METROPOLITAN TORONTO CONDOMINIUM CORPORATION NO.

XXXX
ANNUAL GENERAL MEETING MINUTES
TUESDAY SEPTEMBER 25, 2012
The Annual General Meeting of Owners of the Metropolitan Toronto Condominium Corporation No.
XXXX was held September 25, 2012 at the Board Room, Building Address
Present:

Xxxxx xxxxxxxxx
YYYY YYYYYY
Zzzz Zzzzz

President
Treasurer
Director

By Invitation:

Bbbbbbbbb Bbbbbbb
Ccccccc
Ddddd Ddddd
Lisa Milligan

President, Property Management Group Ltd.

Property Manager, Property Management Group Ltd.
Chartered Account, LLP
Recording Secretary

1.

OPENING OF MEETING AND CALL TO ORDER

At 7:35 pm, the Chair Bbbbbbbbb Bbbbbbb introduced the head table and called the meeting to
order. The items included in the AGM package were briefly reviewed.

2.

NOTICE OF MEETING AND APPOINTMENT OF SCRUTINEERS

The Chair reviewed the items included in the AGM package along with the Notice of Meeting
dated together with other pertinent documents, and she noted they had been mailed to all Owners
of Record. The Affidavit of Proof of Service had been filed with the Chair and was made
available for inspection.
The following two volunteers to act as Scrutineers were announced as:
Mrs. Oxxx of unit #XXX XXX
Mr. Xxxx of unit #XXX XXX

3.

CONFIRMATION OF QUORUM FOR MEETING

It was reported that quorum has been met with a total of units represented: 44 unit owners
represented by proxy and 14 unit owners in person. There being a quorum present, the Chair
declared the Annual General Meeting of the Owners of the Metropolitan Toronto Condominium
Corporation No. XXXX properly called and duly constituted to conduct business.

4.

APPROVAL OF 2011 AGM MINUTES

The Chair noted that copies of the Minutes of the Meeting held on September 10, 2011 were
included in the AGM package and mailed along with the Notice of Meeting for the Unit Owners
review in advance of the meeting.

Minutes of the Annual General Meeting

MTCC XXXX

September 24, 2012

Page 1

Motion to dispense with the reading of the Minutes of the Annual General Meeting
held on September 10, 2011.
Moved by:
Mrs. O of unit #XXX XXX
Seconded by: Mr. P. of unit #XXX XXXX
ALL IN FAVOUR. MOTION CARRIED.
The Chair asked if there were any corrections, omissions or additions to the Minutes of the Annual
General Meeting held on September 10, 2011.
Mrs. O of unit #XXX noted a correction on page 6, Item #10 Other Business first paragraph
should be revised as follows:
Mrs. O #XXX presented a September 16, 2011 Toronto Star article featuring a recent
condominium fraud. Millions of dollars was fraudulently taken from Corporation funds.
Page 6, item #10 Other Business second paragraph:
Correction in the spelling of Osborne (misspelled as Osbourne).
Owner of unit #XXX asked for a clarification on what an actuator is, as mentioned on page 4.
This is the valve that is the owners responsibility. Further clarification was given, however no
amendment to the minutes required.
Owner of unit #XXX also questioned on page 3 regarding the financial statement summary and
why are the numbers rounded up? He feels that actual numbers should be used. The Auditor
explained that this is the level of detail provided by a summary and during her Auditors report she
will refer to the actual numbers.
By show of hands, all approved the Annual General Meeting minutes of September
10, 2011.
ALL IN FAVOUR. MOTION CARRIED.
5.

PRESIDENTS REPORT See page 6. This item was deferred until after the Auditors
Report (agenda item #6) to allow the Auditor to dismiss herself once done.

6.

RECEIPT OF THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDING

MARCH 31, 2012.
The Auditor Ddddd Ddddd explained that the Auditors report is an independent Auditors report
that is prepared and addressed to the owners only. It was also explained that this Auditor report is
an opinion only. The following details for fiscal year end March 31, 2012 were outlined:

Page 2:

Minutes of the Annual General Meeting

MTCC # XXXX

September 25, 2012

Page 2

Total assets (largest asset Cash & Investments)

Liabilities (Bills not paid until after March 31, 2012)
Net Assets (Net Equity of the Corporation)

$2,044,914.
$62,450.
$2,069,555.

