Question: When the budget is approved does that mean spending limits no longer apply?
Answer: To actually spend any of the budgeted funds, the correct spending limits still need to be observed.
In short, no.
Approval of the budgets is to calculate the levies owing by owners and anticipated expenditure. It does not provide any pre approval to spend the funds.
To actually spend any of the budgeted funds, the correct spending limits still need to be observed (improvement limit, committee limit and two quote limit).
This post appears in Strata News #593.
Todd Garsden
Mahoneys
E: tgarsden@mahoneys.com.au
P: 07 3007 3753

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