Board Minutes August 2020: Difference between revisions
→Financials - Chris C (10 min)
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=== Financials - Chris C (10 min) === | === Financials - Chris C (10 min) === | ||
* Chris submitted a forecast for the next fiscal year. Forecast at the end of the year is on budget with the $3k profit – it includes the wage subsidy of $30k and doesn’t include the interest free loan of $40k | |||
* Chris made two forecast from September 2020 to March 2021: one forecast estimates a deficit of $80k and the other forecast is $110k. Adjustment to the $110k forecast includes reducing 10 hours a week for one shop manager and more revenue coming in winter months, which would improve on the deficit slightly – this would yield a deficit of $80k | |||
* Concerns discussed regarding cash flow by Spring 2021 – Should we change how we operate fundamentally? Chris thinks a lot of it depends on how Winter 2020 and Spring 2021 go. Bike builders and revenue also discussed. | |||
* July 2020 is the last month for wage subsidy for Bike Edmonton. | |||
'''bold'''* Financials to be included as a standing agenda item for upcoming board meetings. | |||
=== 2020 AGM Planning and Committee - All (10 min) === | === 2020 AGM Planning and Committee - All (10 min) === | ||