› Flat Chat Strata Forum › Strata Committees › Overbudget again › Current Page
Budgets for the year have to be approved at each AGM. If you don’t think whoever estimated the budget has allowed enough, then you should be able to propose an amendment to the budget when this motion comes up. As long as the majority want to set the admin fund contributions to a reasonable level (to cover all expected costs), you shouldn’t have an issue. It’s not up to just one person, it’s the whole OC’s job to set / approve the budget. So you need to get the majority interested in the cause (aka deficit is bad) before your next AGM.
In the meantime, is there funds in the sinking fund to cover the deficit? I believe there’s only a certain time frame (around 4 months?) that it is allowed to cover it, before a EGM should be called to approve a permanent funds transfer (from sinking to admin assuming your sinking is currently covering it). If your sinking fund isn’t covering it for now, you may end up with a special levy situation (which most people generally don’t like) so that could be a good way of getting people interested in setting the admin budgets more realistically in the future.