Annual Budget & Fees

Each year, the strata council prepares a draft annual operating budget required to maintain and address the anticipated operating requirements of the strata corporation for that fiscal year. Subsequently, the draft budget is presented to owners at the Annual General Meeting for approval.

In addition to the anticipated operating expenses, an amount is included in the budget for funding non-annual or emergency expenses. This amount is transferred from the operating account into a separate account known as the "Contingency Reserve Fund (CRF)". This amount is regulated and mandated under the Strata Property Act of British Columbia.

In order to fund the operating budget, including the required Contingency Reserve Fund transfers, each strata lot is assessed a monthly strata fee. The amount of this fee is based on the annual strata fee income, as per the approved budget, pro-rated using a formula pursuant to requirements outlined within the Strata Property Act of British Columbia.

Strata Fees are payable to KAS2692 on the first of each and every month and paid by establishing a Pre-Authorized payment plan through the Strata's financial institution. Should an owner wish to cancel or amend their payment plan, an amendment and/or cancellation form can be provided; however the owner can also forward their instructions by letter including a signature by the account holder.

Should an owner fail to make payments as required, a lien may be placed on the property.