Preparing a budget forecast is an unavoidable task in co ownership. Its preparation, preliminary examination and adoption will ensure the proper functioning of the syndicate of co-owners. It is up to the Board of Directors to define its terms, in view of the expenses that will have to be paid to allow a syndicate to meet its obligations. The budget also makes it possible to fix the amount of the contributions of each co-owner to the expenses of the co-ownership.
It will be prepared by the Board of Directors or property manager, based on the amounts spent in preceding financial periods, as well as anticipated non-recurring expenses. The preparation of the budget forecast requires time and rigor.
At our last Annual General Meeting, the Board of Directors presented the estimated budget for the coming year. This budget provided for a substantial increase of the common expenses, as significant work was to be carried out during the year to upgrade the elevator. Everyone did not agree with this decision, and the budget was passed! I really had the impression that during this meeting, the will of a majority of co-owners was not taken into consideration.
Question: What is the power of the co-owners meeting with respect to the vote on the budget? Can it vote against an increase in common charges?
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