If a strata corporation has a budget surplus after meeting all operating expenses in a fiscal year, the budget surplus may be: 1
- Transferred into the contingency reserve fund;
- Carried forward as part of the operating fund; or
- Used to reduce the total contribution to the following year’s operating fund.
If the owners would like to use the surplus funds for another purpose, this use must be approved by a ¾ vote of the owners at an Annual or Special General Meeting. 2
