Board Minutes April 2024: Difference between revisions
→Current & Completed Business (30 mins if we keep it really tight!)
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===Cash balance required for winter operation === | ===Cash balance required for winter operation === | ||
* Sarah: looking at the actuals that we have, and projecting forward using the income projections from Coreen in the case of closing the south shop, she has concerns about our remaining solvent through the winter. From April to end of August, we're looking to make $140k, a total revenue for the year of $225k, we she sees as leaving us in a fiscal deficit of $75k, which we don't have reserves for. Much appreciation expressed to Sarah (and Keith) for this work. Colin wonder where the deficit comes from structurally, compared to the last 5 years say. Increased staffing is part of that, as is previous spending on lawyers & etc around unionization. Marcel feels we will make more from the bike sale than what is projected, and staying open through June will help too. Adam wishes we could turn the analysis into criteria for knowing when we have to act on cost-cutting as actuals come in-- Sarah agrees. Heather feels the real question is how to increase revenues-- open more hours, getting grants, getting charitable status (Jonathan points out that the latter was 'soundly rejected' last time-- Heather feels the criteria around advocacy may have changed, Jonathan feels this is likely not sufficient). Colin wonders about a fundraising committee. Adam pointed out the one factor in BE's growth has been Chris Chan's service; with that being less, we may have to shrink back to sustainability. Will discuss further in-camera. | |||
=== Update on move plans (5 mins) === | === Update on move plans (5 mins) === | ||
* Staff had not been informed that end of June was definitely the end of our lease, so they will need more time to provide a perspective. | * Staff had not been informed that end of June was definitely the end of our lease, so they will need more time to provide a perspective. | ||
Alex is interested in a board member obtaining a building permit to make changes to the internal walls at the downtown shop (we want this done before the south shop closes)-- Matt volunteers. Marcel is concerned about permit and related costs adding up, so ideally Alex to provide him with a cost estimate-- Alex agrees to do so but feels the timeline will be a simple rubberstamp and the cost should be low. | * Alex is interested in a board member obtaining a building permit to make changes to the internal walls at the downtown shop (we want this done before the south shop closes)-- Matt volunteers. Marcel is concerned about permit and related costs adding up, so ideally Alex to provide him with a cost estimate-- Alex agrees to do so but feels the timeline will be a simple rubberstamp and the cost should be low. | ||
=== Finance Audit (2 mins) === | === Finance Audit (2 mins) === | ||
* | * In-progress per Marcel. | ||
=== CIOG Grant (1 min) === | === CIOG Grant (1 min) === | ||
* | * | ||
=== Property Tax Exemption (1 min) === | === Property Tax Exemption (1 min) === | ||