Page 3:
Corporation Chequing Account (Account Unit Owners
Contribute funds to for Operating Expenses)
Operating Costs/Expenses
Difference (Decreasing net assets the same amount)

$681,429.
$695,571.
$-14,142.

Page 4 Reserve Fund Statement

2012 Contributions and Interest Earned
Payments for major repairs
Difference (Savings increase compared to March 31, 2010):

$203,714.
$68,914.
$+134,800.
Reserve Fund Savings ($+134,800) minus the Operating deficit ($-14,142) =
Overall surplus of $121,000

The Auditor opened the floor to any questions regarding the financial statements.
Mrs. O of unit #XXX stated that it seems as if many of the reserve fund expenditures do not seem
major. The Auditor confirmed that anything over $500 is considered a major expenditure. The
Treasurer further commented that the Board also decides what is major. Anything that is a onetime repair/expense is a reserve fund item and not a daily maintenance item.
Owner of unit #XXX asked: In regards to landscaping is this not a budgeted expense for the
operating budget? The Treasurer explained that this expense was for a planter at the bottom of the
garage ramp, which was dug out, paved and replaced with rocks to prevent further clogging of a
nearby drain.
Owner of unit #XXX asked for a breakdown of these major Expenditures. The Auditor offered the
following further breakdown of $34,000 General Expenses:
Approximately $20,000 was for X------ exterior roofing due to leakage.
ABC services $9,000 B & C Co. back-flow valves (Building code requirement).
Owner of unit #XXX also questioned the expense for monthly fire protection and if this too is not
an operating budget expense? The explanation for this is yes, the fire alarm is inspected on a
yearly basis, however, upgrades to the fire panel and related expenses are applied to the reserve
fund.
Mr. A of unit #XXX questioned if repairs to major components of the building all are applied to
the reserve fund? Corporation President Xxxxx xxxxxxxxx stated that every item is examined
separately by the Board of Directors and at the end of the year the reserve fund must be brought up
to a certain level, which translates to maintenance fee contributions. The Board takes every due
diligence to make sure each item is not a daily maintenance/operation item. The total set of assets
must be shown at the end of the year as per the Reserve Fund study. When examining an

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MTCC # XXXX

September 25, 2012

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expenditure, reserve fund concerns are that the repair is neither a maintenance nor an operating
expense.
Mrs. O. of unit #XXX stated that every year it seems weve had a deficit in the operating fund, is
this why we dip into the reserve fund? Corporation President Xxxxx xxxxxxxxx explained that
each year a budget is approved. We are under budget because utilities went through the roof. We
are 2% off from where we planned to be, which is not negligent by any means. Due to the
extremely hot summer, many used their air conditioners a lot. HST implementation is also a
factor. Furthermore, it is very rare to hit a budget bang on. All were reminded of a couple of
years when the surplus was enjoyed and maintenance fees were not increased.
Owner of unit #XXX asked why these details cant be explained in the statements or put on a
website for all to consult for a better understanding? The Treasurer explained disclosing too much
detail runs the risk of a laundry list and an additional auditing fee may apply. She also reminded
all that this is just a summary.
Mr. N of unit #XXX asked which accounts have the most variances? It was responded that Hydro
resulted in a $15,000 usage increase. Mr. N feels this is a negligence of the Board who should
know how many occupants are in each unit. He further stated that he is aware of units that are
over-capacity. The President mentioned that letters have been served to units that have been
brought to their attention and there have been some students evicted recently. When the Board is
aware of it, the Board do take steps.
Mr. N of unit #XXX questioned how many rentals does this building have? Bbbbbbbbb Bbbbbbb
explained that because the Property Manager is on vacation, she does not have this information on
hand. Mr. N feels that the electricity usage and rental discussion are directly related to one
another.
The Board further explained that lease agreements must be presented to Management who check
these every 3 months. Mr. N stated that he has intentionally not completed and returned the unit
information form and nobody has followed up on it. He feels that this Hydro increase is due to the
over-capacitated rentals. Furthermore, he stated the Board should follow-up more and should go
knocking on doors to confirm occupants of each suite. He feels this issue is lowering the value of
the units in the building. Director Zzzz Zzzzz commented that owners are just as bad at wasting
energy. Xxxxx xxxxxxxxx stated that as voluntary Directors, it is not their job to knock on the
doors of each suite and check the number of occupants.
Mrs. O. of unit #XXX believes that the declaration states that each suite is a single family unit
and not for rental by 4 or more students. There was some debate about whether the declaration
states this or not.
Xxxxx xxxxxxxxx confirmed that if rental agencies do not provide lease agreements, they will
continue to be served with a letter from the Corporation Lawyer. The President reminded all that
a minimum lease term was enforced because the building suffered the most abuse when companies
allowed rentals for a week or 10 days out of a month at a time. It was stated that if someone
wants to maliciously deceive you, and they are discovered as doing so, they will find another way

