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32 Credit Union AGM Booklet 2024
beyond the reach of most borrowing members. As a
result, units would primarily be sold to non-members,
limiting long-term bene昀椀ts for the credit union.
Additionally, constructing the units involves risks and
would yield less pro昀椀t compared to selling the land
outright.
•
After careful consideration of the current economic
conditions the Board has decided to hold and explore
all options on the development project. The
Development Committee continues to advise the Board
on all options.
Summary
We are more than just a 昀椀nancial institution; we’re a local,
member-owned cooperative, and members are at the
centre of all we do.
The numbers and moments they represent re昀氀ect our
growth and strong 昀椀nancial performance. But even more
important are the thousands of lives that have been
improved because of the common values and
understanding of what can be accomplished through the
power of the cooperative—members helping members for
the individual and collective good of everyone involved.
Our Credit Union is here for all the moments that matter in
your life. Together, we will continue to write our story,
guided by our common focus and unwavering
determination to improve our members' 昀椀nancial wellbeing!
Looking Ahead
Looking forward, we expect that the 2024/25 昀椀nancial year
will be impacted by:
•
Lower interest rates in the market will increase
competition and reduce returns on 昀椀xed deposits
placed with banks.
•
Members will prioritise land ownership over
homeownership due to the lack of affordable housing.
Our plans and actions will continue to be guided by a clear
strategy anchored in our values, purpose, vision, mission,
and the needs of members and employees. As we look
ahead to 2024/2025, the objectives are:
•
Continuing to enhance member service delivery by
improving our response to member requests,
implementing an online application system for new
accounts and loans, providing additional location and
resources at our Country Corner Branch, and providing
targeted member 昀椀nancial education to improve
昀椀nancial wellness.
•
Emphasise community involvement by completing a
strategy re昀氀ecting the Credit Union Difference.
•
Maintaining 昀椀nancial health through monitoring and
management of key performance indicators,
automating 昀椀nancial reporting, cross-selling, and
diversifying revenue options.
•
We will continue growing the loan portfolio to meet
members' needs, focusing on short-term consumer,
land, and vehicle loans
•
Focusing on growing member savings through
昀椀nancial literacy for new and existing members and
昀椀rst-time borrowers.
•
Continue to strengthen risk management by enhancing
data integrity and protection, developing a policy
framework, prioritising digital transformation, and
improving risk reporting.
•
Engage and motivate employees by improving
communication, encouraging participation and
volunteerism, training, and implementing the cultural
strategy.
Appreciation
As we collaborate, we look forward to a better future with
you, our members.
We will continue to grow from strength to strength as we
achieve more milestones in our 昀椀nancial journey.
We wish to record our appreciation to our loyal volunteers,
directors, committee members, management, staff, and all
who have assisted the Credit Union over the past year.
Special thanks to Jose Hernandez and Marco Archer, who
served six consecutive years on the Board and Supervisory
Committee, respectively, and who must retire for at least one
year.
Corinne Glasgow
Chairperson
