The Strata Property Act sets the conditions for funds remaining from a special levy
Dear Tony: Our strata corporation raised a special levy of $2.2 million in 2019 to replace the roofing in our complex. With the delays from COVID and construction supplies, the project finished in the fall of 2021. There was $57,000 left from the project and owners anticipated money back, but since that time the council has held the funds and refused to release refunds. Their argument is we will need the funds for other projects and will be reallocated.
If a strata council is unwilling to release the funds, the owners may petition for a special general meeting to pass a majority resolution directing council to immediately release the refunds. Unless the original 3 / 4 vote resolution authorized other expenditures beyond the scope of the project, the strata corporation is not authorized to allocate the funds to other projects.When a refund is issued, the funds are issued to the owner of the strata lot at the time the refund is issued.
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