Strata Plan BCS8899 in Burnaby had an approved operating budget of $280,000 for the last fiscal year. The actual operating expenses at year-end were $295,000. Owners are concerned about transparency. What financial statement element would clearly illustrate this variance, and which general meeting document should it be part of?

Question: Strata Plan BCS8899 in Burnaby had an approved operating budget of $280,000 for the last fiscal year. The actual operating expenses at year-end were $295,000. Owners are concerned about transparency. What financial statement element would clearly illustrate this variance, and which general meeting document should it be part of?

Answer options:

• Balance Sheet, included in the Form B information certificate. ✅ Income Statement, integrated into the budget comparison report presented at the AGM.
• Statement of Cash Flows, as part of the depreciation report.
• Notes to Financial Statements, in the Form F payment certificate.

Correct answer: Income Statement, integrated into the budget comparison report presented at the AGM.

Explanation: An Income Statement (or Statement of Income and Expenditures) would show the actual income and expenses versus the budgeted amounts, clearly illustrating the $15,000 operating deficit. This is typically part of a comprehensive financial package presented at the Annual General Meeting (AGM) as per Section 35(1)(b) of the Strata Property Act.