NOTICE OF SPECIAL GENERAL MEETING
A Special General Meeting of the Mairangi Bay Bowling Club will be held in the clubrooms on Saturday, 28 April 2018, commencing at 9.00am.
The following items will be on the Agenda for discussion and consideration.
1] Appointment of two New Life Members.
The Board has received two nominations for new Life Memberships and unanimously supports the nominations.
a] Phyl Humphries nominated by Jean Ashby.
b] Rex Redfern nominated by Bruce Aley [on behalf of Peter Andrews].
The Constitution requires these nominations to be considered at a General Meeting and that a Special Resolution
2] Replacement of Campbell Green.
There has been
The Board has accumulated sufficient data on this matter to now put this to members. Because of the cost involved in this project the Board requires the consent of members to proceed further.
Eligible voting members will be asked to vote and support the following Resolution to enable the Board to proceed with this major project.
‘That members grant the Board approval to proceed with the replacement of Campbell Green’.
Attached to this Notice are two documents. One is a summary of the club’s current financial position and how the Board sees it going forward and the other is a commentary on how the Board sees the project being funded.
We hope these documents help to understand the financial implications the project will have.
Colleen Rice Secretary.
|MBBC Financial Projection after Replacement Campbell Green.|
|Cash held as at 28/2/18||259363|
|Plus Additional income Financial year ended 30th April 2018 (as per budget)||12755|
|Less Additional Expenses Financial year ended 30th April 2018(as per budget, excl Depn)||-21125|
|Estimated Net Cash Position 30th April 2018||250993|
|Campbell Green Replacement Costs|
|Tiger Turf $181758 quote + 10% contingency say||200000|
|Geotech report & Project supervision||20000|
|Estimated total cost||225000|
|Costs Funded as follows|
|Impact on Club Finances going forward|
|YE April 2019||YE April 2020|
|Cash at start of year||250993||129993|
|Plus Members loans||40000|
|Plus Estimated surplus (cash profit for year)||5000||5000|
|Less Campbell Green Replacement Cost||-225000|
|Less interest cost on members loans||-2000||-1500|
|Less interest on $120000 of club funds spent||-4000||-4000|
|Less Loan Repayment||-10000|
|Cash at end of Year||129993||134493|