Past Finances: Difference between revisions
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* Our strata's financial year is the same as the calendar year - it runs 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. | |||
* 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. | |||
* It's important to understand that a CRF will vary greatly depending on the size and type of strata (hi-rise strata, condominium strata, or bare-land strata). | |||
* our bare-land strata, the 'Holmes Creek Estate,' is a small, gated, private subdivision for seniors, composed of of modest, ranch-style, single family dwellings. | |||
=Operating Fund= | |||
[[OF Budget|Operating Fund 2019 Year End]]<br> | |||
=Contingency Reserve Fund= | |||
__NOTOC__ | |||
Revision as of 05:42, 6 October 2026
- Our strata's financial year is the same as the calendar year - it runs 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.
- It's important to understand that a CRF will vary greatly depending on the size and type of strata (hi-rise strata, condominium strata, or bare-land strata).
- our bare-land strata, the 'Holmes Creek Estate,' is a small, gated, private subdivision for seniors, composed of of modest, ranch-style, single family dwellings.