Annual Report 30 June 2001 / The FMI – Fredericton Chapter
Annual Report 30 June 2001
The Financial Management Institute of Canada
Fredericton Chapter
Sharing Best Practices in Managing Public Sector Resources
Fredericton Chapter
P.O.Box 20189
Fredericton, NB
E3B 7A2
ANNUAL REPORT
YEAR ENDED 30 JUNE 2001
14 September 2001
TABLE OF CONTENTS
Board of Directors …………………………………….….. / 2Committees ……………………………………..………… / 2
President’s Report.…...... ………...... ……….. / 3
Program Committee Report...... ……...... ……….... / 6
The Chapter’s Sponsors ……………………………….. / 9
2000-2001 Program Events .…...... ………... / 10
Statement of Responsibility ...... …………. / 12
Management Discussion and Analysis ...... ……….. / 13
Auditor’s Report ...... ………... / 15
Statement of Financial Position ...... ……….. / 16
Statement of Operations and Changes in Net Assets / 17
Statement of Cash Flows ...... ……...... / 18
Notes to the Financial Statements ...... ………... / 19
2001-2002 Budget ...... ………... / 20
Chapter Constitution ..…………………….…………….... / 22
Members’ Directory ..…………………………………...… / 26
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BOARD OF DIRECTORS
2001-2002 / 2000-2001President / Heather Silver / Murray Lambert
Past President / Murray Lambert / Peter Wolters
1st Vice-President / Mike Gagnon / Heather Silver
2nd Vice-President / Yvonne Samson / Mike Gagnon
Secretary / Brenda Waye / Brenda Waye
Treasurer / Marie Clohosy / Marie Clohosy
Director / Jim Doyle / Vishnu Chotai
Director / Bruce Jamieson / Jeff Chown
Director / Terry Loughead / Jim Doyle
Director / Véronique Mercier / Bruce Jamieson
Director / Ron White / Ron Naugler
Director / Peter Wolters / Shelley Pelkey
Director / Yvonne Samson
Director / Murray Wright
COMMITTEES
PROGRAM COMMITTEE: / Mike Gagnon (co-chair)Yvonne Samson (co-chair) / Heather Silver(co-chair)Mike Gagnon (co-chair)
Kelly Banks
Jim Doyle
Chris Barrington
Véronique Mercier / Kelly BanksYvonne SamsonJim DoyleLeann Collings
NOMINATING COMMITTEE: / Murray Lambert (chair) / Peter Wolters (chair)
STRATEGIC PLANNING COMMITTEE: / Heather Silver (chair) / Murray Lambert (chair)
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PRESIDENT’S REPORT
The Past
Another year gone by already! And a busy one for FMI Fredericton. First and foremost, I would like to extend my thanks to the Program Committee, the FMI Board and all those who participated in FMI events for making this term in office so rewarding and vigorous. Our Chapter is truly fortunate to have had the strong and continuous leadership it has had from key members. It is the power of this continuity combined with a revitalized interest from new members becoming involved in the FMI organization that forges our strength.
With new people come new ideas for keeping our members up to date on current affairs and important practices affecting the financial and other areas of management. This certainly proved to be the case during my term of office! And, with the considerable support our Honorary Members have so generously contributed, FMI will continue the philosophy of “giving back to its members” that helps keep us vital. The significance of the support from Premier Bernard Lord, Finance Minister Norm Betts, Auditor General Daryl Wilson, and Comptroller Mike Ferguson, cannot be overstated, both in terms of attracting membership and in providing guidance with our choice of program events. Having seen Chapter membership grow steadily to 164 members, it is clear that FMI works for our members, whatever part of government they come from!
This year we continued the practice of subsidizing non-member costs of attending our professional development days. This initiative, started 2 years ago now, has proven to be a successful means of attracting new members. It has helped FMI Fredericton become one of the largest Chapters in Canada! We also have a high member retention rate that I believe is fostered by our unique blend of current topics, best practice updates, and networking opportunities.
