For the first time by videoconference, the administrative board gathered on the 14^th of March (see the memo), to face the consequences of the Covid 19 epidemic of the community management.

The aspects evaluated were those relating to the application of the national and regional orders on health safety, reported in the previous press releases (link1 and link 2), and the economic aspects, predicting significant consequences for the next summer season, the latter questioned by the ongoing emergency. As you know there are no bookings for rentals and a serious reduction in all the activities is increasingly likely, causing negative economic consequences.

Regarding the administration of the Community, see what reported by the treasurer:

"... the Treasurer announces that, even if at 10 March 2020 the current assets amount to over 650,000 €, the financial situation is not so good: in fact, on 5 March, the Abbanoa invoice relating to the water supply for the period from 3 May 2019 to 24 July 2019, has an amount of over € 181,000, the payment of the latter is expected in three installments starting from next April.

The collections of the last few weeks are small (the monthly incomings do not cover the cost of the employees) and the timing of the collections of the quotas that the Community charged to the participants is not in line with the financial needs: on the 28^th of February outstanding credits relating to the current year amounted to over € 360,000 (26.36% of the shares requested). The down payment requested last May differs from the approved budgets for an amount of more than € 260,000. Moreover, the bills’ payment related to the supply of water for the period up to 24 July 2019, after an initial positive response, suffered a sharp slowdown too: on the 28^th of February the credits for the bills released in the last January t exceed € 140,000 (47% of the total bills issued). "

The Board acknowledged what was declared by the treasurer and unanimously proceeded with the request for the balance of the 2019-2020 financial year and the balance for the 2020-2021 once, equal to 90% of the share of the previous one, within the first ten days of May. After the approval of the Budget 2020-2021, the balance will be requested only in the event of a large deviation from the previous year's budget; otherwise the 2020-2021 balance will be required in conjunction with the advance payment of the following one.

The Board defers to April 4th for a further conference call to closely monitor the development of the epidemic emergency and consequently take the necessary measures. As previously mentioned, the security service, together with the police, carefully monitors the legality of the entrees with self-certification and the observance of the quarantine rules (link)

The Administration Board of the Community

Costa Paradiso March 25, 2020