As of Nov. 1, 2023, strata corporations and sections will be required to contribute a minimum of 10% of the annual operating fund to the contingency reserve fund when approving the budget at the AGM.
Dear Tony: Our property manager advised us that our minimum contributions for our AGM will be effective Nov. 1, but we are holding our meeting on Oct. 25. With the increase of all operating costs, we were hoping to delay any contribution this year to offset significant increases in strata fees.
As of Nov. 1, 2023, strata corporations and sections will be required to contribute a minimum of 10% of the annual operating fund to the contingency reserve fund when approving the budget at the AGM. The amount that owner developers must contribute to the contingency reserve fund for new strata developments has also increased to 10%.
Contributions to contingency reserve fund: The amount of the annual contribution to the contingency reserve fund for a fiscal year, other than the fiscal year following the first annual general meeting, must be determined after consideration of the most recent depreciation report, if any. The amount of the annual contribution must be at least 10% of the total amount budgeted for the contribution to the operating fund for the current fiscal year.
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