Community Titles Act 2018

A community corporation must prepare a budget for each financial year and submit it for approval to its annual general meeting.

The budget must be prepared —

taking into account the 10 year plan for the reserve fund; and

in accordance with any requirements set out in the regulations and the scheme by‑laws.

The community corporation may, by ordinary resolution at its annual general meeting or at a subsequent general meeting, approve a budget with or without modification.

The community corporation may, by ordinary resolution, vary its approved budget.

If a budget or a variation of a budget provides for expenditure on common property under section 75(2)(b) (other than expenditure on sustainability infrastructure) exceeding an amount determined under the regulations —

information regarding that expenditure must be provided to the members of the community corporation as required by the regulations; and

the budget or variation must be approved by special resolution.

A community corporation must not make any expenditure that is not authorised by an approved budget except for —

expenditure of an amount not exceeding, in a financial year, for each lot or tier parcel in the community titles scheme —

the amount fixed by the community corporation by special resolution; or

if the community corporation has not fixed the amount by special resolution, the amount fixed by the regulations;

expenditure required by a court or tribunal or by a notice or order given under a written law to the community corporation.

This section has effect subject to any regulations or scheme by‑laws that require a special resolution or other steps to be taken for expenditure of a particular class.