FINANCIALmatters
bytony smith (Tristone Media Group), 2009 treasurer
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Our 2009 Year in Review
e entered 2009 cautiously optimistic with a well thought out budget. But…, without knowledge of how the recession might impact our revenue streams and ultimately impact our bottom line. Throughout the year we consistently watched for any trend lines that might indicate a deterioration of any one of the multitude of revenue streams. Monthly Year End Forecasts, by line item, were produced to monitor year end projected results compared to budget. This discipline helped assure that expenses matched revenues and remained under control throughout the year. It also gave us a mechanism to take any action necessary to assure we met the break even budget bottom line.
Membership – 33% of Revenues Membership revenues came in at 106% to budget. A very strong result that shows that our members believe they are getting exceptional value from your Chamber, even more so in a down turned economy. Miscellaneous - 22% of Revenues The miscellaneous revenue bucket is a catch all of revenue streams generated by such line items as the membership directory, group insurance, advertising and interest income revenue. Here we took a hit as advertising and interest income on investments fell short of budget. The result was miscellaneous revenues fell short of budget by 15%.
Licensing Bureau - 45% of Revenues Licensing Bureau revenue remained strong albeit below budget at 97% to budget. The severely weakened auto sector and ongoing strike at the Motor Vehicle Driver’s test centers had an impact.
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Special Events The numerous special events run by your Chamber “Prosperity Trade Show, Golf Tournament, Excellence Awards, etc.” are an extremely important contributor to the income stream. Special Events yielded a net profit of $53,000.00. So, keep attending the events, folks.
A major financial shock to the Chamber ocurred this year when Service Ontario announced it was terminating our Motor Vehicle Licensing contract effective November 2010. Although this has no impact on 2009, it will have a financial hit in 2010 and a major impact on our 2011 budget. We have a substantial challenge ahead of us to replace the resultant loss of revenue and income with other defined streams of revenue. Your Chamber is Thinking Positive, that we will have a plan of action in place by the end of the first quarter 2010. The bottom line is your Chamber produced a 2009 “Pre Audit” operating income of $6,000.00 on a budget of $400.00. It is a very good way to retire as Treasurer! It was my privilege to serve your Chamber as Treasurer in both 2008 and 2009. I look forward to passing over the helm to incoming Treasurer, Jef Dueck.
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