Particular attention is paid to the preparation of the annual budget which is presented to the trustees for their approval after the beginning of the financial year.
In preparing the budget to be tabled at the AGM for approval a Body Corporate will have to prepare two budgets being:
a) The operational budget to meet monthly expenses, and
b) The Capital Maintenance Budget (10 year plan)
This requires a more detailed approach in preparing budgets as there will be huge financial impacts on the budgets and in particular the levies to be paid by the owners in meeting the requirements of the STSMA.