An annual budget for the maintenance of common expenses is approved by the strata council before the end of a fiscal year. The proposed budget is then presented to the owners at the Annual General Meeting for the approval by a majority vote of the owners in attendance The budget will include all of the anticipated expenses necessary to cover the annual common (shared) expenditures for the fiscal year. An example of such expenses are:
Each unit is then assessed their portion of the total budget based on their unit entitlement as per the calculation below:
Unit entitlement is determined by the developer prior to your Strata Plan being registered at Land Titles Office. It is a representation of each homes total square metres in relationship to the total square metres of all lots.
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