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An annual budget is an estimate of future expenditure that is required to be prepared by the Owners Association manager for the approval of the Board and, once approved by the Board, the budget is then presented for adoption at the Annual General Assembly of each Owners Association by a majority vote of the owners.

This estimate of funds, once approved, is the basis of determining the individual owner’s proportion of the total service charges to enable the proper maintenance and management of the Owners Association to be undertaken.

The budget is prepared by the association manager and includes full details of the proposed General Fund and Reserve Fund. This budget is presented to the Board for approval and then submitted to the owners for their vote at the Annual General Assembly.

The budget prepared for the General Fund is for a one-year period, whereas the budget for the Reserve Fund must be based on a study of the costs of renewing and replacing the common areas and assets over a minimum ten-year period.




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