Watch our webinar from October 30, 2020 to learn about operating budgets for BC strata corporations. Visit our website for the slides and more: [ Ссылка ]
VISOA is a registered non-profit society. VISOA provides education, support, and advocacy for BC strata owners and strata corporations. If you are not already a member, please consider providing your support by becoming a member. Learn more at www.visoa.bc.ca
0:00 Introduction
1:54 What is an operating fund?
2:34 What is a contingency reserve fund (CRF)?
3:30 A Budget = Your Plan
4:26 Budget requirements in the Strata Property Act
8:05 Example of an operating budget
9:02 Strata Fee: portion to operating expenses and portion to CRF
9:24 Schedule of strata fees
10:01 How strata fees are calculated
11:02 Estimating annual expenses
13:11 Some expenses are difficult to predict
15:15 Budgeting for repairs
19:03 Is there a standard format for the budget?
20:04 Two examples of an operating budget format
21:39 Minimum contribution to the CRF
22:31 Is there a maximum contribution to the CRF?
23:38 How to calculate the required minimum CRF balance
26:53 Options for operating budget surplus at year-end
29:30 Dealing with a deficit at year-end
30:30 Who prepares the proposed budget for the AGM Notice?
31:58 Passing the operating budget by majority vote at the AGM
34:29 Informing owners of any changes to strata fees
36:25 Financial reports and accounting methods
37:19 Monthly financial reports
39:45 Tips for reviewing monthly reports
41:52 Temporary loans from the CRF
42:37 About the financial statement for the AGM Notice
44:16 Information required in the financial statement
44:41 Resources for more information
