HomeMy WebLinkAboutKit Housing - 2010-09-29
KITCHENER HOUSING INC
MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS
HELD:
Schmalz Room, City Hall, 200 King Street West, Kitchener
DATE:
September 29, 2010
TIME:
4:00 p.m.
PRESENT:
Andrew Head, Paul Holowaty, Ted Bleaney, Christina Weylie, Corrine Cash,
Mike Seiling, John Gazzola
RESOURCE
STAFF:
Karen Kwiatkowski, Iulian Anghel, Lori Trumper, Cathy Shafe, Camelia
Suciu
ABSENT:
Denny Cybalski, Carl Zehr, David Heintz
Opening Remarks
1.
Andrew Head, Vice- Chair called the meeting to order at 4:00 p.m.
Andrew introduced and welcomed Lori Trumper. Lori joined KHI in her new role as
Manager of Accounting.
Conflict of Interest
2. - nil
Approval of Agenda
3.
On a motion
by Ted Bleaney, seconded by Corrine Cash and CARRIED, the
agenda be approved.
Approval of Board Minutes – June 30, 2010
4.
The minutes of the Board of Directors Meeting of June 30, 2010 had been circulated with
the agenda.
On a motion
by Paul Holowaty seconded by Mike Seiling and CARRIED,
it was resolved that the minutes of the Board Meeting of June 30, 2010 be
accepted as a true and correct record of the meeting.
Finance & Administration Business
5.
Financial Statements – July and August 2010
5.1
The Financial Statements for July and August has been circulated with the agenda. Karen
Kwiatkowski gave an overview.
2
There is one concern with the water consumption at Howe Dr and Oprington Dr. Julian will
investigate to see if there are any water leaks. Water consumption at Howe is double
comparative to the other townhouses complex.
On a motion
by Mike Seiling, seconded by Corrine Cash and CARRIED, the
July and August statements be approved.
Rental Arrears Report – August, 2010
5.2
The Rental Arrears Report for August had been circulated with the agenda. Camelia Suciu
gave the report.
The arrears for August were 2 % with 7 vacancies and we were over the market target by 26
2011 Annual Subsidy Entitlement – Region of Waterloo Submission October 1,
5.3
2010
The 2011 proposed Budget was circulated with the agenda.
Board members discussed the 2011 Annual Subsidy Entitlement Budget. Page 4-A
Operating Subsidy Colums1 – Prior Year Interim benchmarks have been increased as per
the Ministry of Municipal Affairs and Regional Service Manager indices:
Administration/Maintenance 1.93%
Hydro 8.99%
Gas 6.49%
Water 6.13%
Capital Reserve 1.93%
Insurance 14.14%
Bad debt .99%
Staff have increased market rents by the .7%. Board approved market rent increases
effective January 1, 2011.Staff have also projected a 3% increase in 2011 property taxes.
Given the above market rent increases and the approved benchmark indices
increases/decreases,
On a motion
by Paul Holowaty and seconded by Ted Bleaney the Board
approved the 2011 Subsidy Entitlement requesting assistance of $ 5,801,452
be authorized and submitted to the Region of Waterloo.
Proposed 2011 Market Rent Increases
5.4
On a motion
by Paul Holowaty, seconded by Mike Seiling and CARRIED,
that the 2011 market rents be increased 0.7%
Property Business -
6. was discussed in Caucus
General Manager’s Report -
7.was discussed in Caucus
3
Open Forum - nil
8.
Other - nil
9.
Adjournment
10.
On a motion
by, Ted Bleaney seconded by Paul Holowaty and CARRIED, the
meeting adjourned at 5:20 p.m.
ACCEPTANCE OF MINUTES
___________________________________ __________________________
Chairman Secretary