During the AGM held this Monday Nov. 17th, LPP Chartered Accountants reviewed the Association’s annual finances, worth millions of dollars.
Some of the major expenses last term included the renovation of the second floor of SE2, creating more club meeting room, childcare expenses, renovation of the student lounge of the Downtown campus, etc.
A majority of their expenses, however, still go towards paying their $2,000,000 dollar loan from Vancity, which was taken to pay for the renovations of the second floor in SE2, and childcare.
The Association will be paying back the loan for the next 15 years, costing them approximately $15,000 per month; however once interest rate changes, so will the monthly amount.
Also discussed in Council was the construction of a staircase in SE2 that will begin next week. The new staircase will be built to connect the second and the third floor through the grand hall.
Director and chair of the Student Space Committee, Caroline Gagnon, told Council most of the work would be done while students were not in class to avoid affecting them, particularly since construction will not be done until January.
The first phase of the renovation will be the staircase; however, next summer construction will resume as the Association will close the current staircase connecting the second and third floor, and move Career Services into Council Chambers.
The last meeting of the term will be held on Monday Dec. 1st.