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Co-op members OK
budgets for 2010 operations and Watervliet Avenue development
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by Deborah Trupin
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On January 24, Honest
Weight Food Co-op members met to review the budgets for 2010. Both
budgets were passed after discussion. Over 160 HWFC members attended
this meeting, well over the 100 required for quorum.
The HWFC bylaws require that the Board present two budgets to the
membership each year for discussion and review--the annual operating
budget and a capital expenditure budget. Both budgets are prepared by
HWFC staff and Board and sent to members before the annual budget
meeting.
HWFC treasurer Kyle Lawrence and finance manager Duke Bouchard
presented the annual operating budget. After reviewing the budget, they
took questions from assembled members. There were relatively few
questions and the budget passed nearly unanimously. In most years, the
capital expenses budget includes things that HWFC wants to do to
improve its premises, such as purchasing new equipment. This year, the
capital expenses budget is for the development the Co-op's new property
on Watervliet Avenue.
Duke Bouchard presented the budget for the development of Watervliet
Avenue. He explained the work that the Facilities committee has been
doing to obtain financing for the new building. He noted that while
HWFC has qualified for the New Markets Tax Credit, we have not yet
found a lender for this program. Thus, the committee has simultaneously
begun to work on a scaled-back design for the new store.
Duke explained that the budget for the development of 100 Watervliet
Avenue includes fees for architects and consultants, and an owner's
representative fee, as well as for general pre-construction costs. He
said that there would be a later, separate budget for costs associated
with the financing of building construction, equipment, inventory,
etc., for the new store.
He pointed out that if financing comes through in the near future, the
Co-op will proceed with the design already approved by members. Duke
emphasized that members will continue to vote at all important steps in
the process.
There was substantial discussion about this budget. Some members called
for additional member loans and "building blocks," while others asked
for more explanations in an attempt to understand a somewhat complex
situation.
Eventually, the members cast their ballots. The capital expenses budget
also passed by a very large majority, approximately 80%.
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