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MTCC # XXXX

September 25, 2012

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to maliciously deceive you. We have decreased the number of rental companies from 47 down to
approximately 5 or 6.
This is positive to the value of the building.
If the Board and
Management are made aware of over-capacitated units, then they will build a case and send a
letter from the Lawyer to the owner or Rental Company. If an owner knows that something is
wrong, they are encouraged to report it to the Board to take action. It was stressed that the Board
do not willfully ignore an issue.
It was stated that there are 134 unit owners. Quarterly letters are sent by the Corporation President
Xxxxx xxxxxxxxx and each time the owners list is reviewed. The President also offered to email
an updated owners list to anyone that leaves him their e-mail address. A form was presented for
those to come up and request this information.
The Auditor asked if there were further questions regarding the Audited Financial Statement so
that she could request a motion to approve the Audited Financial Statement.
Owner of unit #XXX questioned why on page 5 is the interest for $8,898 for reserve fund
investments not the same as on page 4 - $14,890? The Auditor replied that when you look at the
first 3 pages, these accounts are reported on an accrual basis, whereas page 4 calculates interest at
the end of the financial year. This is a different way of reporting things that agreeably is
confusing to some, but a requirement by Auditing standards. In short the difference of all the
numbers is: accrued from end of last year opposed to end of financial year.
The Auditor further commented that reporting requirements call for this level of detailing. It does
have its use for some.
Owner of unit #XXX requested again why cant these numbers be put on a website and not hidden
from us? The Auditor responded that one must be careful because these numbers must all be
audited. Looking at the financial with a much finer comb is risky, where is the line defined?
How much would you pay to get more detail on this one line? Again, it was stated that it costs
money to audit in more detail. To what end do you want more detail?
Xxxxx xxxxxxxxx offered to answer any details after the meeting for any questionable line items.
He would gladly breakdown each line item. There was some question on which details he can
provide until audited.
Bbbbbbbbb Bbbbbbb commented that in the future, residents kindly submit their questions ahead
of time to pass along to the Auditor. It was also noted that monthly financial statements are
provided by email to the Board between the 16-20th of the month. Questions via email can be
posed to the Directors to be put on the monthly meeting agenda for discussion and response.
Mr. Y of unit #XXX addressed fellow owners stating that the discussion of financial details is not
a good use of our collective time. The purpose of this meeting is to address the three agenda items
and topics that are at the top of everyones minds: lobby renovations, parking and elevator issues.
Some were in agreement, however some were not. Owner of unit #XXX stated that although
financial questions are valid perhaps they should be sent in advance by email.
The President

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September 25, 2012

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prepared another sheet for people to write their name and email address should they wish to
receive the financial statements as requested.
Motion to approve the Audited Financial Statement of the Metropolitan Toronto
Condominium Corporation No. XXXX for the year ended March 31, 2012 as presented
by the Auditor.
Moved by:
Seconded by:

Owner of unit #XXX

Owner of unit #XXX

ALL IN FAVOUR. MOTION CARRIED.

Auditor dismissed at 8:45 pm.
7.

APPOINTMENT OF AUDITOR
Motion to re-appoint the firm Audidor LLP, as Auditors of the Corporation until the close of
the next Annual General Meeting at a remuneration to be determined by the Board of
Directors.
Moved by:
Ms. K - #XXXX
Seconded by: Mrs. O.- #XXX
ALL IN FAVOUR. MOTION CARRIED.

5.

