Financial

Prospect Road Recreation Association

Prospect Road Recreation Association

Business Plan & Budget for 2023-24

Name of Association or Society:	Prospect Road Recreation Association
Registry of Joint Stock Companies ID#:		2262444

	Primary Signing Authority	Secondary Signing Authority
Name & Title:	Matthew Conrad	Sue Corbett
Phone number:	902 440 2702	902 850 2479
Mailing Address:	150 Hages Lane, Prospect, NS B3T 2A4 mattdconrad@gmail.com	101 Northcliff Dr. Brookside, NS B3T 1S7 suecorbett64@gmail.com

Business Plan & Budget approved at Annual General Meeting held on:

June 28, 2022

Mission and Description of Services Provided

(Including who the services are provided to)

The Prospect Road Recreation Association (PPRA) is responsible for the reasonable allocation of area rate funds to recreation and leisure groups in the jurisdiction from West Dover to Goodwood. Recreation and Leisure are broadly interpreted to include programs and events that support the social, mental and physical wellbeing of people and communities. Area rate funds are estimated to be $110,000 for the taxation year ending March 31, 2024. The PPRA also manages the mowing of sports fields, green spaces and parks with funds advanced by HRM Parks and Recreation.

Accomplishments

(What has your organization accomplished in the past year?)

Recreation and Leisure group funding for the year ending March 31, 2023, amounted to $101,190.00 (11 groups were funded). No funding was awarded in the prior year because of the COVID–19 pandemic. Terence Bay wharf expenditures were $5,175 for the year ending March 31, 2023 (costs associated with seasonal removal and reinstallation of dock floats) compared to $22,500 capital expenditures in 2021-2022. In November 2022, the PRRA held a community celebration in collaboration with the Research Opportunities Center (ROC). The purpose of that event was to introduce Board members and to encourage and support local groups in developing applications for an upcoming Special Grant opportunity. PRRA administrative expenses were $5,466 compared to $77 in the prior year. The increase was because the PRRA was operational in the current year but dormant in the prior year.

During the year, Board members participated in a workshop on Governance and Organization of not-for-profit organizations.

The PRRA manages mowing, portable toilet rentals and utilities for playing fields and parks in our jurisdiction, on behalf of the HRM. HRM reimburses the PRRA for associated costs. These costs totaled $31,223 for the year ending March 31, 2002, compared to $25,500 in 2022.

Goals

(What does your organization plan to accomplish between April 1, 2023, and March 31, 2024)

1.	Maintain the board of directors at 12, the maximum permitted in the by-laws is 12.
2.	Continue governance education for the Board.
3.	Hold community discussions about the development of a special fund, from surplus area rate funds. The Board will recommend to its members that this fund should be established to support unique opportunities and/or emergency requests.
4.	Oversee the disbursement of the current budget of $155,523 including a review of documentation for budgeted expenditure by applicants.
5.	Further develop committee structure and terms of reference for the PRRA.
6.	Hold at least 6 directors’ meetings during the year, 2 of which will be open to all members.
7.	Continue to promote the submissions of funding applications by eligible groups.
8.	Continue transparency regarding financial stewardship of public funds [the area rate]
9.	Create a special program to help local organizations attract, motivate and manage volunteers.
10.	Obtain director and officer insurance and public liability insurance if necessary.

Area Rate Information

Purpose of Area Rate:	Funding of local recreational and leisure groups.
Will the Purpose or Amount of the Area Rate change in 2022/23?	No
If so, how and why has it changed, and have the majority of homeowners voted to approve the change?	N/A
Amount of Area Rate for 2023/24:	$110,000 (estimated)
Area subject to Area Rate:	West Dover to Goodwood
Year Area Rate to Expire (if applicable):	N/A
Do you anticipate a surplus or a deficit at the end of this year (2022/23)? How much?	Due from HRM = $161,532 as at March 31, 2023.
If a surplus exists at the end of the fiscal year, how is it to be applied?	Subject to member approval we intend to hold limited surplus funds for special projects (as above).

