Annual General Meeting

Transcription

1 Annual General Meeting November 16th, :00 pm Registration 6:30 pm Meeting City Hall, Council Chambers AGENDA 6:30 pm Call to Order and Welcome from the Chair Lindsay Walden 6:35 pm Approval of October 2015 AGM Minutes Lindsay Walden 6:40 pm Approval of 2015 Audited Financial Statements Stewart Barclay 6:50 pm Election of Directors Lindsay Walden 7:10 pm Approval of 2017 Budget Linda Jutzi 7:25 pm Other Business Lindsay Walden 7:30 pm Adjournment Lindsay Walden Downtown Kitchener Business Improvement Area (BIA) 54 Queen Street South Kitchener, ON, N2G 1V6 Phone Website:

2 ANNUAL GENERAL MEETING Wednesday November 16, :00 pm Registration 6:30 Meeting Council Chambers City Hall MOTION PACKAGE Motion: To approve the October 2015 Annual General Meeting minutes Motion: To approve the 2015 Audited Financial Statements Motion: To approve the 2017 budget as presented Motion: To approve Board Directors Motion: Adjourn the October 2016 AGM

3 ANNUAL GENERAL MEETING 6 pm 7:30 pm October 29, 2015 Crown Plaza, Kitchener Minutes Present: Dawn Phillips-Brown, Lindsay Walden, Stewart Barclay, Mayor Berry Vrbanovic, Councillor Sarah Marsh, Linda Jutzi, Paul Walman, Darryl Moore, Domini Baldasaro, Zenia Horton, Members Present: Holly Pinelli, Anita Petsche Good, Tyson Reiser, Ryan Lloyd-Craig, Kathy Buttan, Ray&Chris Yoe, Nick & Ifeta Sokolovic, David MacLellan, Yari Klieni, David Bratton, Cory Bluhm, Joe Mancini, Frank Voisin, Jeff Gadway, Brian Bennett, Tina Riddell, Helena Kwieinsli, Jordan Dolson, Brenda Murray, Nigel Strothard. Dawn Phillips-Brown in the Chair. CALL TO ORDER AND WELCOME FROM THE CHAIR The Chair called the meeting to order at 6:06 pm and introduced to the membership the Board Directors and BIA staff members in attendance. GREETINGS FROM THE MAYOR Mayor Vrbanovic welcomed new members of the BIA, and acknowledge longstanding members. The Mayor expressed his excitement about the future of downtown Kitchener, and provided an update on downtown developments, including new businesses, and informed members that City By-law officers were moving towards a proactive strategy moving forward. APPROVAL OF 2014 MINUTES Moved by Stewart Barclay, seconded by Paul Walman That the Board approve the October 2014 Annual General Meeting Minutes as presented. Carried Unanimously 2014 AUDITED FINANCIAL STATEMENTS Stewart Barclay, Treasurer, spoke to the annual audited statements, noting a large reserve due to being a year of transition between Executive Directors, and informed the membership that

4 the BIA is planning to carry a $50,000 reserve in future years. The excess reserve from 2014 has been budget to various 2015 projects. Moved by Zenia Horton, seconded by Domini Baldasaro That the 2014 Audited Financial Statements be approved as presented. Carried Unanimously Moved by Darryl Moore, seconded by Anita Petsche That KPMG be appointed as auditor for Carried Unanimously 2016 BUDGET PRESENTATION Linda Jutzi, Executive Director, spoke to the positive events and beautification improvements occurring downtown in Ms. Jutzi informed the membership that the proposed budget was constructed with the intention of promoting downtown during construction, with an increased marketing budget while noting that events also play an important role in marketing downtown. Ms. Jutzi addressed member questions around the new member integration role, noting that the staff member responsible for member integration would play an important role in make events and marketing opportunities undertaken by the BIA more accessible. A member expressed concerns around a decrease in retail options, which can make it difficult to advertise to residents to shop downtown. The BIA was asked to consider ways to engage members who do not own computers or have internet access. A discussion around the cost and size of retail space downtown occurred between members. Ms. Jutzi informed members that free parking for two hours during the day and after 5pm should be available to downtown visitors shortly. Moved by Zenia Horton, seconded by Darryl Moore That the proposed 2016 Budget be approved as presented. Carried Unanimously

