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Audited Financial Statement FY 2003-04. FY 2003-04 Operating Budget Performance (page 3) DescriptionBudgetActual Revenues$739,520$781,597 Expenditures$789,002$834,391.

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Presentation on theme: "Audited Financial Statement FY 2003-04. FY 2003-04 Operating Budget Performance (page 3) DescriptionBudgetActual Revenues$739,520$781,597 Expenditures$789,002$834,391."— Presentation transcript:

1 Audited Financial Statement FY

2 FY Operating Budget Performance (page 3) DescriptionBudgetActual Revenues$739,520$781,597 Expenditures$789,002$834,391 Operating Deficit ($49,482)($52,794)* Board authorized drawdown of assets $60,000$52,794

3 FY Net Assets (page 4) Balance of Assets was $523,545 at end of FY Reduction in Net Assets of $52,794 from FY

4 Net Cash Flow FY (page 5) Cash at beginning of year was $152,071 Total cash flow to meet operating expenses and support the investment activity was $74,741 Cash position at end of year was $77,330,

5 Financial Position End of FY (page 6) Assets at year end were $547,717 Liabilities at year end were $24,172 Net Assets at year end were $523,545 - a reduction of $52,794 from FY

6 Long Term Investments (page 9) Net increase in book value of $22,146 from FY to FY Mackenzie Income Fund performance very poor, substantial reduction in value, with formal write-down of $15,000 (in revenue/expense) I will initiate action to sell Mackenzie and reinvest the proceeds

7 Special Donation Programs (page 10) Condominium rentals - $120,029 in revenues Trafalgar Investments - $11,730 as immediate donation, with future returns from the revenue stream that cannot be accurately predicted

8 Motion It is moved that the audited Biathlon Canada Financial Statement for 31 March 2004 be adopted as presented

9 Budget for FY

10 Budget Revenues Government Funding$417,000 Sports Organization Funding (COC, IBU, etc) $189,738 Donations (condos and Trafalgar)$150,000 Fees (courses, membership, etc)$51,300 Other Funding (sales, interest, flow through) $34,000 Total Revenues$842,038

11 Budget Expenditures Administration$106,700 Domestic Program$32,550 High Performance Program$449,555 Human Resources (salaries, benefits, travel, etc) $315,650 Total Expenditures$904,455

12 Consolidated Budget Total Revenues$842,038 Total Expenditures $904,455 Operating Deficit($62,417) Request authorization to cover operating deficit from other funds $65,000

13 Motion It is moved that the Consolidated Budget for FY be approved as presented, with this approval also providing authorization to the Executive to draw down the assets of Biathlon Canada to an amount not to exceed $60,000 in order to execute the program as presented.


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