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.

Operating Fund

Contingency Reserve Fund