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2019 Operating Budg...
 

[Solved] 2019 Operating Budgets  

  

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I thought it would be interesting to see how many condominium Boards are budgeting to do any education for Owners/Board Members or not?

I have ownership in 2 condos and, to the best of my knowledge, they do not.

Did you know: Ontario requires New Condominium Board directors to take a training program.

 

4 Answers
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We did not either, although there is room in the admin budget to do so.

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We just got our financial statements in the pack of information for our AGM on Thursday 6 December. The budget/financial year runs July to June. In the one-page Statement of Revenues and Expenditures (Total: $1.62 million) no money is specifically allocated to board education. However, more money this year has been allocated in the budget to 'Audit, Accounting and Legal'. We are condominium members of CCI-SA, and that cost is not specified, either.

It is a disappointment that Boards cannot get statements out earlier.  Ours for 2017 was just finalized about 6 weeks ago - along with a number of, in my opinion, unacceptable excuses.

How can an Owner be well-informed if documentation is only provided less than a week before the AGM?

Did the financials include a replacement reserve financial statement and plan?

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Terry, you asked "Did the financials include a replacement reserve financial statement and plan?"

No. Our fiscal/budget year runs July to June. We get an update on what is to be carried out in the coming fiscal year - a short list of projects - along with the operating budget for the coming year, before it is adopted by the Board. Or perhaps after. The current Reserve Fund Study and Plan is dated 2014 and is now being updated, to be adopted in 2019. It will be interesting to see if the new Study and Plan reflect the current legislation or anticipate the new criteria announced on Friday December 14.

 

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Obviously the changes in the Condominium Property Act Regulation announced Dec 14 requiring budgets to be provided to Owners a month before were needed.  I still haven't received the budget for my condo.

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