JPSCU Annual Report 2015-compressed

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Pictorial Highlights : Member Appreciation Day Members at Ewarton getting health checks at Members Appreciation Members conversing at the Ewarton Branch during registration Staff Member searches dilligently for member’s name. Member getting her blood pressure checked. Members shopping for food supplies at the Farmers Market Members, volunteers and Staff cut the Members’ Appreciation Day cake at Head Office. Members share in a light moment during registration. Members of Staff share in the cutting of cake with staff at Digicel, Fairview in Montego Bay. Members at JPSco, Bogue share in the cutting of cake with members of Staff at their Member Appreciation Day celebration. Annual Report 2015 20 Celebrating 60 years
Board of Directors Report Building on a solid foundation... Partners for life Fellow Co-operators, the year 2015 was full of many highs and lows for many individuals and organizations. Consumers have had to tighten their belts and made significant sacrifices to ensure that they were able to survive the economic conditions. Many businesses have had to employ creative strategies to ensure that they maintained or improved their profit margins. Despite the market place being viewed as volatile and unpredictable, your Credit Union continues to make its mark on the Movement posting net surplus of $41.36M. THE JAMAICAN ECONOMY Mixed results were recorded for the year. The outbreak of the chikungunya virus – Chik V and the adverse weather conditions had a negative impact on the economic environment. The Chik V virus saw the workforce of many companies being drastically reduced as employees grappled with the symptoms from the virus. This resulted in low productivity levels within the economy. The agricultural sector saw a drastic reduction in food supplies as the sector grappled with the drought conditions. Stringent water restrictions was imposed all across the country. Despite these challenges, the country was able to successfully pass all nine tests under the International Monetary Fund (IMF) Natalie Sparkes President Extended Fund Facility and in so doing saw the rating firm Standard and Poor moving the country from a ”B-” rating to “B” credit rating. Growth in other sectors such as tourism also contributed positively to the economy. Economic growth for the fiscal year was estimated at 1.1%. Stronger growth is needed if the country is to continue to meet its targets to include those set by the IMF. Inflation ended the year at 3.7% despite the economy being plagued by drought conditions for most of the year compared to 6.4% for 2014. For 2016, Economists are predicting that inflation will range between 5.5% to 7% fueled by the premise that oil price increase will continue to be sluggish. Improvements in the country’s current account balances, Net Internal Reserves (NIR), reduced oil prices and inflation saw the Bank of Jamaica reducing interest rates twice during the financial year. Treasury Bills closed the year with an average yield of 5.96% for 30 and 90 days and 6.04% for 180 days. The US dollar closed the year trading at US$120.42 to JA$1 compared to US$115.32 at the start of the year. Overall, a depreciation of approximately 6% compared to 8.6% in 2014. The Bank of Jamaica reported a US$93.93 million increase in the country’s Net International Reserves (NIR). The reserves stood at US$2.437.27 billion at the end of 2015. Economists are of the opinion that the continued improvements in the macroeconomic variables and increase in investors’ confidence will see a slowing down in the levels of depreciation of the currency. Jamaica’s unemployment rate fell to 13.5 % compared to 13.8% in 2014. Youth unemployment doubles this figure at 38%. Economic analysts say that the macroeconomic outlook for Jamaica in 2016 is positive. There is no expectation of any major deviations in the more salient macroeconomic variables that impact the country. Meeting the IMF targets will continue to be the primary focus. Interest rates will continue to be low to boost investments. Annual Report 2015 21 Celebrating 60 years
Page 1 and 2: 2015 ANNUAL REPORT CELEBRATING 60 Y
Page 3 and 4: MORTGAGE JPS & Partners... Securing
Page 5 and 6: Notice of Meeting Notice is hereby
Page 7 and 8: Minutes of the 60 th AGM The 60 th
Page 9 and 10: Minutes of the 60 th AGM (Cont’d)
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Page 33 and 34: Treasurer’s Report (Cont’d) DIV
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Page 37 and 38: Meet our Team Kingston Meet the Tea
Page 39 and 40: Meet our Team : Kirkvine Marie Youn
Page 41 and 42: Meet Our Location Representatives (
Page 43 and 44: JPS & Partners Co-operative Credit
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Page 47 and 48: Statement of Financial Position 31
Page 49 and 50: Statement of Changes in Equity Year
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Notes to the Financial Statements (
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Credit Committee Report Leroy Wilso
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League Delegates Report Natalie Spa
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Nominating Committee Report Fiona J
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Nominating Committee Report (Cont
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Resolutions RESOLUTION TO ACCEPT TH
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Notes Annual Report 2015 109 Celebr
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National Anthem Eternal Father, ble
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JPSCU Annual Report 2015-compressed

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