Co-op profits up
Yk, Rae-Edzo, Kugluktuk, also hold annual meetings
Arviat ( May 29/00) - About a quarter of Arviat's 1,600 residents heard some great news at Padlei Co-op's recent annual general meeting held in the Kivalliq community.
The Padlei Co-op had an annual profit of about $500,000, according to Arctic Co-operatives Ltd. Members will share a patronage dividend of $353,000.
"Through the democratic process or our co-op, we have seen things lacking in our community and worked hard to improve them," said Padlei president Kono Tattuinee.
Over the past year, Padlei opened a new 765 square metre (8,500 square foot) retail store and completed an expansion of its hotel.
"The co-op gives us the vehicle we need to come together and work towards common economic, social and cultural need and aspirations," Tattuinee added.
The Arviat co-op is one of 38 co-ops which own and operate ACL and its financial arm -- Arctic Co-operatives Development Fund.
As well as the retail store and Inns North hotel, Padlei operates a fast-food restaurant, a gas bar, fuel delivery and cable television service. The Arviat Co-op also houses the post office.
Other co-ops that recently held AGMs in the North include the Yellowknife Direct Charge Co-op, Tli Cho Co-op in Rae-Edzo and the Kugluktuk Co-op.
In Yellowknife, where the co-op operates a retail store and a gas bar, sales increased four per cent in 1999, with a profit of $150,000.
The co-op will return 100 per cent of the profit to members. Members will also receive a rebate of 22 weeks worth of service fees. This year -- for the second year in a row -- the service fee will be lowered.
The Yk co-op awarded six scholarships of $1,000 each to Stephen Dunbar, Alana Kronstal, Amber LeMouel, Angela Masongsong, Daniel Park and Margaret Seale Holroyd.
Over 1999, Yk co-op membership grew by about 250 people.
In Rae-Edzo, there are 128 members of the co-op. At their recent AGM, members discussed the recent acquisition of the building in which the co-op operates its retail, restaurant and cable television operations.
In Kugluktuk, about 130 residents attended the co-op AGM. The Kugluktuk Co-op, where revenue was up 10 per cent, had $150,000 in profits for 1999. The $150,000 was returned as share capital ($50,000 was returned in cash). One member, according the ACL, received a $1,100 dividend based on purchases over the past year.
The Kugluktuk Co-op operates a retail store, fuel oil delivery service, and cable television service. As well, it has service contracts with Canada Post, sales to the Nunavut Hunter Support Program, an airline agency and other commission sales contracts.