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I have an AGM coming up next month. We are being asked to approve a budget for the 18-19 Financial year which covers the period from 1/11/18 to 31/10/19. This means that we are already 5 months into the year. Is this legal, and what can I do to get the budget year aligned to the AGM? I’ve raised this issue in the past but nobody else seemed to think it was a problem.
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Here is an extract from the Strataman web site that you might find useful regarding Annual Financial Statements.
“The NSW Strata Schemes Management Act 2015 (specifically Sections 92 through 95) has certain requirements regarding annual financial statements so make sure you do your research and find out exactly what needs to be done.
Here’s what the Section 92: The OC must prepare financial statements of the Act states regarding the timing of when the financial statements must be prepared:
- the period that commences on the date of registration of the strata plan and ends on a date that is not earlier than 2 months before the date of the first annual general meeting, AND
- each period that commences on the date up to which those statements were last prepared under this division and ends on a date that is not earlier than 2 months before the next succeeding annual general meeting.
For more details on what should be in the statements have a look at the links below which take you directly to the relevant sections in the Financial statements and accounting records area of the NSW Strata Management Act 2015. Everything you must know is all there.
Ive always wondered what is the financial year dates for NSW schemes and how this is decided. Ive searched the act and the best i could find is when a scheme came into being.
Irrespective of that, in our scheme AGMs seem to be called to occur on rather elastic dates each year which makes grumpy old men like me, grumpy.