There’s been a lot of noise, confusion, and reassurance lately about our finances.
So let’s strip this down and explain it in plain language.
No accounting degree required.
🧾 Are we “financially healthy”?
Not really.
We’re not bankrupt – but we are financially stressed, and that matters.
Think of it like this:
We’re paying the bills today, but we’re doing it in a way that increases risk tomorrow.
đź’ł The day-to-day money (operating fund)
This is the money used for:
- Hydro
- Water
- Repairs
- Cleaning
- Management
- Legal fees
Right now:
- We only have about $90,000 in cash for daily operations.
- At the same time, we owe hundreds of thousands of dollars in bills and accrued costs.
That’s like:
Having $900 in your chequing account while $3,000 in credit card bills are waiting.
You’re not broke – but you’re one surprise away from trouble.
⚖️ Legal and admin costs are not normal
In just six months, the corporation spent:
- ~$96,000 on legal fees
- ~$27,000 on admin expenses
That is far above normal for a building our size.
Money spent on lawyers and admin is money not spent on:
- Maintenance
- Preventative repairs
- Keeping fees stable
This isn’t “business as usual.” It’s financial friction.
🏗️ The reserve fund (the savings account)
Yes, we have a reserve fund. That’s good.
But here’s the part people need to understand:
- The reserve fund didn’t grow naturally.
- Over $1.1 million was forcibly transferred into it in a short period.
That tells us:
- Past underfunding is being corrected, or
- Big future repairs are looming, or
- Both.
That’s not a sign of comfort – it’s a sign of catch-up mode.
🚨 Why this matters to owners
When a condo is financially strained:
- Budgets become optimistic
- Expenses become unpredictable
- Special assessments become more likely
- Fee increases become harder to avoid
This doesn’t mean disaster tomorrow.
It means higher risk than we should accept quietly.
🧠The takeaway (very simple)
Here’s the honest summary:
- We are not broke
- We are not financially calm
- We are spending heavily on non-building things
- We have thin cash buffers
- We are exposed to surprises
A financially healthy building should be boring.
Right now, our finances are not boring.
âť“ What should owners reasonably ask for?
Nothing radical. Just basics:
- Predictable budgets
- Lower legal spend
- Clear explanations, not reassurance slogans
- Long-term planning instead of reaction
Transparency doesn’t hurt buildings.
It protects them.
This post is based on the corporation’s own financial statements.