AREA RATE FUND

Revenue Budget

Description of Revenue Source	Amount ($)
Area Rate Taxes, estimated for 2023-24:	110,000
Application of prior year’s surplus	45,523
Total Revenues (must equal total expenditures):	155,523

Expenditure Budget

Description of Planned Expenditures	Amount ($)
Programming:
Resource Opportunities Centre Operations Sponsored Community Event, June 2023 Summer Business staff, Summer 2023	10,000 4,000 5,681
Terence Bay Community Hall	10,000
Village Green Recreation Society	10,000
Prospect Road Minor Base Ball Association	10,000
West Dover Community Association	10,000
Prospect Road Spiritual Café	600
Prospect Slammers Pickleball Group	6,028
School Advisory Council (Brookside Junior High)	7,982
Prospect Peninsula Residents Association – Seaview Park Gazebo Wharf and D&O insurance Old Kelly’s Road Hiking Trail	20,000 2,600 10,000
Terence Bay Wharf and Dock Project	2,500
Prospect Region for a Better Environment	900
Prospect Road Gardening Club	1,840
Prospect Road Oldtimers’ Hockey League	3,692
S. S. Atlantic Heritage Park Society – Mosaic Sculpture	10,000
S. S. Atlantic Heritage Park Society – Navigating the Future Workshops	10,000
Adaptive Paddling Solutions Society	1,680
Prospect Ladies’ Basketball	500
Contingency – 5%	6,900

Total programming	144,903
Administrative:
Bookkeeping	2,000
Director’ and officers’ insurance	1,600
Social media	3,000
Governance and community consultation	750
Other general and administrative (e.g., space rental for meetings)	1,500

Contingency – 20%	1,770

Total administrative	10,625

Total budget	155,523

Business Plan & Budget for 2022-23

Name of Association or Society:	Prospect Road Recreation Association
Registry of Joint Stock Companies ID#:		2262444

	Primary Signing Authority	Secondary Signing Authority
Name & Title:	Matthew Conrad	Sue Corbett
Phone number:	902 440 2702	902 850 2479
Mailing Address:	150 Hages Lane, Prospect, NS B3T 2A4 mattdconrad@gmail.com	101 Northcliff Dr. Brookside, NS B3T 1S7 suecorbett64@gmail.com

Mission and Description of Services Provided

(including who the services are provided to)

Accomplishments

(What has your organization accomplished in the past year?)

Goals

(What does your organization plan to accomplish between April 1, 2022 and March 31, 2023)

1.	Expand the board of directors to 11; the maximum permitted in the by-laws is 12.
2.	Involve the directors in governance education and familiarity.
3.	Engage the community in discussions for the use of available funds of approximately $203,000 over and above the initial budget of $101,519 for the 2022/23 fiscal year.
4.	Oversee the disbursement of the current budget of $101,519 including a review documentation for budgeted expenditure by local recreation groups.
5.	Re consider the administration of mowing contract on behalf of HRM Parks and Recreation.
6.	Hold at least 6 directors’ meetings during the year, open to all residents in the catchment area.
7.	Advertise widely the availability of area rate funds for recreation within the catchment area.
8.	Improve transparency regarding financial stewardship of public funds [the area rate]
9.	Hold a special member’s meeting to approve a secondary budget for submission to HRM in order for the balance of available funds to be released.
10.	Obtain director and officer insurance and public liability insurance.

Area Rate Information

Purpose of Area Rate:	Funding of local recreational groups and Resource Opportunities Centre/PRRC
Will the Purpose or Amount of the Area Rate change in 2022/23?	No
If so, how and why has it changed, and have the majority of homeowners voted to approve the change?	N/A
Amount of Area Rate for 2022/23:	$103,700
Area subject to Area Rate:	West Dover to Goodwood
Year Area Rate to Expire (if applicable):	N/A
Do you anticipate a surplus or a deficit at the end of this year (2021/22)? How much?	Due from HRM = $100,407 as at March 31, 2022.
If a surplus exists at the end of the fiscal year, how is it to be applied?	Will be applied to a second budget for 2022/23 to be submitted in the Fall of 2022

Revenue Budget

Description of Revenue Source	Amount ($)
Area Rate Revenue to be collected from Property Tax bills:	101,519
Total Revenues (must equal total expenditures):	101,519

Expenditure Budget

Description of Planned Expenditures	Amount ($)
Programming:
Resource Opportunities Centre	15,000
Terence Bay Community Hall	10,000
Village Green Recreation Society	8,453
PVMBA Minor Baseball	9,737
Prospect Bulls basketball	8,000
Chebucto Minor Hockey	1,500
SAC Brookside Junior High School	2,000
Prospect Peninsula Residents Association – Seaview Park Project Fundraiser support	10,000 1,500
Terence Bay Wharf and Dock Project	6.,025
Youth Sports Fund	1,500
Electricity for field and park lighting	2,200
Contribution to mowing	3,825
Portable toilets	6,500
Job box and locks for community sign	500
Contingency – 5%	4,337
Total programming	91,077
Administrative:
Bookkeeping	2,000
Director’ and officers’ insurance	1,550
Public liability insurance	1,500

