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Agenda # 4.1
KITCHENER HOUSING INC
MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS
HELD:
Schmalz Room, City Hall, 200 King Street West, Kitchener
DATE:
June 19, 2013
TIME:
4:00 p.m.
PRESENT: ,
Andrew HeadBob McColl, Mike Seiling, Carl Zehr, Ted Bleaney,
Corrine Cash, Richard Parent, Ted Bleaney, Frank Etherington, Bil
Ioannidis, Christian Witt
RESOURCE
STAFF:
Karen Kwiatkowski, Iulian Anghel, Lori Trumper
ABSENT:
Denny Cybalski, Cark Zehr
Opening Remarks
1.
Andrew Head - Chair, called the meeting to order at 4:00 p.m.
Conflict of Interest
2. - nil
Approval of Agenda
3.
On a motion
by Bob McColl, seconded by Ted Bleaney and CARRIED,
that the agenda be approved.
Minutes
4.
Approval of Board Minutes – May 15, 2013
4.1
The minutes of the Board of Directors Meeting –May 15, 2013 had been circulated with
the agenda.
On a motion
by Bil Ioannidis seconded by Richard Parent and
CARRIED, it was resolved that the minutes of the Board Meeting of May
15, 2013 be accepted as true.
4.2 Minutes of the Meeting of the Investment Subcommittee
The minutes of the Investment Subcommittee Meeting had been circulated with the
agenda.
On a motion
by Ted Bleaney seconded by Bob McColl and CARRIED, it was
approved that
That the investment with Phillips Hager and North continue to be allocated in
the funds as such: 15% Short Term Bond, 40% Bond Fund and 45% Equity
fund
That the fund distribution remain as the target allocation of the PHN fund
That should the established targets deviate by plus or minus 5% in any given
month, that the new actuals will be reported to the Board at the next scheduled
Board meeting
That should the established targets deviate by plus or minus 5% over three
consecutive months, then the Investment Subcommittee will reconvene to
discuss the target variances
That the Investment Subcommittee will meet annually to discuss and evaluate
the investment portfolio
That the General Manager will draft an Investment Policy to incorporate the
Investment requirements of the Housing Services Act and the particulars
stated in the motion for the September 2013 Board meeting.
Finance & Administration Business
5.
5.1 Financial Statements – May 2013
The financial statements for May have been circulated with the agenda. Lori Trumper
gave an overview of the report.
On a motion
by Ted Bleaney, seconded by Bil Ioannidis and CARRIED,
the May financial statements be approved.
Rental Arrears Report – May 2013
5.2
Rental Arrears Report for May 2013 had been circulated with the agenda. The arrears
were at 2%, we had 5 vacancy and we were over the market target by 10 units.
Property Business –
6. no report was presented at the meeting
Tenant Placement
6.1 – was discussed in Caucus
Property Maintenance Report
6.2 – was discussed in Caucus
General Manager’s Report -
7.was discussed in Caucus
Open Forum - nil
8.
Other –
9.
Adjournment
10.
On a motion
by, Richard Parent seconded by Bil Ioannidis and CARRIED, the
meeting adjourned at 5:00 P.M
ACCEPTANCE OF MINUTES
___________________________________ __________________________
Chairman Secretary