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How are Budgets calculated and Approved?
The budget is prepared based on the expenditure of the previous year + any adjustments for future works or extraordinary spending in the previous year taking into consideration inflation.
The draft budget is circulated with the agenda for theaGM. At the AGM the budget is reviewed and a motion is put to approve
If most of the votes are in favour of the approval of the budget it is then approved and is then used to calculate how much the lot owners will be charged individually for the year.
Updated on 30-03-2012