The minutes of the Board of Directors meeting held on November 16th 2021 have been published

At the meeting held on November 16th 2021 (link) the BoD discussed some important issues:

Update of the economic situation.

From May 1st 2021 to October 31st 2021, the sum collected for general management, sewerage management and other fees amounted to more than € 850,000.00; the outlays in the same period amounted to more than € 827,000.00; at October 31st the financial availability, amounted to more than € 1,075,000.00.

The Board of Directors decided to require, by next mid-December, the payment of the balance of shares for 2021-2022 financial year.

Abbanoa.

The attempt at civil mediation, promoted by the Community’s lawyer, at ARERA’s premises, on the ongoing dispute with Abbanoa, concerning the costs allocation and the tariffs to be applied on the water leakage in the network downstream from the master meter, was unsuccessful due to Abbanoa’s refusal to accept the Community’s reasons and the settlement proposed by ARERA (the Italian Regulatory Authority for Energy, Networks and Environment). The Community asked for the correct application of the contract stipulated with Abbanoa itself, which provides that the leakage in the internal network has to be shared equally among all users, applying to them the first level of the tariff established by the company. Abbanoa claims a different application, so that the Community has no choice but to pursue a ordinary suit against Abbanoa. The BoD unanimously decided to sue Abbanoa.    

Ongoing acquisitions by the Municipality.

The procedures at the Land Register for the transfer of the areas, equal to 85.28.65 ha, in the name of Trinità d’Agultu Municipality have been completed, such areas  were designed by the lotting plan to the works of primary urbanization. Regarding to the switchover of the road network, we agreed  with the Municipality to secure some sections of the road network. For this reason, in the sections  subject to higher risks, we are installing 250 meters total length guardrails, which would cost some € 45,000.00.

Update on arrears.

Total claims at October 31st 2021, including the requested 60% advance payment for the 2021-2022 financial year, amount to € 1,289,269.01. Further € 137,355.32( unpaid fees due by persons who are no longer owners, having sold their homes) should be added to this figure. Therefore nowadays the Community has a total credit equal to € 1,426,624.33.

Excluding the sums requested for the advance payment for the 2021-2022 financial year and not yet paid, amounting to € 307,000. 00 and the fees due by persons who are no longer owners (€ 137,355.32), at October 31st 2021 the total amount of the Community’s claims on the Participants is € 982,269.01, this is the real figure of the present state of arrears. At present, there are about 40 executive actions ongoing to recover the debts. Usually 25-30% of the actions come to a conclusion  with a settlement and recovery of expenses before the seizure of the debtor’s property.

Surveillance and security.

We had some preliminary contacts with companies operating in the surveillance and security sector to assess the adoption of alternative solutions to the current security service, on the basis of three general requirements: the hiring of Community employees actually providing this service, the cost should not  exceed the current Community expenses  for the security service and the use of modern technological tools to control the territory.

The Board of Directors of the Community

Costa Paradiso, November 23rd, 2021