The University Neighbourhoods Association showed a surplus of $900,325 for the 2023–24 fiscal year, based on a preliminary financial report presented to UNA directors at the board’s June 18 meeting.
The surplus arose as revenues were higher than expected and expenditures were lower.
Directors were reminded that the results are preliminary and could change because of year-end adjustments. The UNA says audited financial statements will be published on the website in the coming weeks.
Revenues for the fiscal year, which ended March 31, were $7,613,559 against a budgeted amount of $7,316,132, a variance to the plus side of $297,427. The UNA spent $6,713,235 against a budgeted amount of $7,316,132.
Revenue from the UBC Neighbours Levy came in $93,964 over budget. The levy funds municipal services for UNA residents. UBC neighbourhoods are not part of a municipality but are governed by UBC.
User fees for recreation and culture activities such as the use of the community centres and playing fields were $118,932 higher than forecast. The Other Revenues line was $93,839 higher than forecast, the biggest items covering payments for maintenance support from UBC Properties Trust and parking fees.
Total expenditures were under budget due largely to weather conditions that prevented some projects from going ahead, and lower costs for snow removal and storm damage cleanup.
The budget surplus is expected to be added to the UNA’s reserves but the decision on how the funds will be allocated will wait until accounts for the fiscal year are finalized.
UNA director Bill Holmes expressed concern that recurring budget surpluses could put the UNA’s non-profit tax status at risk. It would be best, he said, to aim for a balanced budget and avoid that risk.
In other news, the board approved a new five-year lease for the Greenway South Community Garden, which has 30 plots and a tool shed. The agreement with UBC came up for renewal after a three-year lease expired in April. The garden generated a $500 profit for the UNA, bringing in $1,850 a year in revenue against costs of $1,350.
The board also agreed to renew the UNA’s administrative office lease with UBC Properties Trust. That followed last month’s postponement, as new information regarding comparable lease rates was gathered and presented to the board alongside requested changes to the agreement.
DANIEL LI IS A GRADE 11 STUDENT PASSIONATE ABOUT POLITICS AND JOURNALISM.