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AGM on 5/12/09 - accounts

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AGM on 5/12/09 - accounts

Post  genie on Sun Nov 29, 2009 1:58 pm

I would not be able to attend the coming AGM. My comments on the following expenditure in the accounts (incurred over a period of 8.5 months).

1) Cleaning svs $104,328 = $12,273pm. I wonder what other estates of similar size spent? Perhaps a facility fee should be charged for the use of the function room, the karaoke room and the BBQ pits. The money could subsidise maintainence of the furnitures/equipments.

2) Management fees $166,818 = $19,628pm. Is there a need for 3-4 personnels stationed onsite ? Do they walk around to check that the estate is well maintained ? If they do, they should notice thick oil stain on parking lots; walls/floors of residential blocks are stained with dirts including the refuse point - consider that this place is only 1 yr old. Do they notice some residents clutter the common area with their personal belongings ?

3) Maintenance of bowling alley $52,371 = $6,161pm. Probably include the full time employee. Alley is under utilised on weekday. Need to study costs vs benefits in having this facility in the long run. Maintainence can be costly as equipments age.

4) Secuirty svcs $222,004 = $26,118pm. Assuming there are as many as 8 guards , it's still high at ave $3,264pm per guard.

5) Water & electricity $378,521 = $44,531pm. Highest expenditure. To review areas where consumption could be cut down e.g turn off the water fountains during off-peak. There are more than 20 fountains/water features within the estate; turn off the light in the day at the refuse point; there's enough sunlight for people to throw their rubbish properly into the chute.

Hope the new management committee would review the above expenditure for cost savings where applicable.

genie

Posts : 19
Join date : 2009-08-21

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Re: AGM on 5/12/09 - accounts

Post  nav14 on Tue Dec 01, 2009 11:38 am

1) The cleaning svcs fees look reasonable. Where I am staying, we are paying 17k a month but for larger land area.

2) My condo is paying 13.3k a month for Knight Frank too with 1 clerk , 1 Property Officer and 1 Condo Manager. If there is an additional clerk or Property Officer then can expect to pay around 15-16k a month. But does CSR have more than 4 personnel? 4 personnel should be just about right for a condo like CSR. If it has 4 then 19.6k per mth is too much. If it has more than 4 personnel (5?) then it should reduce it to 4.

3)Can't close down bowling alley just to save money. One of the unique features of CSR is the bowling alley. Maybe can propose increasing the usage fees to recover a larger portion of the cost or if possible on weekday open the alley only for 4 hours in the evening and the full time employee can become part time if the company agrees but subject to approval at AGM.

4)My condo is paying around 2.4k per guard per month. So if CSR really have 8 guards and it pays over 3k a month for each guard then it is definitely daylight robbery.

5) Can't cut down the usage of water features / fountains as ultimately it will make the place less attractive. Biggest culprit is the usage of air-con . Is the air con in the bowling alley on throughout the day even when no one is playing?
genie wrote:I would not be able to attend the coming AGM. My comments on the following expenditure in the accounts (incurred over a period of 8.5 months).

1) Cleaning svs $104,328 = $12,273pm. I wonder what other estates of similar size spent? Perhaps a facility fee should be charged for the use of the function room, the karaoke room and the BBQ pits. The money could subsidise maintainence of the furnitures/equipments.

2) Management fees $166,818 = $19,628pm. Is there a need for 3-4 personnels stationed onsite ? Do they walk around to check that the estate is well maintained ? If they do, they should notice thick oil stain on parking lots; walls/floors of residential blocks are stained with dirts including the refuse point - consider that this place is only 1 yr old. Do they notice some residents clutter the common area with their personal belongings ?

3) Maintenance of bowling alley $52,371 = $6,161pm. Probably include the full time employee. Alley is under utilised on weekday. Need to study costs vs benefits in having this facility in the long run. Maintainence can be costly as equipments age.

4) Secuirty svcs $222,004 = $26,118pm. Assuming there are as many as 8 guards , it's still high at ave $3,264pm per guard.


5) Water & electricity $378,521 = $44,531pm. Highest expenditure. To review areas where consumption could be cut down e.g turn off the water fountains during off-peak. There are more than 20 fountains/water features within the estate; turn off the light in the day at the refuse point; there's enough sunlight for people to throw their rubbish properly into the chute.

Hope the new management committee would review the above expenditure for cost savings where applicable.
SS

nav14

Posts : 14
Join date : 2009-10-13

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Re: AGM on 5/12/09 - accounts

Post  LOGIC on Wed Dec 02, 2009 4:09 pm

Hi Read from your posting you are unable to attend AGM. Please hand in your proxy form to MC before 1100 Hr tomorrow, 3/12/09. We need as many support as possible-30% share vaule at the appointed date-5/12/09 and appointed time-1100Hr. or we will not able to convene a AGM to elect owners to run our own condo.

Cheerio, Yin

LOGIC

Posts : 42
Join date : 2009-08-25
Location : Blk 10

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Re: AGM on 5/12/09 - accounts

Post  nav14 on Wed Dec 02, 2009 4:20 pm

LOGIC wrote:Hi Read from your posting you are unable to attend AGM. Please hand in your proxy form to MC before 1100 Hr tomorrow, 3/12/09. We need as many support as possible-30% share vaule at the appointed date-5/12/09 and appointed time-1100Hr. or we will not able to convene a AGM to elect owners to run our own condo.

Cheerio, Yin

Hi

The AGM can still proceed even without 30% share value present. But have to wait for 1/2 hour till 11.30am before the meeting can officially start if by 11am owners representing 30% of share value are not present. In most AGMs one will never find 30% of owners attending unless they are discussing some issue like en-bloc. If can get 10% should be an achievement already.

nav14

Posts : 14
Join date : 2009-10-13

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AGM

Post  LOGIC on Wed Dec 02, 2009 4:42 pm

HI,
This is not the usual AGM, this is a REQUISITED AGM. WE WENT ROUND KNOCKING ON DOORS-6 BLOCKS TO OBTAIN 10% SIGNATURES TO FORCE CDL TO CONVENE A AGM BEFORE THE MANDATORY HANDOVER WHICH IS SEPTEMBER 2010. NOW A AGM IS CALL THE RULE IS AT THE APPOINTED TIME 1100 HR AND APPOINTED DATE 5/12/09 WE MUST, MUST HAVE 30% SHARE VALUE OF THE CONDO TO BE PRESENT BEFORE WE ARE ALLOW TO CONVENE A MEETING TO ELECT OUR OWN MANAGEMENT COUNCIL. CDL TOOK PAINS TO EMPHASIZED TO US THAT IS THE PROCEDURE. SO YOUR PROXY COUNTS OR THE WHOLE EXERCISE WILL FAIL.
YOU CAN CALL ME AT 90661986

Cheerio, Yin

LOGIC

Posts : 42
Join date : 2009-08-25
Location : Blk 10

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Re: AGM on 5/12/09 - accounts

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