be larger for social events, meetings and the Annual General Meeting. Other buildings that have guest suites was reviewed by the Strata Council as well as the number of usage and the revenue received. Funding of the proposed guest suite and ensuite bathroom was considered by the Strata Council and was decided to expense to the Contingency Reserve Fund as the best option for the Strata Corporation. Additionally reported was the City of Vancouver has provided permission to the Strata Corporation for the guest suite. Owners questions and opinions were received regarding the proposed guest suite, ensuite bathroom and meeting room. Discussed was the use of the proposed meeting room which would be for owners and the Strata Council’s meetings, the Annual General Meeting and may be used as a party room for residents. Tables and chairs will be available as well as a sink and fridge. An owner brought forth the proposed location for the pool table in the Cascina 1 st floor library and questioned sound proofing to be considered to not disturb the Concierge desk and lobby. It was reported that the booking and monitoring of the guest suite will be performed by the Concierge Staff. The Strata Council will determine rules for use and rental of the guest suite. Additionally considered was the building security when the guest suites are rented. Owners were advised that the rental shall be for owners and residents guest use only and that a strata lot owner shall be responsible for their guests. This will be monitored by the Concierge Staff. Restrictions on the number of nights for rental will be considered by the Strata Council. Brought forth was expanding the existing exercise room or to add a new exercise room. Owners were advised that the gym is through City requirements and adding a new gym will also require structural consideration and soundproofing. Discussed was the Strata Corporations Depreciation Report timing and understanding of the Report by owners, the expense to the Contingency Reserve Fund and the guest suite revenue generating an investment with 8% return. After full discussion, a vote was then taken and the motion was declared, DEFEATED RESIDENTIAL VOTES – 31 IN FAVOUR 15 AGAINST 1 ABSTENTION (8)
STRATA PROPERTY ACT – DEPRECIATION REPORT Council Member, Mr. Ron Jacobsen Treasurer reviewed the purpose and intent of Strata Plan BCS 535 Depreciation Report completed by Morrison Hershfield Engineers Ltd. Reported was the Deprecation Report is available on the Strata Corporations website and a copy is available for review at the Concierge desk. Owners who have not signed up for the Strata Corporation website are encouraged to complete the Website Registration Form, available at the Concierge desk. Mr. Jacobsen reported that the Consultants had performed a thorough review of the building and had prepared a detailed Depreciation Report.
BCS 535 - AGM Minutes December 10, 2013 Page Five, In brief, a Depreciation Report is a long range financial planning tool applied over thirty (30) years that establishes the basis for the Contingency Reserve Fund (CRF) to accommodate anticipated maintenance costs, repairs and replacement costs. With adequate planning and reasonable predictions of future costs, Owners can prepare for future costs and avoid financial hardship that occurs with unexpected large special levies. The Depreciation Report provides realistic assessment of funds required for the purpose of undertaking major repairs to or replacement of major common building components. The report provides a financial forecast of the current contribution levels to the CRF and examples of thirty (30) year funding scenarios complete with descriptions, supporting tables and graphs. The Strata Council will continue to review the Depreciation Report and the Contingency Reserve Fund allocation yearly. The Strata Council will consider the report and schedule of maintenance, capital improvements and upgrades. Brought forth was the real estate market and financial institutions review of the Depreciation Reports. It is in the best interest of the Strata Corporation to maintain the building and to allocate sufficient funds to the Contingency Reserve Fund and in preparation for future expenditures. Mr. Jacobsen reviewed the cash flow scenarios with the inflation factor added for future allocation and expenses. Reported was the 2014 Operating Budget will be a 1.2% increase and the Contingency Reserve Fund will be a 25% increase. The sum of the Operating and Contingency Reserve Budgets will reflect a 3% increase in strata fees. Questions and opinions were brought forth by owners. Discussed was the purpose of a large Contingency Reserve Fund increase in the beginning and reported was the 25% Contingency Reserve Fund allocation is to reduce future special levies and to commence to bring up the Contingency Reserve Fund to a sufficient level. Additionally discussed was the Strata Corporations Operating Budget which is reviewed yearly by Strata Council on a line by line item basis with a budget increase recommended accordingly. The Strata Council encourages owners to review and become familiar with the Depreciation Report in preparation for future expenses, renewals, capital improvements and recommended reserve fund balances in future to keep your building in a first class condition. Having a plan in place and properly funding it will assist in preserving the value of your Strata Corporation. (9)
FINANCIAL REPORT a) Approval of 2014 Budgets The 2014 Operating and Contingency Reserve Budgets and the October 31, 2013 Financial Statements were circulated to all Owners with the Notice of Annual General Meeting. Mr. Jacobsen, Treasurer reviewed the 2014 Operating Budgets. A prior year operating surplus was carried forward into the 2014 Operating Budget. Noted was the budget increases which included insurance/appraisal expense, Concierge wages and increasing repair/maintenance as the building is now 10 years old. Noted was the change of HST to GST and PST in 2013 with the Budget adjusted accordingly. The allocation to the Strata Corporations Contingency Reserve Fund is $161,500.00. Reported was the sum of the Operating and Contingency Reserve Budgets reflects a 3% increase in strata fees for 2014.
