AGM 2015 -- Financial Highlights

Over $ 12,000 of earnings, last year, in Due to Shareholders Account.  Exceptionally good year.  Balance of Savings (ex., DTS account) is $60,000, earning 1% in a GIC. Quebec Civil Code is clear about how risk free the investment can be. Similar to a Condominium.  Half of DTS account in GICs and half in Balanced and Dividend Funds.Will use the $12,000 earnings to put toward 2015/16 expenses.

The rise in Municipal Evaluations will have doubled in 6 years. Expect similar trend to continue. Gore re-evaluated in the Spring of 2014 (Net increase of 64%). Wentworth North re-evaluated in 2014 (30%). Wentworth re-evaluated in Spring of 2015 (30%). Mille-Iles will likely be next and, possibly, Morin-Hts.  (Total of 5 municipalities on property).  All increases due to purchases of land surrounding Lakes in these Municipalities. Driving up the value of undeveloped land around lakes (such as LAC).  Note that re-evaluations occur every three years.

We get credits from our Forestry operations.  This is over and above any income from the logging. We pay municipal and school taxes, and the Quebec Government reimburses us up to 85% of the taxes.

Between 3 and 4 years of credit left. Credits are applied to 85% of municipal and school taxes. Which nets a tax expense of 15%. However, there is no more logging for at least 15 years.  So no more additions to our pool of credit in near future. After credits used up, cost increase to be around $500 to $600 per property. (The reason for maintaining the Investment account in healthy condition…so as to provide earnings for future expense.

The Cost of Registering our Roads

In April 2014, Gore advised us that Anne Est had to be registered as it is a public road. 

- Anne Est and Mr. Joe are public roads, but not Municipal roads.  (A private road is a road on a single property, and serving only one owner.)

- Anne Est registration will end up costing close to $4,200 for Gore section. Mille Iles expected to be next municipality to request registration. To save money last year, the Survey included the Mille Iles and Gore sections of Anne Est. If (when) Mille Iles requests registration, cost will be in the order of $1,500. 

- One benefit is that Lake Anne Club gets a written guarantee of one more potential lot in Gore (one only) and without onerous road costs. 

- The Survey pointed out many non-conformities of current road and properties (Anne Est) when compared to current road standards.  If ever forced to bring Anne Est up to current standards, many properties will see changes to their boundaries. 

- If ever Wentworth lake front to be developed, then roads in Wentworth portion of LAC will have to meet current standards (roughly $75 to $100 per foot) and Anne Est will have to be brought up to standard all the way to Mille Iles Ouest (needs to be confirmed through a legal challenge).

Robert Gaudreau