Strata Management Licensing Practice Exam · Question
Who is responsible for determining the amount of a strata corporation's annual operating budget?
While the strata council prepares the proposed budget, it is the owners who ultimately approve it by majority vote at the Annual General Meeting, thereby determ
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Question: Who is responsible for determining the amount of a strata corporation's annual operating budget?
Answer options:
- The strata manager, based on historical data.
- The strata council, by preparing and proposing it. ✅ The owners, by voting on the proposed budget at the AGM.
- The BCFSA, by setting expenditure guidelines.
Correct answer: The owners, by voting on the proposed budget at the AGM.
Explanation: While the strata council prepares the proposed budget, it is the owners who ultimately approve it by majority vote at the Annual General Meeting, thereby determining the amount.
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