105 Budget Surpluses And Deficits

105 (1) Subject to section 14, contributions to the operating fund which are not required to meet operating expenses accruing during the fiscal year to which the budget relates must be dealt with in one or more of the following ways, unless the strata corporation determines otherwise by a resolution passed by a 3/4 vote at an annual or special general meeting:

• (a) transferred into the contingency reserve fund;
• (b) carried forward as part of the operating fund, as a surplus;
• (c) used to reduce the total contribution to the next fiscal year’s operating fund.

• (2) If operating expenses exceed the total contribution to the operating fund, the deficit must be eliminated during the next fiscal year.

1999-21-24, effective July 1, 2000 (B.C. Reg. 43/2000).