2023-06 Monthly Financials

I would like to thank our owners for reading our various reports. With this report we are reverting to the original way of releasing monthly information, all financial information will be on a standalone report, then we will issue two more types of reports that will be properly identified on our new website.

We are forecasting a loss of $14,337.00; time is of the essence, we do not believe that over a period of two and a half months before our fiscal year ends at the end of October, we will be able to reverse this situation. This is mainly due to the building maintenance cost with an overrun of $65,000.00 compared to budget, partially offset by a savings of $49,500.00 in the salary group of expenses.

I would like to thank our owners for reading our various reports. It is greatly appreciated. We have seen a steady increase in the number of readers. The process we introduced a couple of months ago reduces the time it takes to send out our emails.

For the owners that are not at Waterside and that rent their unit, who may have some interest in the recent necessity to you will find info in this report. Most of the residents on site or that have attended last night’s town hall meeting are aware of the situation. Information has been posted at Waterside.

First, we would like to thank Monique Dell who after more than 11 years of service to our community decided to retire. We had a small gathering to wish her the best for the future.

Much of the association’s excellent fiscal condition is directly due to Monique’s dedication and skill in handling our various financial transactions. She performed her many responsibilities including cost control and year end audit reports with efficiency and expertise. We hope we will see her from time to time at Waterside.

Due to the time required to email different reports with an attachment, this month we are simply sending an email that will indicate the content of the report and a reference where our owners can find the report on www.watersidevillage.com.

Our permanent residents will see, starting the week of May 20, equipment, and personnel of Blue Stream Fiber on site. This is the first phase of the contract. They will take measurements and locate all underground cabling and water pipes and may also be able to install the main control/feed panel near Miner Road. Blue Stream will also conduct a series of meetings either in person or via Zoom. The first meeting will be in English only, for our permanent residents, it will be followed by a mostly French meeting on another day. Please follow up with those announcements and attend.

These are the financial results for the end of March 2024 – there was no full report this month due to other activities but we felt that it was important to continue to provide the monthly financial updates anyway.

At the end of February, we have the results for the first four months of our fiscal year that runs from November 1st, 2023, to October 31, 2024. The fourth month of the year did experience a series of events that required a lot of attention from management and your Board of Directors.