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Annual Report 2006
Budget for Year 2007
| ITEMS |
2007 Budget
|
2006 Actual
|
2006 Budget
|
Variance
|
| INCOME |
|
|
|
|
| Interest |
$3,121,323 |
$2,622,801 |
$2,676,180 |
$(53,379) |
| Rental |
$84,708 |
$193,236 |
$195,292 |
$(2,056) |
| Investments |
$253,732 |
$327,500 |
$282,948 |
$44,552 |
| Miscellaneous |
$130,400 |
$212,523 |
$145,475 |
$67,048 |
| TOTAL INCOME |
$3,590,163 |
$3,356,060 |
$3,299,895 |
$56,165 |
| |
|
|
|
|
| Salaries/Wages |
$761,820 |
$615,163 |
$620,812 |
$5,649 |
| Uniform |
$17,450 |
$14,149 |
$11,120 |
$(3,029) |
| Staff Incentives and Benefits |
$10,000 |
$10,092 |
$7,000 |
$(3,092) |
| National Insurance Scheme |
$31,013 |
$22,934 |
$24,832 |
$1,898 |
| Utilities (Telephone & Electricity) |
$145,585 |
$141,130 |
$116,920 |
$(24,210) |
| Stationery & Office Supplies |
$75,875 |
$64,581 |
$67,500 |
$2,919 |
| Insurance - LP/LS (members) |
$162,000 |
$153,991 |
$138,227 |
$(15,764) |
| - General Business |
$48,449 |
$39,410 |
$40,916 |
$1,506 |
| Donations and Subscriptions |
$12,000 |
$10,495 |
$10,000 |
$(495) |
| Travel / Accomodation CCCU Convention |
$72,800 |
$82,255 |
$66,420 |
$(15,835) |
| Advertising/Promotion |
$100,000 |
$130,923 |
$100,000 |
$(30,923) |
| AGM, Directors, Committee Meetings |
$44,640 |
$41,256 |
$37,225 |
$(4,031) |
| Audit Fees |
$16,000 |
$13,500 |
$15,000 |
$1,500 |
| Miscellaneous Expenses |
$12,000 |
$14,793 |
$12,000 |
$(2,793) |
| Repairs & Maintenance |
$38,325 |
$52,606 |
$36,500 |
$(16,106) |
| Bank Charges and Interest |
$4,500 |
$4,022 |
$4,500 |
$478 |
| League Dues |
$65,000 |
$65,000 |
$65,000 |
$- |
| Postage |
$1,000 |
$1,095 |
$500 |
$(595) |
| Scholarship Awards |
$17,700 |
$12,979 |
$9,500 |
$(3,479) |
| Depreciation |
$143,472 |
$119,664 |
$125,141 |
$5,477 |
| Stipend & Honararium |
$27,300 |
$26,075 |
$22,800 |
$(3,275) |
| Credit Union Month Celebrations |
$20,300 |
$15,263 |
$25,100 |
$9,837 |
| Computer Maintenance |
$24,000 |
18,836 |
$25,000 |
$6,164 |
| Land Taxes & Water Rates |
$6,000 |
$5,610 |
$9,240 |
$3,630 |
| Pension Plan and Medical Ins Contributions |
$56,802 |
$45,816 |
$51,755 |
$5,939 |
| Professional Fees |
$7,800 |
$5,140 |
$9,500 |
$4,360 |
| Employee / Members Development |
$42,440 |
$33,689 |
$27,250 |
$(6,439) |
| Security |
$32,181 |
$15,052 |
$18,000 |
$2,948 |
| Carriacou Rental |
$8,400 |
$8,818 |
$8,400 |
$(418) |
| Vincennes Rental |
$4,800 |
$4,800 |
$4,800 |
$- |
| Gouyave Rental |
$18,000 |
$18,000 |
$18,000 |
$- |
| Esplande Mall Rental |
$72,484 |
$5,822 |
$78,338 |
$72,516 |
| Affiliation fees |
$- |
$1,369 |
$- |
$(1,369) |
| CUMIS Licence Fees |
$4,800 |
$14,558 |
$3,700 |
$(10,858) |
| Credit Information reports |
$2,200 |
$4,400 |
$700 |
$(3,700) |
| Management Committee Development |
$17,800 |
$13,891 |
$22,475 |
$8,584 |
| Loss on disposal |
$- |
$64,550 |
$- |
$(64,550) |
| Interest on members accounts |
$1,106,844 |
$839,149 |
$915,360 |
$76,211 |
| Bad Debts Provision |
$100,000 |
$26,398 |
$100,000 |
$73,602 |
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| TOTAL EXPENSES |
$3,331,780 |
$2,777,274 |
$2,849,531 |
$72,257 |
| SURPLUS FOR THE YEAR |
$258,383 |
$578,786 |
$450,364 |
$128,422 |
Budget Notes and Assumptions
Income:
Interest - Based on previous years weighted average percentage increases, the growth of approximately 20% is projected for year ending 2007.
Rental Income - is affected by the termination of the leases by two (2) of our tenants.
Investment income - is reduced because cash resources which was previously on deposit was put to acquire the GRENLEC building.
The possible rental income and the interest expense on the GRENLEC building loan is not reflected in this budget.
Expenses:
Salaries and wages – the increase is as a result of union adjusted rates and more staff employed to service the operations.
Stationery and office supplies – printing of cheques with new logo – Republic Bank and Communal, byelaws, general increase in usage.
Advertising/Promotion – Because of the sustained advertising campaign over the years we will control the cost in 2007 to the levels budgeted.
Repairs/Maintenance – The budgeted figures in 2007 is lower that the actual of 2006 because the building was painted, wooden hurricane shutters were installed and minor repairs to the roof in 2006. We do not anticipate such work in 2007.
Security – increase due to the addition of the Mall Branch.
Interest on members’ savings – this is expected to increase because of the projected increase in members savings which would average out at approximately thirty percent (30%) throughout the period.
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