Presentation on theme: "Depreciation Report Discussion"— Presentation transcript:
1Depreciation Report Discussion LMS Waterside2013/2014 Annual General MeetingDecember 3, 2013
21 General Information about Depreciation Reports 2 Major Findings Agenda1 General Information about Depreciation Reports2 Major Findings3 Cash Flow Projections
31General InformationDepreciation Reports have been mandated in an effort to move from reactive action to proactive action
4Reserve Fund Studies (a.k.a. Depreciation Reports Other provinces with similar legislationOntario, Alberta, New Brunswick, etc. * Also mandated in 30 US StatesOther provinces have drafted legislationOntario is mandated to be fully funded (i.e. Special Levies are not allowed)BC legislation specificsReports to be updated on a 3-year cycleFew regulations after report is acquired
52Major FindingsDepreciation Reports are providing strata corporations an understanding of their assets and the costs associated with maintaining and / or replacing them.
6Major 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