Chairman's Report
| Your Revelstoke Community Forest Corporation has now completed its seventh year of operation. This year saw continued financial success which has generated a combined total of $2.764 million in retained earnings. This year's earnings are down from last year due to market conditions and the heavy volumes of pulp wood which was sold at a loss, but the Corporation continues to generate profits for its shareholders each year. | |
| RCFC underwent a corporate restructuring this year to adapt to federal income tax changes, but more importantly to protect RCFC's retained earnings against any liabilities that RCFC might incur. RCFC still exists as an entity, of course, but it is paired with RCFC Holding Company Ltd. which acts as a management company for RCFC. |
| The community forest continues to receive many inquiries from interested entities and the establishment of this website (rcfc.bc.ca) has resulted in significant savings in staff time, printing, postage and stationery. Our historical background publication and annual reports are available and we also have gained significantly wider market access by posting our weekly log sales on the site. Your Corporation's high profile was enhanced this year by Mike Halleran's Westland TV Series production of a special documentary on RCFC. This was the third such production on forestry and land use issues in Revelstoke, by Westland, in the past decade. We continue to investigate the business of having our wood certified. Our present customers have indicated that they have little interest in certified wood at this time, but it is anticipated that "the market" will demand certification at some time in the future. As assessment to determine our eligibility for certification could cost in excess of $40,000 and is not without its risks. We will be monitoring this issue closely. Our Management Plan #3 is nearing completion and will soon be forwarded to Victoria where it will be scrutinized by the Chief Forester who will then determine our A.A.C. for the 5 years, starting May 2001. By doing a lot of this planning "in-house" versus using consultants, we effected some $70,000 in savings. Your Corporation was pleased to provide financial assistance to a number of local organizations and groups, including the Logger's Sports Day, Snowmobile Club, Forestry Museum Society, Revelstoke Secondary School's Wood Forum Competitors and the Revelstoke Community Foundation. We continued to collaborate with Bell Pole, Downie Timber, Tolko and Louisiana Pacific, to fund a program that promotes forest education in our schools at all levels (elementary to Okanagan University College). It is with regret that the Board received the resignations of Bill King and Mark McKee as Directors this past year. Both Bill and Mark were charter members of the Board and played key roles in RCFC's formation. Their experience, wise counsel and pleasant nature will be missed and we thank them for their years of dedicated service. We also welcome our new Board members, Mayor Gail Bernacki and Councillor Martin Fransen. In closing, I want to thank my fellow Directors, our excellent staff, our Industry Partners, our contractors and our customers for their respective roles in another successful year of operation for R.C.F.C.
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[Table
of Contents] [Mayor's Address] [Foreword]
[Chairman's Report]
[General Manager's Report] [Log
Sales Reports] [Ortho Photo]
[Financial Statements] [Corporate
Data] [Board of Directors]