5 OTHER BUSINESS The BIA acknowledged the important role Budd s had played downtown Kitchener for the past nine decades, and noted that the BIA was working with something to acknowledge the Budd family prior to the store s closing. Ms. Jutzi also thanked Nigel Strothand, owner of Athletic Direct, and who was retiring in the coming months, for the store s contributions to downtown. ADJOURNMENT Moved by Paul Walman seconded by Darryl Moore That the meeting adjourn. (7:18 pm) Carried Unanimously

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16 DOWNTOWN KITCHENER BIA ANNUAL GENERAL MEETING NOVEMBER 16 TH, 2016 TREASURER S REPORT Members have been provided with a copy of the Financial Statement and Auditor s Report for the period ending December 2015 in the Annual General Meeting package. The BIA s audit firm is KPMG Chartered Professional Accountants, Licensed Public Accountants. The BIA s Treasurer is Stewart Barclay who is Finance Partner with Perimeter Development Corporation and has held the position of Treasurer since joining the Board in April There is a Finance Committee in place who reviews the financial statements each month and provides the full Board a detailed review on a quarterly basis. Income Statement Highlights Revenues were approximately $55,000 ahead of budget for This increase was primarily driven from a normalization of the slightly higher levy revenues resulting from the boundary expansion in 2014 as well as higher than anticipated grant income from Heritage Canada for use towards Canada Day event. Operating expenses for 2015 were approximately $20,000 higher than the budgeted amount for the year. The BIA record expenses against various categories which align with the strategic initiatives of Beautification, Marketing, Events and Member Relations. The category identified by KPMG as Promotions and advertising group together the costs incurred in Marketing and Events. For 2015, these particular expenses increased as a result of additional monies being directed towards initiatives falling under the following banners: o Spring Marketing Campaign; o Canada Day; o Blues; o Big Music Fest; o Chits for Charles; and o Christmas Programming. Administrative expenses incurred to cover office costs, wages and benefits tracked on budget. Meetings and seminar costs came in over the amount budgeted for the year. Additional costs were incurred for registration and attendance costs at the International Downtown Association Conference as well as other increased meeting costs throughout the year. Safety and beautification expenses while showing significantly under budget for the year were in fact in line once a timing variance on a landscaping invoice from the city is accounted for. Costs incurred under the Member relations category were lower than budgeted primarily as a result of fewer networking events being held through the second half of the year.

17 Assessment write-offs amounted to $37,360 for 2015, an increase of $10,000 over These write-offs are recorded when the forecast realty tax revenue collected by the city for the year is less that originally forecast. This primarily results from commercial real estate that became vacant through the year or by the non-payment of realty taxes by commercial property owners. Balance Sheet Highlights The BIA continues to maintain a healthy position as it relates to the organizations Balance Sheet. The majority of the BIA s excess cash is invested in short term G.I.C. term deposits. The biggest change for the BIA in 2015 from a capital standpoint was the purchase of ten event huts. These have proven a great success being used by local downtown retailers at Chriskindl and other events through the year. Excess cash for the year ending 2015, was approximately $143,000. The Board implemented one risk management measure in 2015 which would ensure the BIA would have sufficient funds available to cover the increasing assessment write-offs being experienced each year. As such, the Board agreed to put aside a fund of $50,000 to cover such eventualities and this shows on the Balance Sheet as Reserve for rate stabilization. Stewart Barclay Date: November 11 th, 2016

18 List of Board Directors To be voted in - AGM 2016 Ryan Lloyd Craig The Berlin Restaurant Jeff Gadway Vidyard Frank Voision Voisin Capital

19 List of Nominees for AGM Board In response to Call for Directors October 2016 Chelsea Cybalski Owner: The Golden Mean Wellness Shoppe Andrew Wilding Capacity Canada Board Waterloo Club Phong Tran Owner: Matter of Taste Erika Holenski Owner: KW Health Connections Troy Wideman Owner: 95 King Street West Meaghan Hawkins THEMUSEUM David O Leary Owner: Breadheads

