
2018-2019 Annual Report South Shore Opportunities
The year April 1, 2018 to March 31, 2019 ended with an Operating Account deficit of $580.34. The Board used $158,000 interest earnings from Investment to supplement the deficit this year. $242,912 was received in operating income from ACOA. The corporation had budgeted $277,665 revenues plus the need to use $ 203,430 interest from investment earnings for a total of 481,095. Budgeted expenses were $481,095. Actual revenues achieved were $293,554.65 plus a transfer of $158,000 from investment earnings, totaling operating revenue $ 451,554.65. Actual interest from earnings used was $45,430 less than budgeted. Revenues exclusive of use of investment earnings were $15,890 more than budgeted due mainly to higher than anticipated interest on deposit and a one time employment subsidy contribution from the province. Actual expenses of $452,135 were $28,960 under budget due mainly to reduced staff hours, reduced advertising and reduced board travel expenses. The corporation did 2 other extra contracts during 2018-2019: •Entrepreneurial Training Fund; partnered with Atlantic Association CBDC/ACOA •Consulting Advisory Services Program; partnered with NS association CBDC South Shore Opportunities invested $10,584 in 6 businesses who took individual training in a business management skills. In 2018-2019, via the Entrepreneurial Training Program, people gain a great deal from individualized learning. This year, 3 of the 6 businesses used the training to learn individualized bookkeeping on a variety of software. 2 businesses gained skills in branding using social media and a business learned how to optimize web presence using google analytics and SEO training. South Shore Opportunities approved 3 Consulting Advisory Services contracts in the amount $7,713. The Consulting Advisory Services program helped the existing businesses prepare to commercialize an energy product, develop an improved inventory system and provided a branding and market analysis for a new product. South Shore Opportunities had 136 new business client interviews, 43 from Queens Co and 93 from Lunenburg Co. Queens County , with a third of the new inquires increased slightly this fiscal year while Lunenburg County new inquiries remained strong and similar to previous years. As a result of these new inquiries, South Shore Opportunities provided assistance with business plans and other technical assistance and business counselling sessions. The majority of new clients came from existing clients. In 2018 the Atlantic Association cbdc website was a good referral source. The banks continue to be a good source of referrals.