On November 3rd, 2019 shortly after the Annual General Meeting, an article was posted to Spadina News Center regarding the actual status of the Corporation’s finances and the rather urgent need for address of the Board including a responsible financial plan. Unit owners were further advised at that time that they would be provided with an update from Spadina News Center of the current status of this matter once the 2020 Reserve Fund Study was received. The Study was in fact submitted to the Board for its review in the spring of 2020 however the Board has now going into fall, continued its refusal to approve the Study and presentation of the Study to residents as offered by Brunsden the preparer of the Study. It is imperative that the Brunsden present the Study to a General Meeting of unit owners to ensure a qualified and professional review.
It would be prudent and in the best interest of all unit owners for the Board to arrange for distribution and presentation of the 2020 Study to unit owners well in advance of the 2020 AGM so that everyone has the opportunity to become familiar with the status and extent of current and future capital expenditures that will be affecting their personal finances. Such a meeting would provide an opportunity for the Board to be in a position to prepare and present for approval at the AGM a three to five year funding plan for Reserve Fund expenditures that recognizes the current Reserve Fund Study and the input of unit owners.