On behalf of the Executive Committee it gives me great pleasure to welcome you to this meeting and to present the 16th annual report and audited accounts of RRVRPOA for the financial year ended 31st March 2019.
Before we proceed, I would like to inform members of the passing, a few months ago, of Dr P N Shankar. Our association is what it is today largely because of the efforts of Dr Shankar and the late Priti Shankar. In the early days of our existence, it was Dr Shankar’s clear mindedness and zeal that helped us seek consensus, overcome numerous obstacles and arrive at solutions that have stood us in good stead. The interests of the community were always at the forefront even if this meant individual sacrifice. It is imperative that we continue on this path and I am sure the entire body will echo this sentiment.I request you all to kindly rise and observe a moment of silence in memory of Dr Shankar and Dr Priti Shankar.
Accounts: The audited accounts were sent to you together with the notice of the meeting. Our finances are healthy. Our costs are increasing but at a manageable rate. We continue to recover arrears and because of our prudent management we have been able to add to our reserves which are held in fixed deposits. As you all know 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 wage bill and other costs will keep rising if we are to maintain our staff.
The EC feels that in view of rising costs and labour charges, an automatic increase in the AMC of 10% (rounded off) every two years is called for starting FY 20/21 and a resolution to this effect will be submitted at the AGM.
The association has made income tax payment as required.
The year in review: The refurbishment of the CH continues and we have completely renovated the ground floor. We have also modernised the signage in the estate. I take this occasion to thank the Estate Manager and members of the EC who supervised these tasks. We will take up the first floor and the external painting in the current year.
Regularisation
We have kept members informed of the issues stemming from the Rules framed by the TN Govt viz – Regularisation of Unapproved Plots and Layouts Rules, 2017-under section 113 read with section 122 of the Tamil Nadu Town and Country Planning Act, 1971. We have been informed by the promoters that the application for the in principle approval of the lay out has been submitted. With the help of our legal counsel we are following up on matters connected with the regularisation of individual plots and will keep the members informed on a regular basis.
I 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.