Condo Smarts: Examine depreciation reports before considering annual budget
Dear Tony: Our strata sent out notice of the annual general meeting in February with three separate budgets. One has no increases in fees and less than $10 a door going into our contingency each month; the second has a modest five-per-cent increase in operations; and the third, a 25-per-cent increase that puts almost $100 a month in the contingency. The footnote says we must vote on one of the budgets by majority vote as no amendments are permitted at the meeting. What happens if we don’t approve any of the budgets? Read the Q&A…………….
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