Once again, residents have been provided with incomplete financial statements. There is no balance sheet, no Reserve Fund statement and no supporting notes pertaining to the larger expenses each month. Again, this lack of information and transparency is in violation of both our Bylaws and the Condominium Property Act and further displays a lack of moral respect as well.

This delayed and sloppy financial reporting continues month by month. The Board continues to be most reluctant to answering questions of residents regarding financial matters. As is well known, the Board skips through the financial statements at every AGM without proper response to the questions of residents. They would prefer to not be bothered with the simple questions of residents.

Residents have been informed that rather than providing them with a strategic plan within the Reserve Fund in respect of the many recommendations of the Reserve Fund Study, they will simply be subject to cash calls when the Board feels them to be necessary. Reserve fund expenditures are required to be approved by unit owners and at no time can Reserve Fund expenditures be made that exceed the dollar amount approved by unit owners. The cost of the recent heating system resulted in a final cost that exceeded the cost submitted to residents at a general meeting by more than $500,000. This violation resulted in residents paying for the majority of this unnecessary and unapproved expenditure. In addition, it also resulted in the depletion of the Reserve Fund to the lowest level in the history of the building.

Yet the Board with egg on their face, attempts to disguise their major blunder with yet further deceit by telling residents that they are doing them a favour by not having a strategic contribution plan to manage the Reserve Fund according to the recommendations of the Reserve Fund Study. This deceit can only go on for so long. One of these days, when the Board once again suddenly demands funds without appropriate approval, residents who will finally speakup and voice their concerns over this most insidious conduct of the Board.