20 Downtown Kitchener BIA Operating Budget REVENUE 2017 BUDGET 2016 BUDGET VARIANCE 2017 to 2016 BIA Levy 1,082,000 1,081, Grants & Sponsorships 60,000 (60,000) Miscellaneous 12,000 (12,000) TOTAL REVENUE $ 1,082,000 $ 1,153,831 $ (71,831) EXPENSES 2016 BUDGET VARIANCE 2017 to 2016 Streetscape & Beautification Downtown Clean Team ( Working Centre contract) 80,000 22,000 58,000 Graffiti Removal 8,000 7,000 1,000 Downtown Beautification (includes a Patio program enhancement and flower planting through the City of Kitchener) 72, ,000 (48,000) Total Streetscape and Beautification 160,000 $ 149,000 $ 11,000 Marketing - Promote existing Business and attract new Business Spring Marketing Campaign(eliminated 2017 as BIA to establish new priorities through membership and stakeholder engagement process) Autumn Marketing Campaign (eliminated 2017 as BIA to establish new priorities through membership and stakeholder engagement process) Print Advertising (monthly allowance for print during ION construction to promote Downtown) Downtown Magazine - Promotion and Business Attraction (OWN IT Magazine -focus on attracting traffic during ION construction) Downtown Dollars (eliminated in 2017 as BIA to establish new priorities through the membership - Dollars will still be available for purchase) 38,000 (38,000) 20,000 (20,000) 50,000 50,000-30,000 30,000-5,000 20,000 (15,000) Community Sponsorship (Grant program for Event Organizers to cover marketing and operational costs) 78,000 20,000 58,000 ION Construction Marketing (see Print Advertising and magazine) 15,000 25,000 (10,000) Other Promotions & Sponsorships (eliminated 2017 as BIA to establish new priorities through membership and stakeholder engagement process) 10,000 (10,000) Total Building Positive Image Downtown 178,000 $ 213,000 $ (35,000) 2016 Budget Presentation Page 1 of 2

21 Downtown Kitchener BIA Operating Budget Events that create a Positive Experience Downtown 2017 BUDGET 2016 BUDGET VARIANCE 2017 to 2016 Arts and Culture Programming (eliminated 2017 as BIA to establish new priorities through membership and stakeholder engagement process) 24,000 (24,000) Canada Day Sponsorship 50,000 75,000 (25,000) Oktoberfest Sponsorship 15,000 10,000 5,000 Blues Sponsorship 35,000 35,000 - Culinary Events (eliminated 2017 as BIA to establish new priorities through membership and stakeholder engagement process) 30,000 (30,000) December Programming (Christkindl, Christmas decorating Downtown) 20,000 30,000 (10,000) City Events (eliminated 2017 as BIA to establish new priorities through membership and stakeholder engagement process) 25,000 (25,000) Live Music Promotion (music during lunch hour - reduced until membership feedback process complete) 10,000 21,000 (11,000) Total Building a Positive Experience Downtown 130,000 $ 250,000 $ (120,000) Member Relations 7,000 $ 15,000 $ (8,000) General & Admin 98,265 $ 101,925 $ (3,660) Meetings & Professional Developent 5,000 $ 5,000 $ - Wages / Benefits 409,735 $ 420,906 $ (11,171) TOTAL EXPENSES 988,000 $ 1,154,831 $ (166,831) NET INCOME / (LOSS) BEFORE TRANSFERS $ 94,000 $ (1,000) $ 95,000 TRANSFER / DESIGNATION FOR RATE STABILIZATION (TAX RESERVE) $ (34,000) $ (34,000) $ - TRANSFER / DESIGNATION TO SHAPE DTK 2020 $ (60,000) $ - $ (60,000) TOTAL UNALOCATED SURPLUS / (LOSS) $ - $ (35,000) $ 35, Budget Presentation Page 2 of 2

22 Share your ideas. Get involved. CREATE YOUR DOWNTOWN! This is you This is you at the forum This is you shaping your city tuesday, january 17th 6:00-9:00PM AT THEMUSEUM 10 KING ST W, KITCHENER

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24 PROXY FOR GENERAL MATTERS AND THE ELECTION OF DIRECTORS This form must be completed, signed and presented at the AGM on Wednesday November 16 th, 2016 at Council Chambers, City Hall, Kitchener in order to be valid. TO: Downtown Kitchener Board of Management Business Improvement Area 1. I am (We are) the registered owner(s) or authorized to act on behalf of the registered owner(s) on behalf of the mortgagee(s) of: NAME: 2. I (We) appoint, if present, to be a proxy (know as the Proxy ) and to attend and vote on my (our) behalf at the meeting of members to be held on Wednesday November 16 th, 2016 and at any adjournment of the meeting (known as the meeting ) 3. The Proxy may vote on my (our) behalf in respect of all matters that may come before the Meeting, subject to the instructions set out below, as I (we) could do if personally present at the meeting. Note: Your Ballot may only be counted for one candidate. [This provision may be included at the option of the person giving the proxy:] Dated this day of at Signature Print Name Signature Print Name