The financial statement for 2004 is based on an independent financial report prepared by a professional accountant.

Unlike last year I am not able to report a surplus. However, at the last AGM we did indicate we would be incurring additional expenditures in keeping with our tenth anniversary and an equipment upgrade. In addition to these items we also had increased staffing costs. At the last AGM we reported that the CCN Boards over the last few years have been accumulating a surplus as a result of projects which have been carried out. It was these funds which were used for the extraordinary expenses.

For the most part the additional costs were associated with public relations/publicity for our Tenth Anniversary as well as with additional staffing and new equipment. The other expenditure which the Board incurred which was not in the budget was our membership in ACORN. The advantage to CCN in being a part of this organization is best explained by our VP and Technical Chair. We would like to point out that the additional expenditures associated with our Anniversary will not be incurred again for the foreseeable future.

Our overall revenue was down from 2003 by 3.5%. I should point out that we had an exceptionally good year in 2003. However, if we remove the extraordinary expenditures we would have had a balanced budget.

Much of the surplus noted above has been derived from projects which Chebucto applied to undertake. Some of these were associated with the Community Access Program. Funding accrued to Chebucto because much of the work was undertaken by volunteers. For instance we managed to earn approximately $15,000 from the National Conference which we hosted in Halifax. The intention of this Board as well as previous Boards is that these surplus funds be held for special projects or in case of unforeseen difficulties. These funds are held in interest bearing accounts which resulted in additional income over the past year of $758.

We anticipate the level of spending for staff next year will return to pre 2004 levels. The Board has had a review of staff needs with a view to determining how we cope with the ongoing technical demands which are often too onerous to be addressed by volunteers. You will see that we have reduced our allotment for staff considerably for next year. This figure will be carefully monitored and if revenues are not sufficient we will be able to reduce costs accordingly. The budget for 2005 is balanced and unlike 2004 the Board intends to return to the practice of having current revenues match expenditures thus if the revenues drop so, too, will our spending.

We continue to be pleased with our "credit card transaction" arrangement with IATS TicketMaster through which we have been able to reduce the level of fees we were being charged. Further, we find the service to be very efficient. As we pointed out last year the focus of TicketMaster is on small business and not-for-profits.

The Board has been involved in strategic planning process which we hope will result in a invigorated approach to increasing membership - both individuals/families and organizations. And at this point we are optimistic about our future.

Treasurer's 2004 Statement and 2005 Budget

Statement of Income and Surplus

Balance Sheet

Treasurer
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