Budget & Financial Statements

A condominium board is required to prepare and distribute annual financial statements for the previous fiscal year and an annual budget for the current fiscal year. A condo corporation’s fiscal year is the 12-month period for which it tracks the expenses and revenues for its operation.

Potential unit purchasers should review the corporation’s budget and financial statements carefully before buying. Unit owners should also understand what to look for when the board delivers the financial statements and budget each year at the annual general meeting (AGM).