Submitted by Herta
Our co-op is facing a financial gap between our current revenues and what needs to be done to keep up our buildings through repair and replacement over the foreseeable future. This requires a long term financial plan and commitment that keeps economic housing charges below market prices, while at the same time allowing us to make decisions based on evidence.
For the majority of Sunnyhill’s history planning and upkeep of our buildings and grounds has been carried out through our Buildings and Grounds committees on an annual basis. There is no clear long term plan or policies in place to plan for risk assessment to avoid emergencies, and long term costs of operating and maintenance.
With this in mind, on Oct 25 David Broadhead, Eric Moschopedis, Bob Bott and Phil Cox along with members of the Finance Committee spent 6 hours with Jeff Ku and Christina Hopkins from Urban Systems to develop a draft for an Asset Management Plan for our Co-op. This Asset Management Plan is a first step in understanding the options for improving our long term outlook. Please see the recommended reading post for more information about Asset and Stratregic Risk Planning.