Revision as of 08:03, 4 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 an OF and a CRF will vary greatly depending on the size and type of strata (hi-rise strata, condominium strata, or bare-land strata).

Operating Fund

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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 '''''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 an OF and a CRF will vary greatly depending on the size and type of strata (hi-rise strata, condominium strata, or bare-land strata).
+=Operating Fund=
+=Contingency Reserve Fund=
 [[Monthly Reports|Monthly Reports]]