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Closing Balance

Reserve fund monies at the end of each fiscal-year, carried forward to the next fiscal-year, as the reserve fund opening balance.

The last Annual General Meeting (AGM) approved financials are typically recognised as the starting numbers for the current year in the projection.

It sometimes happens that a depreciation report is commissioned at a point in a fiscal-year when the AGM budgeted numbers are used for the current year in the projection, with the understanding that these are not AGM approved yet and could change.

About Author: Jean-François

With experience gained in construction, project management, field reviews, inspections, report writing and as strata president, J.-F. has cross-industry expertise guaranteeing that you will participate in a process geared to improving the corporation's finances and to setting the condo | strata board | council's planning to stand the test-of-time.