Located in Vancouver, this community is a charming four-story, wood-framed building with 28 apartments and five commercial units.
The strata experienced a budget shortfall due to a huge increase in insurance premiums and a loss of rooftop revenue. Somehow, the council had to not only find a way to manage the sudden financial impact, but also communicate the issue to residents.
The Associa British Columbia, Inc. property manager provided the strata council with a clear set of financial statements and projected budgets. With that, the council was able to propose to owners an effective way of managing the budget and mitigating the loss of revenue in the coming year. A new budget with significant increases was approved. Better financial tracking, better reporting, and clearer communication were all factors in a successful outcome.