PRESIDENTS REPORT
At 8:47pm the President introduced himself and proceeded with highlighting current cost saving
initiatives: the parking lighting retrofit will save $10,500/year in Hydro; switching Superintendents
saves $15,000/year; and consistently ensuring Trades and Contractors stay as competitive as
possible with their bidding and pricing guarantees further cost savings.
From an operational standpoint, if anyone sees something that needs to be addressed, the Boards
ears are always available to listen and they will take action.
The struggle through summer with staying online with rising Hydro costs encourages the Board to
continue to look at cost-saving projects that have a 2.5 year payback time.
Mrs. O.of unit #XXX questioned the details of the new Superintendents contract in respect to their
hours of 20 hours/week. Is the service level identical or better? Has the Board considered
combining the cleaner and janitorial service at a lower rate for further cost savings? The Board
responded that from a costing standpoint, the current cleaning service is beneficial. Most agreed
that the current cleaner is competitive and that she is a major asset to the building. The President
commented that this can be re-visited at a later date.

8.

ELECTION OF DIRECTOR POSITION

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MTCC # XXXX

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The Chair stated that one (1) Director Position was open for election. This opening was because
Zzzz Zzzzz was appointed to fill a vacancy left by Mr. H who moved out of the building to start a
family in the past year.
The Chair requested for additional nominations from the floor. As there were no further candidates,
the Chair closed the nominations.
9.

ELECTION RESULTS
Zzzz Zzzzz is the only candidate; therefore he is awarded the 3-year position by acclamation.
Boards Secretary did cast one ballot to make it official.

10.

The

OTHER BUSINESS
a. Elevator Issues addressed by Xxxxx xxxxxxxxx:
This has been an 18 month-long issue. The President of the Elevator Contractor has been
contacted directly by the President of the Board and so far no resolutions have been reached. To
re-price and refurbish our elevator cabs will cost $300K/each which would destroy our reserve
fund especially when the elevators are only half-way through their expected life span. The
Board, Management and residents are all frustrated with this situation and the Board equally
frustrated with the Elevator Contractor, who simply declare equipment failure. The Board
recently accepted the help of a resident Mechanical Engineer named ---- ---- of unit #XXX, who
offered to analyze performance reports, poor service levels to determine if the issue is in fact
legitimate equipment failure. They enlisted -----s help when they were faced at crossroads of
getting professional help which would be quite costly. -----s investigation is currently pending
additional information and history reports from the Elevator Contractor. We are currently in the
midst of finding out what is wrong. The issue has been both electrical and mechanical in nature.
In the summer, it was discovered that the pulley ropes were loose.
The President further commented that there are only 2 or 3 players in this industry. Going with
a smaller, independent company is not a viable option, since the distribution of O--- parts are
handled through the Elevator Contractor we currently have.
Mrs. O. of unit #XXX questioned why didnt the Engineers/Technicians responsible for the
Reserve fund study come on site and evaluate the elevators? It was explained that a full reserve
fund study is done every 6 years, where they visit the building. Every 3 years an update is
provided where no site visit is necessary. These Reserve Fund Engineers are also not elevator
specialists.
Mr. W of unit #XXX asked: Do any of the other complexes in the neighbourhood have similar
elevator issues? Is failure as part of the industry standard being looked at? The Board see this
as a valid argument and will ensure that ---- is addressing this angle.
Other similar buildings were listed by both Mrs. O. and the Treasurer: #### Bay Street, the XYZ
Building at Y and X crossroads. These were all by Builders that set their budgets at the lower
end and then undercut them.

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The President validated that we all share the same concerns. The Elevator Contractor continues
to disappoint and have proven to not be forthcoming with information. ---- hopes to have some
more information by the end of October.
Mr. K of unit #XXX asked if it was the same problem with both elevators. The response is that
we just dont know that yet.
Mr. W of unit #XXX asked if there was a cost for each elevator technician visit. The reply was
No, each visit is covered under the general maintenance agreement with the current Elevator
Contractor.
b. Lobby Renovation (Photo 10.B attached) addressed by Zzzz Zzzzz
Zzzz Zzzzz recalled that earlier this year, a Committee was set up in regards to the lobby
renovation. All agreed that the building is in desperate need of new furniture. He noted the
building is well over 10 years old and the lobby is very dated. To just look at the furniture
alone is narrow minded, so the suggestion to come up with a couple of schemes that apply to
everyones senses to get a sense of design direction. These schemes were displayed on
presentation boards in the meeting room as well as printed out and included in the AGM
package. These schemes were placed in the lobby soliciting resident feedback and comments
from owners only, (not renters). The Board is pleased to announce that 13% responded with
their comments and preferences. The results are as follows:
Option A - Beige

