4. PROOF OF NOTICE Malley Margetts filed proof of notice of the Annual General Meeting. The notice with attachments was mailed on February 23, 2012.

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1 STRATA CORPORATION VIS 4580 MINUTES OF THE FOURTEENTH ANNUAL GENERAL MEETING Meeting Room, 121 Aldersmith Place, Victoria, BC March 13, 2012 at 7:00 p.m. Strata Council Present: Shirley Cummins #28 Director Pat Finner #36 Director Keith Hummel #45 Treasurer Irene Rau #2 Secretary Mike Rusak #68 President Vicki White #11 Vice President Malley Margetts Brown Bros. Agencies Ltd. The meeting was called to order at 7:00 p.m. 1. ROLL CALL Malley Margetts, Brown Bros., took attendance, certified proxies and issued voting cards to each unit owner attending the meeting. Thirty-eight (38) units were represented in total: twenty-nine (29) in person and nine (9) by proxy. Proxies were received from: Unit 3 Audrey Webb Unit 8 Lynne Becque Unit 14 Ruby Fraser Unit 16 Anthony Leong Unit 35 Carol Labella Unit 51 Michael and Margaret Hayden Unit 56 Richard and Kai Whalley Unit 59 Ruth Arnot Unit 67 Mary Aitken 2. QUORUM It was determined that a quorum was established with thirty-eight of the sixty-nine units represented. One-third of the owners, represented in person or by proxy, constitutes a quorum. 3. ELECT A PERSON TO CHAIR THE MEETING In accordance with the strata bylaws President Mike Rusak, Unit 68, will chair the meeting, with assistance from Malley Margetts. 4. PROOF OF NOTICE Malley Margetts filed proof of notice of the Annual General Meeting. The notice with attachments was mailed on February 23, Page 1 of 5

2 5. APPROVE THE AGENDA The agenda for the March 13 AGM was circulated with the notice of meeting. Motion: To approve the AGM Agenda as circulated. Motion by: Phil Lyons, Unit 54 Seconded by: Val Holden, Unit 9 6. APPROVE MINUTES Annual General Meeting of March 15, 2011 Motion: To approve the Annual General Meeting minutes of March 15, 2011 as circulated. Motion by: Phil Lyons, Unit 54 Seconded by: Bill Woods, Unit UNFINISHED BUSINESS AGM re: Resolution #2: Roof Replacement at Units 32, 33, 34 Owners approved maximum of $16,800 to be paid from the contingency reserve fund. Roof replacement to be carried out in Claim settled with IKO (76 bundles Marathon 25 AR). Question was asked as to why we were replacing these roofs at this time. The response is because the particular batch of shingles on those units were not of good quality which is why we were able to get IKO, the shingle manufacturer, to supply us with replacement shingles to complete the project. 8. COUNCIL REPORTS 1. Treasurer s Report: Treasurer Keith Hummel reported as follows: The 2011 fiscal year proceeded more or less as planned. The budget for the year was $210,204, of which $166,832 was to cover operating expenses and the remainder transferred to the Contingency Reserve Fund (CRF). Operating expenses for the year were $161,640, leaving a surplus of $5,539 by year end. The major expenditure for the year out of the CRF was to cover the trim staining project as approved at the 2011 AGM, totaling $66,000. An additional $2,033 was required to be expended as a result of unplanned contingencies. An additional approved expenditure of $16,800 for roof replacement of three units has to be postponed until Recent regulatory changes to the BC Strata Property Act and Regulations have required the preparation of a Depreciation Report. The Strata Council has already established the basis for this report, which was first presented at the 2011 AGM. Modifications were made Page 2 of 5

