Past Finances: Difference between revisions
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* | * Since 2014, our strata's financial year has been the same as the calendar year, running from 1 January to 31 December. | ||
* By law, the strata's <i><b>council</b></i> year CANNOT be the same as the strata's <i><b>financial</b></i> year, because the financial year-end statement must be completed before a budget can be prepared for presentation at the AGM. | * By law, the strata's <i><b>council</b></i> year CANNOT be the same as the strata's <i><b>financial</b></i> year, because the financial year-end statement must be completed before a budget can be prepared for presentation at the AGM. | ||
* In BC, stratas are required to maintain two separate budgets: an 'Operating Fund' budget, and a 'Contingency Reserve Fund Budget." | * In BC, stratas are required to maintain two separate budgets: an 'Operating Fund' budget, and a 'Contingency Reserve Fund Budget." | ||
* An Operating Fund (OF) budget covers the regular annual costs of operating a strata. | * An Operating Fund (OF) budget covers the regular annual costs of operating a strata. | ||
* A Contingency Reserve Fund (CRF) budget is for larger maintenance and repair costs, or maintenance and repair costs that don't occur every year. | * A Contingency Reserve Fund (CRF) budget is for larger maintenance and repair costs, or maintenance and repair costs that don't occur every year. The CRF will vary greatly depending on the size and type of strata (hi-rise strata, condominium strata, or bare-land strata). | ||
=Operating Fund= | =Operating Fund= | ||
* [[Media:2019OFYearEnd.pdf|2019 Operating Fund Year End]] | * [[Media:2019OFYearEnd.pdf|2019 Operating Fund Year End]] | ||
Latest revision as of 05:50, 6 October 2026
- Since 2014, our strata's financial year has been the same as the calendar year, running from 1 January to 31 December.
- By law, the strata's council year CANNOT be the same as the strata's financial year, because the financial year-end statement must be completed before a budget can be prepared for presentation at the AGM.
- In BC, stratas are required to maintain two separate budgets: an 'Operating Fund' budget, and a 'Contingency Reserve Fund Budget."
- An Operating Fund (OF) budget covers the regular annual costs of operating a strata.
- A Contingency Reserve Fund (CRF) budget is for larger maintenance and repair costs, or maintenance and repair costs that don't occur every year. The CRF will vary greatly depending on the size and type of strata (hi-rise strata, condominium strata, or bare-land strata).