Bedford Basin Yacht Club 2018 Spring Meeting
AGENDA � Call to Order � Business Arising from December 2017 AGM Minutes � Approval of December 2017 AGM minutes � Additions to the Agenda � Commodore Report � VC Operations Report � VC Finance Report � Rear Commodore Report � Appointment of the Nominating Committee � Adjournment
Commodore’s Report � Senior and social memberships are up again this year � Social events are well attended, including Friday night gatherings � Two Open House events planned � June 1o th – organized by LTS � June 30 th – as part of Bedford days � House repairs to siding and deck planned to start soon � 2018 Rates
2018 Rates (almost same as last year) Boating (+HST) Member Marina slip rental 1300.00 Electrical (optional) 150.00 Mooring tender service fee 350.00 Club mooring annual rental 300.00 Dry sailed boats (includes storage and crane use) 650.00 Mooring installation (bridles extra) 1000.00 Club crane use to launch or haul 130.00 Club tractor use to launch or haul 70.00 Club hydraulic trailer use to launch or haul 40.00 Annual large rented mobile crane launch or haul 300.00 Sail Nova Scotia fee (applies to all boaters) no HST 30.00
2018 Rates (same as last year) Storage (+HST) Winter storage (Oct 1 – Jun 30) per Sq. Ft. 1.35 minimum $320.00 Summer storage (Jun 1 – Sept 30) 2.00 minimum $400.00 Dingy/Kayak storage (summer) 50.00 Dingy/Kayak storage (winter) 50.00 Folding Cradle storage, summer 125.00 Full size cradle storage, summer 250.00 Float storage (sq ft) 1.35
VC Operations Report � Big boat crane launch date � Marina expansion � Crane leveling � Yard power & water
VC Finance Report � 2018 YTD
Financial Report – March 31, 2018 Summary Profit and Loss � Net Profit is at $118,097 � This is $88,239 above full year budget and $95,733 above this time last year � The major variances are due to the following categories showing improvements as billings & collections are ahead of this time last year: � Membership and Admin revenue is up $19,755 � LTS revenue is up $63,880 � Marina revenue is up $41,111 Note: expenses to offset these revenues will be incurred later in the year.
Financial Report – March 31, 2018 Detailed Profit and Loss � Membership and Administration � Membership dues are currently at 69% of budget � Accounting & Legal costs are high due to fees incurred in switching BMO Loan (Mortgage) to RBC. � Bank and credit card charges are higher due to visa fees on increased deposits and switch over from BMO to RBC � General Mgr. Salary is up as the position was vacant for part of last year � House, Wardroom and Entertainment � Revenue & profit is down mostly due to lower alcohol sales. Fewer functions Nov-Jan 2018 than previous year
� Yard, Marina and Marine Services � Revenues & Profit are above this time last year due to invoices being billed earlier in the year. Yard wages & maintenance show increases due to work continuing into Nov & Dec of 2017. � Race Committee � No revenues recorded during this period in 2018 or 2017. � Cost in NS Prov Optis is for shirts & caps bought in 2017 � Learn to Sail � Revenues are billed & received in advance of last year. Cost includes the purchase of a 420 boat $5,900.
Financial Report – March 31, 2018 Balance Sheet � Cash at month end was $69,773, much improved due to early billings � Accounts Receivable total was just $11,711 � Prepaid Expense includes HRM tax deposit on account and insurance. � Accounts Payable and Accrued Liabilities of $4,316 consists of regular vendor/utility bills � The mortgage is at $118,519 and the line of credit is at zero.
Year End Projection � As of April 20 th , bank balance is $86,548 and line of credit is still at $0.00! � We’ve collected 52% of revenue to date and incurred 26% of expense. � 36 marina slips have been rented and 44 have been requested. Marina will be expanding this year. � House Rentals revenues are already at 45% of budget and current bookings would indicate an above budget result for the year end � Budgeted net profit of $29K is on target.
Rear Commodore Report � Wednesday Night Racing Starts May 30 � Boxing Rock (Harbour Race) – June 9 � Opener – June 23 & June 24 � ARK – July 7 & July 8 – Volunteers Needed
Rear Commodore Report � Labour Day Regatta – September 1 & September 2 � Opti Provincial – September 22 & September 23 � Club Championships – September 29 � Dangin – October 13
Appointment of the Nominating Committee � Volunteers and suggestions from the floor please
Adjournment
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