Finance Update November 2020

Travel and gathering restrictions resulted in a decision to hold our 2020 BCRTA AGM online.  This brought about a significant savings and contributed to a future surplus.  The uncertainty of the restrictions made it difficult to project expenditures for the coming year.  The AGM approved a budget based primarily on the previous year’s anticipated budget. We as a Finance Committee continue to monitor our income, expenditures and investments.

I’m certain that you are watching your personal investments as interest rates are dropping. The Finance Committee continues to do the same with the BCRTA investments. We have some GICs that mature before the end of December and those GICs will be reinvested at the lower interest rate currently available.

Our financial systems have been fully migrated to upgraded software. This has moved the organization to a professional industry standard for bookkeeping and reporting.  We are grateful to staff for the additional work and commitment to this transition.

The BCRTA’s priority at this time is to follow government recommendations regarding travel and gatherings.  We do not want to put any of our members at risk.  Staff continue to work primarily from home, visiting the office on a regular schedule to manage mail and other paperwork. The building in which we operate continues to be closed to visitors, but our phones are staffed for regular working hours, and you can reach our staff at any time via email office@bcrta.ca.

Our services to members continue, uninterrupted.

Submitted by Grace Wilson, Chair, Finance Committee