On behalf of the Executive Committee it gives me great pleasure to welcome you to this meeting and to present the 15th annual report and audited accounts of RRVRPOA for the financial year ended 31st March 2018.
Accounts: The audited accounts were sent to you together with the notice of the meeting. Wecontinue to have a small cash surplus because of our prudent management and the collection of arrears . We have constituted a reserve of app RS 70 lacs over the past 14 years which are held in fixed deposits. In the absence of a sinking fund, these funds will help us to fund infrastructure work as and when required.
As mentioned we are running a cash surplus because of the recovery of arrears of AMC. The AMC we collect on an annual basis is now not covering our current expenditure. The main expenditure is the wage bill and the maintenance of the pool. We have no choice but to allow modest increases in wages if we are to retain our staff. Hence we have no choice but to recommend an increase in the AMC to Rs 10500 per plot w e f 1st April 2019. This will include the corpus contribution of Rs 600. The EC will present a resolution to this effect.
The association has made income tax payment as required.
The year in review: The refurbishment of the CH continues and currently work is going on to renovate the kitchen and the changing rooms and improve security. The signage in the estate is being modernised.
The swimming pool is under professional management now and while this is an increased cost , the pool is too valuable an asset to be neglected.
We have kept members informed of the issues stemming from the Madras HC decision on registration of plots in unauthorised lay outs. As informed the EC has sought legal assistance in the various procedures that the regularisation process involves. This is going to be a long and fraught process and we felt that it is in the best interests of all the members that this matter be handed over to professionals. The EC will propose a resolution in this regard and the matter will be discussed at the AGM.
TI take this opportunity to thank the estate manager and all the staff as well as all my fellow members who served on the EC this year.