Website development	1,500
Venue rental for meetings	1,800
Zoom subscription	300
Accounting software	600
Registry of Joint Stock Companies registration	95

Governance seminars	600
Contingency – 5%	497
Total administrative	10,442
Total budget	101,519

Statement of Financial Position
As at March 31, 2022

PROSPECT ROAD RECREATION ASSOCIATION

(Unaudited)

Statement of Financial Position

As at March 31, 2022

Assets Current assets	2022 $	2021 $
Cash, restricted	133,579 133,579	158,643 158,643
Due from Halifax Regional Municipality	100,407	2,057
Investment	10	10
	233,996	160,710
Liabilities Current liabilities
Accounts payable	10,506 10,506	12,617 12,617
Deferred area rate taxes	223,490	148,093
	233,996	160,710
Net assets
Internally Restricted Fund	–	–
	233,996	160,710
Approved by the Board of Directors

“Matt Conrad”, Director “Sue Corbett”, Director

Statement of Income and Expenditures
For the year ended March 31, 2022

PROSPECT ROAD RECREATION ASSOCIATION

(Unaudited)

Statement of Income and Expenditures

For the year ended March 31, 2022

Income	2022 $	2021 $
Area rate taxes	23,059	55,390
Contibution by councillor – Terence Bay wharf	10,000	–
Mowing	25,500	14,720
	58,559	70,110
Expenditures
Community group funding	–	36,997
Terence Bay wharf expense	22,500	12,000
Portable toilets	5,630	4,219
Utilities, power River Rd Park	1,032	944
Mowing in excess of grant	3,825	978
Interest and bank charges	72	30
Administrative	–	191
Buisiness dues and fees	–	31
Area rate expenditures Mowing	33,059 25,500	55,390 14,720
	58,559	70,110
Excess of income over expenditures for the year	–	–

FOR THE YEARS ENDED MARCH 31, 2022 AND 2021

These are the first financial statements presented to the members that have dollar values in them. Prior to 2020, HRM collected area rate taxes and disbursed the funds to local recreation groups according to budgets prepared the PRRA.

In 2020 HRM changed its policy to remitting area rate taxes to the PRRA for the PRRA to disburse within the community. These financial show funds received by PRRA from HRM and funds collected by HRM but not remitted to PRRA pending submission of member approve budgets.

These financial statements have been approved by our interim board for presentation to our members.

Statement of Income and Expenditures:

In the 2022 year we spent $nil on community group funding while in the previous year we spent $36,997 on community group funding. While, we had received a lump sum of $201,426 in January 2021, we believe the previous board did not any disburse funds to local recreational groups for Covid related reasons.

In 2022 we spent 22,500 on two replacement docks and three finger floats at the Terence Bay Wharf. An additional $12,000 was advanced for this project in 2021. A further $4,025 is included in the budget for 2023 to anchor the docks.

Mowing expenses for local fields were $25,500 in 2022 and $14720 in 2021.

Other recurring expenses totaled $10,599 in 2022 and $6,393 in 2021.

To fund these expenses, we recorded revenue in 2022 of $23,059 for area rate funds, a $10,000 contribution from our district councillor, Patty Cuttell, and $25,500 from HRM Parks and Rec for mowing.

Comparable revenue figures in 2021 were $55,390 from area rate funds and $14,720 from HRM Parks and Rec.

Statement of Financial Position:

This shows where we stood as at March 31, 2022.

We had $133,759 cash in the bank and $100,407 due form HRM representing area rate taxes collected by HRM but not remitted to us.

The $10 investment represents our share in the Teachers’Plus Credit Union where we bank.

Liabilities include amounts due to suppliers of $10,506 and $223,490 in deferred area rate taxes. This amount represents taxes collected by HRM and not spent by PRRA on recreation. It is a combination of funds remitted by HRM to us but not yet spent by us and taxes collected by HRM but not yes remitted to PRRA.

You will note that our assets equal our liabilities. This is because we match our revenues with expenses under the deferral method of accounting for contributions and grants.

I ask for a motion to approve these financial statements.

Respectfully submitted,

Hamish Malkin, volunteer