33% in favour, especially the modern furniture

Option B Dark

39% in favour, more contemporary lighting instead of the

big chandelier

Leaving the lobby

22% like the lobby the way it is

Do Anything

5% commented they dont care what it is, just do

something

The intent is to first replace the furniture and then do the rest of the renovation in the future when
reserve funds are available. This project will be phased out over 3-4 years, so we arent faced
with one big bill. This approach shows that we are very conscious of how we are doing this.
This feedback acts as a good guideline and map to look at future renovations down the road. The
Boards hope is to have new furniture in the lobby by Christmas: New sofa, two chairs, table
and arrangement. The next step is to look at the floors, there are cracks in the granite tile
flooring from general wear and tear.
Mrs. O. of unit #XXX commented that the Reserve fund accounts for $70K/2020 for lobby
renovations. Mrs. O. suggested simply buying four chairs a table with an arrangement. The
Treasurer assured that it will not cost more than the reserve fund allots. The decision has been
made to replace the lobby furniture only: a sofa, two chairs and table. Everything will be replaced
according to the chosen scheme over a period of time.

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Owner of unit #XXX commented that he feels everything must be changed, not just the furniture to
be consistent with the design. Again, the Treasurer clarified that everything will be replaced over a
period of time.
Owner of unit #XXX commented that she felt the furniture is too small in comparison to the whole
lobby size.
Owner of unit #XXX questioned if the floor was settling and cracking due to the nearby subway
vibration? The Treasurer responded that no, the subway has not caused this; it is common for
buildings of this size to settle in this manner.
Owner of unit #XXX shared her concern along with some other residents that lobby renovation
expenses will take away from the more important issue of fixing the elevators. YYYY YYYYYY
confirmed that by purchasing just the furniture and starting the lobby renovation process, we are not
ignoring the rest of the building. Xxxxx xxxxxxxxx further commented that this whole process
was to get design direction so that we dont have to buy furniture twice.
One resident asked how many responses were received. Zzzz Zzzzz responded that 20 people
responded and that these options are proposed and One voice is not louder than the other.
Mrs. O. of unit #XXX expressed her concern that with the purchase of a sofa, people might stretch
out on the sofa. She is not pleased with a sofa. Other residents expressed that they are pleased to
have a sofa.
Furthermore, it was noted that the fabric linen colour will have to be contract grade to last the next
10 years.
c. Visitor Parking Rule (Proposal 10.C attached) Addressed by YYYY YYYYYY
YYYY YYYYYY announced that opposing amendments to existing Visitor Parking Rule #9 (as
outlined in the AGM package); majority of meeting is required to vote in favour of this to pass.
6 new visitor parking spaces have been created and marked P1, P2, P3, V1, V2 and V3.
Xxxxx xxxxxxxxx commented that many people are passionate about their desire for visitor
parking. Mrs. O. of unit #XXX disagrees with this. She feels that people can park across the
street all day for $10 and commented that the spots in the back of the building are often congested
with Contractor and service vehicles that can often be heard from her unit being towed in the middle
of the night. Mrs. O. also expressed concern that there can never be a vehicle parked in front of the
compact room, in case of a fire or emergency. How does a fire truck get in the back? The President
noted that a fire truck would use the Siamese connection at the ramp. By implementing these visitor
parking spots, fire regulations will not be violated and this will likely ease the parking issue at the
back of the building.
Mr. P. of unit #XXX feels that it is very important to have visitor parking. In the past, Realtors
have refused to bring clients to the building because there is no visitor parking. This brings the
value of the building down.

