Many Annual General Meetings are held early each new year. This is an opportunity for the Board to report to the owners on the activities of the preceding year, for the auditor to report to the owners on the financial health of the Condominium Corporation, and for the owners to exercise their voting rights.
Many Boards find this a very nerve-wracking process, particularly if there were decisions made during the year that some owners were unhappy with. If the financial picture is gloomy, that is an added source of stress for Board members. One of the keys to avoiding an annual nail-biting session is communication throughout the year.
If the budget was well presented and properly explained, even if owners aren't happy with the result, they can accept the inevitability of a special assessment or fee increase. If major decisions were clearly communicated as they were implemented, they should face the same acceptance by the owners.
A great way to start off the new year following the Annual General Meeting is to have a strategy session early, setting out the goals for the coming year. Some of those goals may come from owner feedback at an Annual General meeting. The new energy of incoming Board members will also stimulate discussion and help to focus on the coming year's priorities. Trying to think beyond what is planned in the operating budget, toward what will add value to the owners in the coming year, is a sound strategy. So is listening carefully at the Annual General Meeting if there is a hot topic raised at the meeting.
Think of it as a list of new year's resolutions for your condominium!
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