How does a Strata company seek approval of expenditure which is beyond what has been budgeted for?
Written by Jessica Tait
Updated at January 18th, 2021
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The Strata company may exceed budget by way of:
Prescribed fee of $65.00 per lot – for specific maintenance work or other matters without going to a general meeting. (see section 47 STA and regulation 29 of the STGR). The amount prescribed per lot may be increased by a special resolution of the strata company, within a budget passed at a meeting of the strata company or by an order of SAT
Section 47 notice - If the funds are available by way of Section 47 – detail as follows. Expenditure approval at general meetings If any of the exceptions do not apply, then before the council may exceed the expenditure limit it must be approved at a general meeting of the strata company. If the proposed expenditure is for the performance of work or to purchase goods, at least two (2) tenders must be presented at the meeting (see section 47 STA)
SAT can also authorise expenditure in an emergency.
General meeting - If any of the above exceptions do not apply, then before the council may exceed the expenditure limit it must be approved at a general meeting of the strata company. If the proposed expenditure is for the performance of work or to purchase goods. A section 47 notice 47(3)) of the Strata Titles Act is a notice served on all registered proprietors of the Strata company by the Stata council for any non-budgets or motioned common property expenses and where funds are available.