Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) At each annual general meeting of an owners corporation, the corporation must, by ordinary resolution, approve a budget (the general fund budget ) for the administrative fund and each special purpose fund for the financial year in which the meeting is held.
(2) The general fund budget must state for the financial year in which the annual general meeting is held—
(a) an estimate of—
(i) the total contributions (the total general fund contribution ) to be paid into the general fund by the owners corporation's members; and
(ii) if there is a special resolution under section 78 (2) (b)—the general fund contribution payable by each unit owner, or unit owner in a particular class; and
(b) an estimate of any other amounts to be paid into the general fund; and
(c) an estimate of payments to be made out of the general fund including an estimate of payments necessary—
(i) to maintain in good condition on a day-to-day basis the common property and any other property held by the owners corporation; and
(ii) to pay for insurance premiums; and
(iii) to pay for recurrent expenses.
Examples—par (b)
1 the proceeds from the sale of any personal property of the owners corporation
2 fees paid to the owners corporation for inspection of its records and the provision of information and certificates relating to its records
Examples—par (c) (i)
carpet cleaning, lawnmowing services, minor expenses relating to maintenance of the common property
Examples—par (c) (iii)
utility service charges, accounting fees
(3) A payment out of a special purpose fund may only be included in the budget if the payment is for the purpose for which the fund was established, unless the proposed payment is authorised by special resolution.
(4) The amount mentioned in subsection (2) (c) must not include transfers to the sinking fund.
(5) An owners corporation is not required to obtain approval for the general fund budget in the time mentioned in this section if—
(a) the annual general meeting is for an owners corporation of a retirement village; and
(b) a copy of the general fund budget for a financial year is given to the residents of the village at the same time as the proposed annual budget under the Retirement Villages Act 2012
, section 159 (Proposed annual budget) is given to the residents of the village; and
(c) the owners corporation by ordinary resolution, approves the general fund budget in the time mentioned in the Retirement Villages Act 2012
, section 162 (6).