Friends

On behalf of the Executive Committee it gives me great pleasure to welcome you to this meeting and to present the 7th annual report and the audited accounts of RRVRPOA for the financial year ended 31st March 2010.

Accounts:
Thanks to our prudent management we continue to have a surplus which is transferred to reserves and which will be used in due course for the maintenance and improvement of the infrastructure as and when the need arises. We have not been able to put in place the suggestions made at the last AGM to maintain individual accounts for all plot holders and to show all unpaid maintenance charges as amounts due. This will be implemented in the current year.

Capital Expenditure:
We have purchased a grass cutting machine. In the current year we plan to install additional submersible pumps to permit better yield of water at a lower unit cost.

Membership:
Our membership continues to grow and we welcome the following new members:

Plot	Name
31	Mrs Jalaja Vasudev
72	Mr A J Fairose
114	Mr Rolwin Lewis
143	Ms Margaret Leong
264/395	Mr Dipak Ghosh
293/94	Mr Muralidharan Menon
376	Ms Mahpara Ali

All these members have paid all arrears as per the resolutions of the GB. We thank them for their cooperation.

Arrears:
The following members are in arrears for more than 5 years. It is a shame that while the majority of members pay their dues on time there are some who, despite all our efforts, prefer not to pay what is a very small amount which ensures the security and maintenance of their common property. We call on them to regularise their position immediately.
- Salma Jaffer
- Prakash Rao (Australia)
- Dilip Haji (USA)
- C Suppiah (Australia )

There are several plot holders who have still not joined the association. It is unfair to expect to be subsidised by other members. We urge them to join the association. We have offered instalment payment facilities to members with large arrears. As from the end of June 2010 all arrears will attract a 5% penalty per year unless an instalment plan has been agreed with the EC.

Annual Maintenance Charge (AMC):
We have recommended an increase in the AMC to Rs 7000 per plot per annum. This is fixed for the next three years. There is also a provision for a discount for those who pay the dues for the 3 year block period in advance. We request the GB to approve the resolution to this effect after discussion.

Legal Matters:
In order to give effect to the agreement signed on 18th of April 2008 with RCH, a compromise agreement had been signed between RCH and ourselves. This document has to be presented to the court for its approval . At the last hearing at the end of March, the judge has raised some queries and these are being attended to by our lawyers. We would like to point out that we have received the full cooperation of RCH at all times since the signing of the agreement and we look forward to a continued cooperation with them.

Looking Ahead:
We realise that much needs to be done to unlock the value that is inherent in a property such as RRV, as also to generate an additional revenue stream that can then be used for maintenance and development. This can only be done if RRV is managed on a professional basis. This would mean an effective use of the club house and the swimming pool, and providing proper security and maintenance. We may even have to consider outsourcing the entire task. This will entail costs and it would be unrealistic to imagine that the AMC will not go up in line with costs and the increase in living standards in rural areas. These are all matters for discussion that we urge the next EC to take up

The EC members are unable to devote the time necessary to running RRV on a professional basis. The resources available, both material and human , are unequal to the task. We need more members to take an active interest in the running of RRV and we invite them to serve on the EC. We also need fresh ideas from members.

Among the tasks on hand are the overhaul of the water distribution system to eliminate waste. We also need to find new sources of water. We have just finalised a plan to signpost RRV and this will be implemented by the next EC. The website has been completely updated. We plan to make it more interactive in the months to come.

We are currently running RRV at a minimum level. RRV is now more than 15 years old and there is an urgent need to overhaul the infrastructure. Without this the assets that we have will just waste away and the cost of replacing them will be prohibitive. We need urgently to refurbish the club house and the boat house. The EC proposes to spend up to Rs 8 lacs this year to this effect and a resolution to this effect is proposed by the EC. It is in all our interests that the value of plots in RRV goes up and we urge plot holders to consult us before going in for any sales.

I would like to end by thanking all members who served on the EC this year.

Sushil