Through 12 months of effective work, the AMI has continued with the strategic transformation program that the Board and Management commenced two years ago.
I was delighted to report at the AGM on 18 October, that the AMI recorded a $47,670 surplus for the past financial year. This represents a $216,000 improvement in profitability versus the audited deficit for the year ending 30 June 2016. This result was achieved through a focus on delivering the key initiatives set out in the operating plan for the last 12 months.
Progressing into FY 18, we have maintained the focus on delivering benefits to our members that reflect their desire for the AMI to help fuel their careers through providing access to first class professional development opportunities regardless of which stage they are at in their career.
The aim is to deliver a profit and increase cash reserves in the next financial year and beyond thereby providing financial stability for the AMI.
How are we tracking? Whilst it is still early days there are encouraging signs. For instance, and as I reported at the AGM, the September quarter 2017 has been a surplus of $29,000 which compares to a deficit of $76,000 in the September quarter last year. A significant improvement year on year.
The bottom line focus for the next 3 years is to produce a reasonable annual surplus which will help to restore the financial health of the AMI and enable us to fund future benefits for our members.
Andrew Thornton, Chair, AMI Board of Directors