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FinancesSee also Appendix 3
Annual Budget Each spring, the Board develops a budget for the Corporation. It includes the anticipated operating expenditures for the upcoming fiscal year (May 1 to April 30) and contributions to the reserve fund. Owners have an opportunity to review and discuss the budget set by the Board of Directors at the Annual General Meeting. Condominium Fees Condominium fees are the percentage of the Corporation’s budget allocated to each owner proportionate to their interest in the property as defined in the declaration. Condominium fees cover maintenance to the exterior of the units, maintenance to all common areas, water, hydro for the common area lights, the pool, snow removal, grounds maintenance, insurance for common elements and the buildings, legal, audit and property management services. Owners are notified of any change in their Condominium fees as soon as the budget is finalized. Condominium fees and parking cheques Please ensure cheques include your name, unit number and, where applicable, your reserved parking spot number. All fees are due the first of each month and are payable to Carleton Condominium Corporation No. 77 (CCC # 77). The use of preauthorized payment is encouraged. If owners choose to pay by monthly cheque, the cheque must provided by the day before the first of the month. Should the first of the month fall on a weekend or statutory holiday, payment must be made by the next business to avoid the late charge. Effective October, 2013, and in compliance with the Condominium Act, the Corporation has initiated a change in the lien policy, reducing the lien period to 60 days from 90 days. Reserve Fund Under the Condominium Act, each Condominium Corporation must set up a reserve fund for projected major repairs of the common elements. The Act stipulates that a proportion of the annual budget must be set aside for this purpose. To determine the best level of reserve fund contributions, the Board has a reserve fund study conducted approximately every three years. Such a study examines the condition of the common elements and makes recommendations on the contribution level required to meet the schedule of anticipated repairs. Special Assessments From time to time, the Corporation may be faced with unexpected expenses that were not anticipated in the Budget. In such cases, it may be necessary to levy a special assessment on all owners to cover the expenses. This is an unusual occurrence and such action would only be taken if there is absolutely no other reasonable alternative. Insurance The Corporation maintains replacement-value insurance covering the common elements and the units with an All Risk Insurance Policy and a Director’s and Officer’s Liability Policy. Unit owners are responsible for obtaining their own condominium insurance to cover any additions or alterations made to their unit, their household contents and their personal liability. Owners are responsible for any improvements, alterations and additions made not only by themselves but also by any previous owners, e.g. wallpaper, interior lighting, upgraded floor coverings, etc. Most insurance companies are familiar with policies specific to condominiums and can recommend and provide appropriate coverage. General Any loss, cost or damages incurred by the Corporation by a breach of any rules and regulations by any owner, his family, guests or occupants of his unit shall be borne by that owner and the Corporation may recover these costs from the owner in the same manner as common expenses. Failure by the Corporation to enforce a rule or regulation does not impact the validity of that rule or regulation. |
