How much may a strata corporation spend from the operating fund, if the expenditure in not an emergency and the expenditure was not approved at the time of approval of the annual budget?
If there is no category in the operating fund for the particular expenditure, (for example, legal costs), then the maximum that a strata corporation may spend, in total, over an entire fiscal year is:
- $2,000; or
- 5% of the current year’s operating fund whichever is less.
The strata corporation may adopt a bylaw that sets a different limit.