3 to accommodate the requirements of the new Act and Regulations and the resulting document is included in the package to owners for the AGM. Council has chosen to proceed with Option D in the Report, which will result in a balance between raising assessments significantly and the hardships that may be associated with that, and the hardships associated with special levies to pay for needed repairs/maintenance in the future. The report indicates the need for special levies beginning in the year The Report is a living planning document and will be updated annually to reflect changes to the assumptions upon which it was based. Fiscal year will require a budget increase of approximately 2.5 per cent to cover expected increased costs as well as to fund the CRF as provided in the Depreciation Report. 2. Secretary s Report: Irene Rau, Unit 2, Secretary, reported that Council met nine times during the year. The meeting minutes along with the monthly financial statements were ed to those owners with addresses. Hard copies were provided to those owners who do not have addresses. To date we have addresses for 60 of 69 owners. Anyone who wishes to update their address can do so after the meeting. 3. Director s Report: Pat Finner, Unit 52, Gardening Liaison, reported on gardening activities as follows: Hedgehog has focused on front lawn maintenance, replacing shrubs, cleaning roadways, and repairing interlocking brick patios and driveways. If your unit s interlocking bricks need to be repaired and were not done, contact Pat Finner. Gardeners will also begin thinning out some of the vegetation that is beginning to die off. The plan for the spring is for the gardeners to aerate, fertilize and overseed the lawn areas. Council recently renewed Hedgehog's contract from Feb to Feb with a 2.5 per cent increase. 9. RATIFY NEW RULES There are no rules to be ratified. 10. REPORT ON INSURANCE COVERAGE The insurance policy is with AVIVA Insurance Company of Canada, through Aon Reed Stenhouse Inc., expiry August 1, Malley Margetts of Brown Bros. reviewed the coverage and deductibles. Building Earthquake Flood Water Damage Sewer Backup General Liability Exterior Glass Breakage Directors & Officers Liability $20,400,000 (from $21,392,000) $1,000 deductible 10% deductible $10,000 deductible $2,500 deductible $2,500 deductible $2,000,000, $1,000 deductible $250 deductible $2,000,000, $1,000 deductible Page 3 of 5

4 Malley Margetts noted the insurance is on the original building and owners are responsible for any improvements, which should be added to their own homeowner s insurance. The last appraisal was done by Coast Appraisal on Aug. 8, 2011; another appraisal will be done in CONSIDER THE ACCOUNTS 1. Financial Statement to January 31, 2012 The financial statement for the past fiscal year, February 1, 2011 to January 31, 2012, was reviewed by Malley Margetts of Brown Bros. Assets at January 31, 2012: Operating $ 18, Contingency 228, Tree Removal Special Levy 30, TOTAL $278, Motion: To approve the financial statement for the fiscal year ending January 31, 2012 as presented. Motion by: Maria Woods, Unit 64 Seconded by: John Holden, Unit /13 Budget The 2012/13 Budget, Budget Notes, and Schedule of Assessments were also reviewed by Malley Margetts. Revenue $215,486 Expenses 170,379 Transfer to Contingency 45,107 It was noted that the budgeted amounts for water and hydro may be too low. If the actual amounts are higher than budgeted, it will be made up by cutting back in other areas throughout the year. Resolution #1: 2012/13 Budget RESOLVED AS A MAJORITY VOTE of the Owners, Strata Plan VIS 4580, represented in person or by proxy, that the 2012/13 Budget be approved. The Budget requires a % increase in assessments, based on unit entitlement effective February 1, Motion: To approve Resolution #1 2012/13 Budget, with a 2.517% increase in assessments effective Feb 1, 2012, as presented. Motion by: Vicki White, Unit 11 Seconded by: Bill Woods, Unit 64 Page 4 of 5

5 NOTE: Because the increase is retroactive to February 1, 2012, this means the April 1 assessment will include the increase for February, March and April. Please see assessment schedule for the new payment amount. 3. Depreciation Report (previously known as the Capital Replacement Plan) Keith Hummel has been working with fellow resident Susan Anson, who is an expert in this area, on updating our strata s Depreciation Plan. Any surplus from the operating fund will be transferred to the Contingency Reserve Fund which finances the work proposed in the Depreciation Report. 12. NEW BUSINESS 1. Smart Meters A question was raised about smart meters and how other residents felt about them and whether we had any options with respect to installation. A discussion followed about concerns re: increased hydro costs and health concerns. This item has been referred to the incoming council to see what new information there might be. 13. STRATA COUNCIL Some of the current Strata Council members have agreed to stand for election again to the 2012/13 Strata Council. Those council members are: Shirley Cummins Pat Finner Keith Hummel Irene Rau Mike Rusak Vicki White There is one vacancy on Strata Council. Nominations were requested from the floor by Malley Margetts of Brown Bros. Susan Anson of Unit 46 agreed to let her name stand for election. No further nominations were received. Motion: That nominations are closed and the slate of nominees be duly elected by acclamation. Motion by: Don Gorby, Unit 52 Seconded by: Tony Walshe, Unit ADJOURNMENT There being no further business the meeting was adjourned at 8:03 p.m. Attachments: Assessment Schedule Page 5 of 5