BCS 535 - AGM Minutes December 10, 2013 Page Six, Reported was the recent elevator problems were repaired and maintained under the maintenance contract with ThyssenKrupp Elevator and at no repair expense to the Strata Corporation. After discussion, it was then MOVED AND SECONDED (LePore, #404-Cascina/Spencer, #1301-Cascina) That the 2014 Operating Budgets authorizing income and expenditures in the amount of $1,633,150.00 plus an allocation to the Strata Corporation’s Contingency Reserve Fund in the amount of $161,500.00 be approved. CARRIED 46 IN FAVOUR 1 AGAINST (10)
NEW BUSINESS a) Guest Suite An owner brought forth that the Strata Council should continue to review set up a guest suite. Recommended was owners should write to the Strata Council with their requests. b)
Building Security Council Member, Mr. Dick Grosch, Building Security, reported that there has been no security breaches at the building this past year. Reported was neighbourhood activity at other buildings.
c)
Sump Pump Reported to the owners was that the sump pump located in the P3 parkade level will be replaced in December, upon receipt of the sump pumps and coating with epoxy finish to reduce corrosion.
d)
Main Drains Brought forth was the Strata Corporation consider to clean the main drain lines as the building has now been occupied for 10 years. It was recommended that residents do not at any time flush cat litter down the toilets and drains. The cat litter will harden and clog drain lines and will back up water into suites.
e)
Website Reviewed was the setup of the Strata Corporations website through Stratawest Management Ltd. Owners who have not yet signed up for the Strata Corporation website are to complete a Website Registration Form, available at the Concierge desk and return to the offices of Stratawest Management Ltd. Owners will then be notified when they are registered on the website.
f)
Common Hallways An owner brought forth pet allergies and the cleaning of the common area carpets. Reported was the Strata Corporation has a Pet Bylaw and that the buildings janitorial services are maintaining the common hallway carpets on a regular basis.
BCS 535 - AGM Minutes December 10, 2013 Page Seven, g)
Cigarette Butts An owner reported cigarette butts thrown from upper floor balconies/patio and damage to their outdoor furniture. Owners are requested to be aware of a suite throwing cigarette butts and to report immediately to the Concierge Staff.
(11)
ELECTION OF 2014 STRATA COUNCIL The 2013 Strata Council is deemed to have resigned at the Annual General Meeting. The floor was then opened for nominations to the Strata Council. Pursuant to the Bylaws of the Strata Corporation, the Strata Council must consist of a minimum of three and a maximum of seven members. The following Owners were then nominated: Mr. Brian Peck Ms. Andrea Banks Mr. John Harrison Mr. Hal Moore Mr. Ron Jacobsen Ms. Gale Brenner Mr. Dick Grosch
#1005-Cascina #302 - Denia #601 – Denia #TH 578 #403 - Denia #505 – Denia #TH 210
After three calls for further nominations, nominations were declared closed. It was then, MOVED AND SECONDED (Clapp, #1601–Cascina/ Hinds, #301-Cascina) That the above noted Owners be declared elected to the 2014 Strata Council. CARRIED (12)
TERMINATION There being no further business the meeting was terminated at 8:45 p.m.
STRATAWEST MANAGEMENT LTD. #202 – 224 WEST ESPLANADE, NORTH VANCOUVER, B.C., V7M 1A4, TEL. 604-904-9595/FAX. 604-904-2323 Administration: Heidi Horsak, Email: [email protected] Accounting: Noelleen Modera, Email: [email protected]
