Definition : Forecast annual budget - Consultation of the General Meeting of the co-owners

Mandatory process prior to the adoption by the Board of Directors of any budget forecast of the co-ownership. It allows the Board of Directors to sound out the co-owners as to the general orientations of the expenses of the co-ownership.

 WHAT YOU SHOULD KNOW! Section 1072.1 of the Civil Code of Quebec stipulates that board of directors shall consult the general meeting of the co-owners before deciding on any special contribution to the common expenses.

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 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. Many co-owners did not agree with this decision, but the budget was passed anyway! 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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Preparing a forecast annual budget 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.  
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