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lmrochukgmail-comMemberJuly 13, 2022 at 9:56 am
Thanks for your comments Terry! It certainly aids us in our budget considerations. Having a 25% surplus sounds very helpful in creating a robust cash flow to prepay insurance premiums, thereby avoiding expensive carrying costs. Topping up a lagging reserve fund balance from operating surpluses sounds reasonable and at very least restricts ability of future boards from using surplus funds for ‘pet projects’ while bypassing the special resolution process (from my understanding).