18 – Minutes of the Annual General Meeting of the General Community of HRGR 08.02.2023

Related to the AGM of the GC of HRGR which was held on 8th February 2023, please find below the introduction produced by the Board of the General Community of HRGR.

“‘The Board feel that a brief explanation of the significant rise in the GC Budget for 2023 compared to 2022 would be helpful. In the first instance we fully appreciate the financial constraints that we are all feeling in the current economic climate. Since 2017 the GC Budget has hardly increased year on year whereas the cumulative CPI (Consumer Price Index) increase has been approximately 10% through to the end of 2021. Costs throughout the world have increased significantly during 2022 resulting in the CPI for the past year increasing by approximately 6% over the same period. In addition it is worth noting that the GC Budget for 2022 only included for A2Z (telephone and internet) costs through to the end of May and also that the huge increase in electricity costs during 2022 was not fully anticipated when the GC Budget was set. The reason that previous years’ budgets did not increase in line with CPI was that the increased costs were largely offset by releasing some of the Reserves. The Board feel that this release of Reserves cannot continue any longer as the Reserves need to be built back up so that we are able fund major repairs and maintenance works (e.g. future repainting of the external facades) as the Resort is now 15 years old.”

The table below shows the evolution of the GC and EUCC Budget and the percentage increase or decrease each year from 2017 to 2022.

Column E shows the percentage change for each year compared to the previous year.

Column F shows the actual increase of the CPI (Consumer Price Index) as established each year by the INE (National Institute of Statistics).