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Property Taxes

 Data copied from the source of the Treasurer's printed report
Statement of Revenue & Expenditure   and Treasurer's Report

 2003-2004 ending August 31, 2004

Minor corrections to the Treasurer's Report are noted at the end of the report. 
        Current Year     Previous Year    Forecast
                   
                   
Operations         447.15           536.88      
Reserve      20,188.54    20,635.69     14,135.12      14,672.00    
                   
Operating Account                
Revenue                
Membership fees received                
  From associations      1,787.00         1,059.00             1,500
  Associate members          45.00      1,832.00                -          1,059.00                25
Fund raising projects(911 signs)          1,365.00                    100
Bank Interest                1.14                  5.47    
                   
Expenditures                
Insurance             615.60                    616
Administration (copies, mail, LD)             352.94              352.49              360
Newsletters             335.22              412.25              480
Internet             166.92              177.19              167
F.O.C.A.                   -                172.27                53
General meetings     60.91                40.00                75
911 Sign cost     775.78          
                   
  Portion of cash balance      1,337.92            
                   
Water Quality Fund                
Revenues                
Balance of $2000 from reserves             408.75          
Donations, HCWPSC             625.10                    200
                   
Expenditures                
2004 Environment Committee             423.36          TBD
2004 Water Quality Program for Bluewater grant         695.00          offset
                   
  Portion of cash balance         (84.51)            
                   
Reserve                  
Revenues                
Received from members             100.00          17,214.25                -  
Interest paid             203.77                    377
                   
Expenditures                
2002 and 2003 Legal bills, printing, etc.                 -            10,689.64                -  
2003 Municpal Election          1,270.78              374.89                -  
2003 Water testing and transfer to WQ        1,903.70                96.30                -  
WRAFT membership                          300
                   
  Held in cash      1,317.83         1,188.54      
  Investments    16,000.00       19,000.00      
                   
Current Balance - August 31, 2004        18,571.24          20,635.69    
                   
Notes:                  
1. Outstanding last year and current year memberships are paid except 1.      
2. Copying materials for review by the executive and others and mail are the major administrative costs. 
3. Anticpated net proceeds from the sale of 911 signs is $350          
4. Water Quality invoices paid to GAP and others will be reimbursed from a $15,000 grant from Bluewater.
5. Investments                
  Variable rate GIC: $6,000 (redeemable, Matures Oct 20, 2005) Interest is Prime less 2.15%    
  Cashable rate riser: 10,000 (Matures annually until Oct 18, 2005) Interest is 2.75%, yr 3 is 3.5%
  Accrued interest on investments:   $   344.25            
6. No increase in fees is required to sustain the activities listed in the forecast.      
7. Use of funds received in current and previous years.            
    Current Year Previous Year Use      
  Funds      4,535.76    18,278.72          
  Adminstration         968.54         352.49   6%      
  Services      3,937.53         898.01   21%      
  Election, legal re OMB      1,270.78    11,064.53   54%      

Treasurer’s report to BSRA – September 11, 2004

 

At August 31, 2004 we had a bank balance of $2,571.24 and an investment balance of $16,000 for a total of 18,571.24. We have liabilities of $10,126.69 made up of invoices in process for the Water Quality project, which will be fully covered by a $15,000 grant from Bluewater, and we have an outstanding invoice for 911 signs from Artech for $122.19. As in previous years our insurance of $615.60 will be paid in the next fiscal year.

 

The cash we had available August 31, 2004 divides into operations of  $ 1,337.92, Water Quality of (84.31) and reserves of $1,317.83. As we see water quality initiatives as an ongoing, separate and special activity we took funds left from the reserve allocation of last year of $408 and donations including honorariums from serving on the HCWPSC. This separate fund facilitates raising money to flow directly to water quality activities and preserves operating funds for ongoing activities and the reserve for special action.

 

This year’s revenues came from: membership $1803, Reserve fund $150, donations of 1,033.85, and from the sale of 911 signs of an estimated $350. (Treasurer's note - corrections at end of report)

 

Expenses for operations followed the pattern of last year with the exception that we have deferred participation in FOCA as an organization and will take an individual membership in the name of one of the executives in the interim. This action and the sale of 911 signs is to build a bit of cash surplus to take special action when required, such as extra newsletters and project start-up costs including the shoreline directory, without raising membership dues.

 

Our reserve fund stands at $17,317.87 including interest paid into the account. Expenditures from the reserve in this year were $1,903.70 for water quality testing last year and to initiate the Water Quality fund previously described and $1,270.78 for municipal election activities.

 

The grant from Bluewater for the Water Quality project requires that BSRA pay our sample taker and GAP invoices (hence the negative balance in the Water Quality fund) and then request reimbursement from Bluewater. To that end the executive authorized that the Treasurer utilize available financial resources, including Reserve Fund resources, to bridge finance the water quality invoices. The fund should have approximately $500 to carry into next year.

 

The executive resolves that with the increasingly complex nature of our operations and activities that we extend our understanding of good financial stewardship to include the best organization’s practice of initiating all activities with a plan and budget. This was applied by the executive to our Water Quality project this season and will apply to the operations and projects area of BSRA going forward. To that end we have included a 2004-2005 operations forecast on the Statement of Revenues and Expenditures. Over the course of the winter the next Water Quality plan and budget will be prepared and used in discussion with the municipality and our partners as will the shoreline directory initiative.

 

I move that the treasurer’s report be approved as distributed

 

Corrections

Reported: This year’s revenues came from: membership $1803, Reserve fund $150,

                 Our reserve fund stands at $17,317.87

Revised:   This year’s revenues came from: membership $1832, Reserve fund $100,

                Our reserve fund stands at $17,317.83