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The Present
Our philosophy of introducing new Board members and coaching them in FMI affairs is paying off as our last year’s members are all moving upward in our organization and gaining valuable experience in the process. My congratulations to Heather Silver, our new President! It only took Heather a year to prove she is a great asset to FMI. She stepped in and took control of one of our toughest assignments – Professional Development Days, and never looked back. I know Heather is looking forward to leading our Board and serving members in the coming year. She is already busy organizing meetings! Heather will have Mike Gagnon and Yvonne Samson to help her in their roles of First and Second Vice Presidents respectively. Mike was a real pleasure to work with this year (actually, he did all the work) and I wish him much success as he continues as one of FMI’s pillars of strength in the coming year. Yvonne has been a loyal and enthusiastic “backbench” FMI supporter for a couple of years now, even while doing UFE studies! This coming year Yvonne will gain some visibility as she has accepted the responsibility of taking charge of our monthly luncheons. We were also successful in attracting new Board representation from the departments of Education and Health and Wellness, and from Service New Brunswick. Input from Ron, Terry, and Véronique will help to broaden our outlook and enhance our resourcefulness.
The Future
This coming year is especially important to FMI Fredericton as we get ready to host the PSMW 2002. This conference continues to draw nearly 200 people from all across Canada, and attracts several high profile speakers each year. This May, Heather, Peter, Bruce, Mary, other FMI Fredericton members, and myself attended the PSMW 2001 in Regina. Our PSMW 2002 team put on an excellent display, inviting all on hand to come to our Fredericton conference in May 2002. As Past President, I will be right there to help support the conference, and I hope that our members will take advantage of this conference to learn what is happening in the financial world around Canada and especially in our own Province. PSMW 2002 is chaired by none other than our own Peter Wolters,
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whose knowledge and enthusiasm is matched only by his loyalty to the FMI cause. Peter has proven to be a great leader for us over the years, and was involved in our last PSMW in 1996. I feel comfortable knowing that PSMW 2002 will be a certain success under his control.
Time has come to bid you farewell as President and assume the less prominent role of Past President. I would like to thank all members who helped us make this a successful year, and I urge you to promote FMI to your friends and colleagues so that all members may benefit from their participation in FMI events.
Murray Lambert, FCGA
Chapter President, 2000-01
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PROGRAM COMMITTEE REPORT
The Program Committee had a very busy and successful year. Adding some new faces to the committee, along with those from the prior year, made for a combination that produced some very exciting results. Two of those new faces were co-chairs of the committee, Heather Silver and myself, Mike Gagnon. This was the first time that co-chairs were used and it worked very well with one taking the lead on the luncheon program while the other focused on the professional development days. With the help of a dedicated committee things went quite smoothly. Making up the team were committee members Yvonne Samson, Kelly Banks, Jim Doyle and Leann Collings. Heather and I would like to thank the committee, as well as members of the Executive, for their hard work, dedication and tremendous support, which above all, made it a very enjoyable experience.
Continuing the focus of previous years, our goal was to provide an exceptional program that brought our members together to hear and interact with dynamic professionals speaking on current and interesting topics.
Our seven speaker series luncheons were well attended and averaged almost 50 members per session. Our professional development days, a half-day in November and a full day in April, were both very successful with a total of 90 members and non-members in attendance. This year we had the opportunity to collaborate with the Office of the Comptroller and received a tremendous response to this event with 82 in attendance. Our special thanks to Janet Gallagher of the Comptroller’s office for her hard work in helping put this all together. An effort to use varying venues from time to time throughout the year seemed to go over quite well with the members. A special thanks to Marie Clohosy for her efforts in attaining the use of facilities at the RCMP Headquarters, another well attended function.
General Meeting
Our General Meeting held in June included in its program a
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special tribute to all former directors and 10 year members as a
highlight of our 10th year anniversary. To mark this special occasion we were delighted to have Carol Loughrey, a founder of
the Fredericton Chapter, address the gathering. The business meeting was followed by a BBQ buffet and activities such as golf,
pool and volleyball. The evening was well attended and a great ending to a tremendous year.
