FAQs: Budgets

Our strata corporation has money left over in the operating fund. May we give it back to the owners?

If funds are not required to meeting operating expenses in a fiscal year, a strata corporation may do one or more of the following:

1) put the surplus in the contingency reserve fund;
2) carry the surplus forward as a surplus in the operating fund;
3) reduce the next year’s strata fees.

To do anything other than the foregoing requires a 3/4 vote of the owners

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