Good news everyone:
We’re told the building is financially stable.
Let’s take a quick look.
💸 Cash situation
- $68K in the bank
- $78K in bills
👉 We owe more than we have.
But don’t worry –
I’m sure the roof will understand and wait.
🏚️ The famous $1M reserve
Yes, we have over $1 million.
Spread across 174 units:
👉 ~$5,800 per unit
For a 50-year-old building.
But again – totally fine.
🌧️ Small detail: the roof is leaking
Not “maybe one day.”
Not “in the future.”
👉 Right now.
And it was already:
- Budgeted at $649,000
- Over a year ago
📈 Since then…
Prices have gone up.
Materials have gone up.
Labour has gone up.
👉 That $649K?
Let’s be honest – it’s not $649K anymore.
🧠 So let’s connect the dots
We have:
- A leaking roof
- A likely $700K–$900K+ project
- ~$1M in reserve total
👉 Meaning:
One roof = most of the reserve gone.
📉 Meanwhile…
- Reserve already down $275K
- Legal fees: $107K in 8 months
- Repairs blowing past budget
👉 But yes – everything is under control.
🔧 Strategic plan (apparently)
- Let things break
- Spend on lawyers
- Hope nothing expensive happens
- Be surprised when it does
🪞 Reality check
This isn’t hypothetical anymore.
The building is literally telling us:
👉 “I need a new roof.”
And the numbers are telling us:
👉 “Good luck.”
💣 Final thought
We are not bankrupt.
We just have:
- Not enough cash
- Not enough reserves
- A major capital project already here
- And rising costs across the board
✨ But yes…
Everything is fine.
Until it isn’t.