Members Tell Us
This year as in other years we continued to monitor the success of speaker luncheons and Professional Development Days by providing feedback cards to all our attendees. In general, the responses were extremely positive with comments almost exclusively affirmative in their satisfaction with our speakers and their presentations. The comments on the food/facilities /service were also monitored very closely. Again, the majority of these responses expressed satisfaction in these areas. The committee looked into any comments identifying areas requiring improvement and took the appropriate action that we felt would provide the delivery of a better program. The importance of this feedback from our members is without question a priority for our committee
Attendance
When it comes to activities and member support, we continue to rank as one of the best FMI Chapters in Canada. For the year ended 30 June 2001, we provided professional development, current event updates, and networking for 470 cumulative members. That compares to 351 in 2000 and 263 in 1999. Average attendance per function was 47, compared to 43 in 2000 and 35 in 1999. We are definitely doing something right and things are looking up!
We are certainly appreciative of our member support! Excluding our PD Day events, luncheon attendance averaged 50 members,
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a 21% increase over 2000! It is support like this that has helped
us become the professional organization of choice for government financial, management, technology, and human resource employees in Fredericton. These numbers certainly reflect a growing interest in all that FMI and the local Chapter have to offer.
Financial Results
The Program Committee produces about 70% of the Chapter’s revenues and represents about 46% of its annual expenditures. So, it makes sense that we also have the greatest impact on the Chapter’s operations and its financial condition. I am proud to report that our programs earned a surplus of $2,007 in 2001, compared to $1,462 in 2000 and $1,930 in 1999. For the third consecutive year, we offered members a special appreciation meal at our General Meeting in June.
Making a Difference
Within the Program Committee and throughout the Chapter membership, there is increased confidence in our ability to bring members the best value for money in seminars and professional development. We offer members regular monthly events and are able to attract top quality speakers from within government, and the education and business communities. Our line-up for 2001-2002 will continue with this tradition.
The Chapter’s profile is evident in FMI National publications and we have extensive information on the FMI National’s home page on the Internet at . Our member appreciation award towards the cost of attending the national Public Sector Management Workshop is designed to attract members to our events on a regular basis. Members attending the most events have the greatest chance of winning the award in our random draw.
Members also get a break on event fees. Attending all events this year would have saved a member $85 in fees. That was quite a return on a mere $32.25 investment!
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In closing, on behalf of the Program Committee, Heather Silver and I would like to thank members and the Board for their support this year. I look forward to working with the incoming Program Co-Chair, Yvonne Samson and our new Program Committee. I would also like to congratulate Heather as she takes on the role of President in the upcoming year.
Mike Gagnon
Chapter Vice President 2000-2001
and Program Committee Co –Chair
THE CHAPTER’S SPONSORS
2000-2001
We were proud to provide promotion and receive consideration from the following sponsors and prize contributors. We thank these excellent organizations for their support.
Professional Development Sponsors
CGA New Brunswick
Fairmont Algonquin Hotel
Lord Beaverbrook Hotel
Kingswood
Speaker Luncheon Prize Donors
Kingswood
The Head Shoppe
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2000-2001 PROGRAM EVENTS
28 September 2000 / Annual General Meeting and Update from the Auditor GeneralDaryl Wilson, FCA
Auditor General of New Brunswick
19 October 2000 / Sounding the Alarm on Poverty
Elizabeth Weir M.L.A.
30 November 2000 / Personal Growth and Career Management
A Half-Day Professional Development Seminar
Premier Bernard Lord - Revitalizing the Civil Service
Paul Masterson – Career Planning
Laura Freeman – Career Opportunities in the N.B. Government
14 December 2000 / Accrual Accounting
Mike Ferguson, C.A.
Comptroller, Province of N.B.
24 January 2001 / Modernizing Government
Lori MacMullin, C.I.O. Province of N.B.
15 February 2001 / Beyond A Hard Place – Effect of E.I. Reform on Atlantic Canada
Rick Audus, U.N.B.
22 March 2001 / Greater Opportunities/Fiscal Prudence
Financial Overview/Economic Outlook
Hon. Norm Betts, Minister of Finance
Province of N.B.
