VIA has reduced its budget deficit by over $50,000 in the year to the end of March according to its annual report, released today in advance of next week’s Annual General Meeting.But the association is still burning savings at a drastic rate – $180,619 in deficit for the year on revenue of $478,596 and costs of $659,215.
The 2019 year deficit was $233,181. In the last year the association has been slashing costs, including ditching its Mount Wellington office.
The association now has just $104,047 in retained earnings, or specifically $139,873 in cash on hand, meaning that without changes it would be insolvent within the next year.
Massive change, as previously reported, is underway. The association has restructured to move from a regional representation structure, to a council system giving additional control to those who fund it the most – essentially the supply chain.
The AGM will be held next Tuesday, July 21, at 2.30pm in the Centenary Lounge of Eden Park.
