What happens if owners don’t approve the annual budget?

If the owners don’t approve the annual budget at an Annual General Meeting, the strata corporation must prepare a new budget within 30 days unless a different timeframe is approve by a ¾ vote of the owners. 1
The new budget must be placed before the owners at a Special General Meeting and passed by a majority vote. 2

Until a new budget is passed, owners must continue to pay strata fees in accordance with the previous budget. 3

 

 

 

Notes:

  1. Strata Property Act, SBC 1998, c.43, s.104(1)
  2. Strata Property Act, SBC 1998, c.43, s.104(1)
  3. Strata Property Act, SBC 1998, c.43, s.104(2)