Yearly Financial Report Released

Side, 12. July 2016

Summary of the fiscal year (1. July 2015 – 30. June 2016)

Financially it has been a difficult year to manage for our Property Manager (Mete Tanis) who took over from LotusM the 1. July 2015. The yearly budget was set much too low at the AGM 2015. LotusM left us with unpaid bills – much more than indicated at the AGM 2015. To make it worse some homeowners did not pay their fees timely. As a consequence our  Property Manager (PM) could not pay staff and bills timely and a crisis arose in the beginning of 2016. The crisis was temporarily solved because some homeowners made a major voluntarily pre-payment to solve the liquidity problems.

The short and long term solution is to implement the following four steps:

  1. Solve the temporarily liquidity problem by voluntarily pre-payments from homeowners
  2. Increase the service fee from July 2016. This was approved at the AGM 2016 (17. May 2016)
  3. Strengthen the procedure for debtors. This was approved at the AGM 2016 (17. May 2016)
  4. Form the “Arcadia Management Board” (AMB) to obtain a closer partnership between our Property Manager and the Control Board.

Today all payments of staff, taxes, and bills are up to date and our financial situation is under control. However, we need to work intensively on collecting outstanding fees from some homeowners, and the Arcadia Management Board will not hesitate to use legal means to stabilize the situation.

The remain part of the Yearly Report and supporting materials can be seen at Arcadia Internet (login needed)

Best Regards

Arcadia Management Board

Mete Tanis / Gerard F Van Krieken

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