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September 25, 2012

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Mr. N of Unit #XXX questioned if the Zip Car revenue is really worth it. Xxxxx xxxxxxxxx
commented that this is a different issue that can be addressed separately.
By show of hands, Bbbbbbbbb Bbbbbbbmotioned to approve Visitor Parking Rule #9.
All in favour, except Mrs. O. of unit #XXX. It was noted that all the proxies received
were also in favour.
MOTION CARRIED.
Other Business discussed:
Owner of unit #XXX commented that in regards to the decision to put cameras in the gym. She
wishes there had of been more discussion around this as she feels there are privacy issues.
Xxxxx xxxxxxxxx responded that the Board struggled with this decision for quite some time.
Due to gym equipment being stolen, and the room being used as a bedroom, they felt that
installing cameras and locking the doors was the best way to deter this from continuing.
One resident proposed that cameras outside the gym could have been proposed and the
monitoring of fobs entering the gym area. YYYY YYYYYY further commented that
sometimes the Board cannot wait for the AGM to address issues with the residents. Two
washroom entrance cameras were decided on, due to overflowing toilet destroying the gym.
Mr. W of unit #XXX asked if the AGM the only way to consult owners on Board decisions.
Mrs. O. of unit #XXX commented that we used to have monthly meetings. Xxxxx xxxxxxxxx
reminded all that the Property Management office has a suggestion box, where concerns and
issues are put on the Boards monthly meeting agenda and discussed. Also, these meeting
minutes are available to everyone. This is an excellent means to have your issues addressed.
Mr. T of unit #XXX requested that the timing of the lights above his parking spot needs to be
adjusted to stay on longer. He has experienced an issue changing the oil in his car. Bbbbbbbbb
Bbbbbbb reminded him that changing your car oil is prohibited in the underground parking.
Xxxxx xxxxxxxxx requested that he put this request in an email to Management and himself.
Mr. W of unit #XXX also made the same request for his parking spot, sensor needs to be
adjusted. It just doesnt turn on fast enough upon entering.
Mrs. O. of unit #XXX readdressed the Toronto Star article that she brought up at last years AGM,
involving the fraudulent activity with Corporation funds of seven other buildings in the GTA. The
owners of these 7 buildings involved were faced with a special assessment to make up this lost
money. What is this board doing to prevent this from happening to us? Shouldnt we be speaking
to a Corporation lawyer? The Property Manager addressed this issue again stating that this was a
rare case where the bonding agencies involved did not verify the loans they gave out. Further
details are unknown and investigation is ongoing. The loan company is on the hook for this
case. The monies were sent out of the company through a 3rd party Construction company that
these fraudulent people owned.
The following safeguards are in place to prevent this from
happening:

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September 25, 2012

Page 10

The Management Co. has fidelity insurance in the amount of $500K.

Issuance of large cheques, require the bank to call and verify the signatures.
All cheques must be counter-signed by someone on the Board
.
Mrs. O. of unit #XXX further questioned the Board on what steps are being taken to prevent this
from happening. The Board commented that they have no reason to suspect Management is
fraudulent in any way. Another safeguard is that for every expenditure at least 3 quotes/bids are
collected to ensure Contractors are competitive.
Owner of unit #XXX suspects an existing parking spot is being rented out to a non-resident.
Xxxxx xxxxxxxxx stressed that everyone needs to make Management aware of this so they can
take action. The by-law states that a spot can only be rented to someone living in the building.
Mr. W. of unit #XXX commented that often the driveway before the gate is blocked. Can
anything be done about this? Can the Security Guards not issue tickets? This might also assist
with the congested area in the back of the building. Xxxxx xxxxxxxxx responded that this area
at the gate is public property, not private. The Board will look into the option of having the
Security Guard licensed to issue tickets. He further noted that if you can identify recurring
offenders, this will help the Board take action.
11.

TERMINATION OF MEETING
There being no further questions from the owners, the meeting was adjourned at 10 pm.
Motion to terminate the 2012 Annual General Meeting of Owners of the
Metropolitan Toronto Condominium Corporation No. XXXX at 10:00 p.m.
Moved by: Mrs. M of unit #XXX
Seconded by: Mr. V of unit #XXX
ALL IN FAVOUR. MOTION CARRIED.

APPROVED BY:

___________________________________
President

Minutes of the Annual General Meeting

MTCC # XXXX

____________________________________
Secretary

September 25, 2012

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