When is the best time to hold your Strata’s AGM?

The answer to this question will really depend on a number of factors, and at the end of the day, will mostly come down to personal circumstances!

The Strata Property Act requires that your AGM be held within 8 weeks of your fiscal year end, so this is really the only rule that you “have” to follow.

Many strata councils prefer to hold their AGM BEFORE their year end, so that the owners don’t get stuck having to pay for retroactive “makeup” fees. While this can be very convenient for your owners, it can mean that you are building your budget based on only 8 or 9 months of financial statements, so you will be largely guessing at your surplus/ defecit, etc. This MAY require some adjustments to the budget during the AGM.

Other Strata Councils prefer to hold their AGM after their fiscal year end, once the financials have been finalized, so that they have the most accurate financial picture possible. The problem with this approach is that if you wait until your financials have been closed off to build the budget, you may end up outside of the 8 week SPA window by the time that you build your budget and then give the required 20 day notice. The owners may also having to end up paying 2-3 months worth of retroactive “makeup” fees, which can be a big hit for those who don’t plan for it.

So when is the best time to hold your Annual General Meeting?

To summarize, there really is no ideal time to hold your AGM. Neither approach is perfect, and they both have their downsides, so it’s always best to speak with your Strata Agent, and come up with a plan that is best suited to YOUR strata corporation!

If you’re looking for some advice regarding your AGM, please reach out to us here!