19 April 2001 / Managing E-Business Innovation
A Full-Day Professional Development Seminar
Hon. Peter Mesheau –Technology’s Role in Attracting New Investment
Bob Gamble, S.N.B. – E-Commerce in the N.B. Government
Hon. Joan MacAlpine – E -Commerce Impact on Business
Dr. Charles Davies- Latest developments in E –Commerce
Dr.Andrew Woodsworth, Director General, N.R.C.
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24 May 2001 / Research, Development and Investment in Atlantic CanadaAndy Scott, M.P.
19 June 2001 / General Meeting
Following the business meeting which included the Election of Officers, to celebrate the Fredericton Chapters 10th Anniversary there were presentations to 10 year members and past directors. The special guest speaker was Carol Loughrey.
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STATEMENT OF RESPONSIBILITY
The financial statements for the year ended 30 June 2001 contained in the annual report have been prepared by the Treasurer of the Chapter. The financial statements include the Statement of Financial Position, Statement of Operations and Changes in Net Assets, Statement of Cash Flows, and Notes to the Financial Statements. Financial statement integrity and objectivity is the responsibility of the Chapter’s Board of Directors.
To help fulfill this responsibility, an accounting system and related controls are established and maintained to provide reasonable assurance that transactions are properly authorized, executed, and reported. The financial statements are prepared in accordance with generally accepted accounting principles.
The Chapter’s auditor has examined these financial statements, and expressed his opinion thereon in the accompanying report.
These financial statements have been approved by the Board of Directors of the Fredericton Chapter.
Marie Clohosy, CMA,
Chapter Treasurer
August 22, 2001
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MANAGEMENT DISCUSSION AND ANALYSIS
2000-2001 FISCAL YEAR
The following comments explain the manner in which the financial resources of the Fredericton Chapter were managed during 2000-2001.
Financial Analysis
Revenues totaled $12,566 (2000: $13,593) and expenditures were $14,622 (2000: $15,059 ) for an overall operating deficit of $2,056 (2000:$(1,466)).
The following table provides an overview of the revenues and expenditures for the year.
2001 / 2000Revenues / Expenditures / Net / Revenues / Expenditures / Net
Membership Fees / $2,971 / 2,127 / 844 / $ 2,623 / $ 1,208 / $ 1,415
Bursary / 500 / (500) / 500 / (500)
10th Anniversary Celebrations / 1,136 / (1,136)
Membership Promotion & Appreciation / 600 / (600) / 677 / (677)
Interest / 853 / 853 / 853 / 853
Program Events / 8,742 / 6,735 / 2,007 / 10,117 / 8,655 / 1,462
PSMWs / 687 / (687) / 700 / (700)
General meetings / 1,917 / (1,917) / 2,033 / (2,033)
Administration / 920 / (920) / 1,286 / (1,286)
TOTAL / $12,566 / $14,622 / $(2,056) / $13,593 / $ 15,059 / $(1,466)
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The decrease in the net margin for Membership Fees is attributable to a portion of the revenue appearing under Program Events whereby non-members obtained membership status through their attendance at the Professional Development Days. This practice of recruiting new members has proven to be very successful once again this year.
Expenditures for the 10th Anniversary Celebrations were lower than expected. Most of the surplus was used to provide for a fully catered general meeting followed by social activities.
Program Events are also showing a positive variance which is due to a higher return than planned for the Professional Development Days.
The Chapter’s cumulative net assets total $ 18,762.
Ten Years of Growth!
The Fredericton Chapter has seen a tremendous growth in its membership, rising from 53 members at the time of inception to 164 members by year end 2001– a growth of 309%.
All of our activities are open to members and non-members who wish to participate in our seminars, lectures, and luncheon meetings.
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AUDITOR’S REPORT
To the Members of
The Financial Management Institute of Canada
Fredericton Chapter
I have audited the statement of financial position of The Financial Management Institute of Canada, Fredericton Chapter, as at 30 June 2001, and the statements of operations and changes in net assets and of cash flows for the year then ended. These financial statements are the responsibility of the Chapter's Board of Directors. My responsibility is to express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Chapter's Board of Directors, as well as evaluating the overall financial statement presentation.