Current Finances
- 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).