The Contingency Reserve Fund is a fund for common expenses that usually occur less often than once a year or that do not occur, as set out in Section 92 (b) of the Strata Property Act.
The strata corporation must account for the money in the Contingency Reserve Fund separately from the other money of the strata corporation. The Annual contribution to the Contingency Reserve Fund for the fiscal year following the first annual general meeting must be determined as follows:
If the amount of money in the Contingency Reserve Fund at the time of the first annual general meeting is less that 25% of the total amount budgeted for the contribution to the operating fund for the fiscal year that just ended, the annual contribution to the Contingency Reserve Fund for the current fiscal year must be at least the lesser of:(1) 10% of the total amount budgeted for the Contribution to the operating fund for the current fiscal year, and(2) The amount required to bring the Contingency Reserve Fund to at least 25% of the total amount budgeted for the contribution to the operating fund for the current fiscal year.
Additional contributions may be made as part of the annual budget giving consideration to upcoming major expenditures or as the result of findings contained in a depreciation report.
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