10 Reasons Why You Should Attend This Year’s AGM - Reason 7

We received our preliminary reserve fund results in July. We are basically following their recommendation regarding the contribution we should be making to the reserve fund.

So what is the problem?

• Much of our equipment with a theoretical lifespan of 28 years may come due sooner than we have planned for until now. This could cause a short-term depletion of our cash.

However, the engineers had no real way of knowing if some of the equipment they have listed may have already been repaired in the last 10 years. We are currently reviewing which equipment may fall into that category.

Also, they tended to overestimate the cost of replacement. We have adjusted the obvious items but other items are not so easy. For example, their estimate for carpets was almost 4 times what we are spending this year.