SUNDAY, MAY 29TH, 2011
10:00 a.m. Hornby Island Community Hall
Dear Members,
At our AGM this year we have reasons to CELEBRATE and some reasons to be wary about our future economic outlook. To start with the positive, it is most appropriate we salute our wonderful Co-op EMPLOYEES, our supportive MEMBERS and the successful completion of our fabulous new GAS BAR.
Organizations often claim that “employees are our most important asset” and that is certainly very true for our Co-op. We are “powered” by 42 employees and contractors. Many have been with the Co-op for a long time. Some will be familiar to you and are “the face” of the Co-op, but others are contributing behind the scene in a variety of ways. All are key to the past and future success of our Co-op and we sincerely thank them and celebrate their dedication.
Another important ingredient in our success is our growing membership that now exceeds 1400. Like our employees, the Co-op would not function without the support and encouragement of our members. That probably is “an adventure into the obvious” but we should pause to celebrate our member’s contribution not only to the Co-op but to the community – thank you!
Included with this letter is an information brochure celebrating the successful completion of the new Gas Bar. While it was a long and sometimes frustrating journey, it was most rewarding to see it come to fruition about a year ago. As this really represents a significant achievement by the Co-op and the community, we should celebrate and recognize this success.
While celebrating we must also consider the economic reality and challenges ahead of us. Sales increased a modest 2% last year, about the level of inflation.
Thanks to the ongoing, diligent efforts of management and staff, gross margins increased by almost 4%. Our operating expenses were well controlled but we incurred a significant increase in maintenance cost and also depreciation associated with the new Gas Bar. As a result, our net savings declined by 38% to $92,796.
For 2011/12 we face the challenge of paying for the Gas Bar, which we can do and dealing with a number of costly maintenance items for the store – never a shortage of challenges! As the outlook for this year is “more of the same”, we need to find ways to boost sales, grow margins and continue to control costs.
Thank you and we look forward to your continued support and encouragement.
