📊 Financial Update: 2024 Shared Facilities Audit Summary

Hello Neighbours,

The annual audit for the May Tower Shared Facilities for the fiscal year ending June 30, 2024, has been completed. This independent review ensures our community's finances are managed transparently and accurately.

Key Financial Findings:

⚖️ Operational Performance: For the 2024 fiscal year, the Shared Facilities experienced an operating deficit of $22,905.

🏢 Proportionate Shares: This deficit is shared between the two buildings based on unit count, with TSCC 1431 (our building) responsible for 51% ($11,681) and MTCC 1256 responsible for 49% ($11,224).

🛠️ Maintenance Costs: Spending on repairs and maintenance reached $71,216, while essential service contracts (cleaning, landscaping, HVAC, etc.) totaled $113,521.

Reserve Fund & Future Planning:

💰 Fund Status: The Reserve Fund balance ended the year at $224,966, a significant increase from the previous year's balance of $55,887.

🏗️ Major Projects: During the year, $166,694 was invested in major repairs and replacements, including engineering fees, plumbing/electrical work, and fire safety systems.

⚠️ Important Note: The auditor noted that the reserve fund is currently not "fully supported" as required by the Condominium Act. This typically occurs when large accounts receivable balances mean the fund's book value is higher than the actual cash on hand.

Management and the Board continue to monitor these balances closely to ensure the long-term health and stability of our shared community assets.

Thank you for your continued commitment to our community!