General Manager Tom Therien told the 74th annual meeting of the North of 53 Co-op last night 2018 was an historic year for the Co-op. Their new store opened last April 27th on time and on budget with sales better than expected. He noted with the new store they expected to experience a few lean years in terms of local loss and the 2018 financial statement reflects that with depreciation of the new building and equipment being the largest factor of the loss. He reported they will not be allocating any of the net savings of just under 339 thousand dollars to their membership but instead will be transferring it to their reserve fund. They expect 2019 will be a lean year as well but they should be on track for allocation in 2020.
Nominations were held for three positions on the Board for three year terms. Linda Clark, Dave Kendall and Rob Schiefele will be seeking re-election with Tim Davis also letting his name stand. Advance voting will take place in the store Wednesday May 1st and regular voting Friday May 10th.
