Strata treasurer duties in BC, and the AGM treasurer's report
The Act never lists the treasurer's duties, but it is full of financial rules someone on council has to watch. This is that list, with the section numbers, and a report template owners can actually follow.
Last reviewed November 5, 2026, against the current Strata Property Act, Strata Property Regulation and Standard Bylaws on BC Laws.
The short answer
The treasurer is elected by council from among its members (Standard Bylaw 13). The Act assigns financial duties to the strata corporation, and the treasurer is the council member who sees they are met: books of account (section 35), a budget and financial statement with the AGM notice (section 103, Regulations 6.6 and 6.7), at least 10% of the operating contribution to the CRF (Regulation 6.1), the spending limits in sections 96 to 98, and a treasurer's report to the AGM. A strata manager or bookkeeper may do the work under council's delegation.
Who the treasurer is
Under Standard Bylaw 13, council elects a treasurer from among its own members at the first council meeting after each AGM, so the treasurer must be on council. The same person may also be the secretary; only the president and vice president offices cannot be combined. Like every council member, the treasurer must act honestly, in good faith and with the care of a reasonably prudent person (section 31), and is protected from personal liability when acting honestly and in good faith (Standard Bylaw 22).
In a managed strata, the strata manager usually keeps the books, pays invoices and prepares statements, and the treasurer reviews them for council. In a self-managed strata the treasurer, or a bookkeeper council hires, does the work directly.
The financial rules to watch
| Rule | Source |
|---|---|
| Keep books of account showing money received and spent and the reason; keep them at least 6 years, with bank statements and cancelled cheques | Section 35; Regulation 4.1 |
| Prepare a budget for the coming year with the content the regulation lists, for approval by majority vote at the AGM | Section 103; Regulation 6.6 |
| Send the proposed budget and a financial statement with the AGM notice, at least 2 weeks before the meeting | Sections 45(4) and 103(2) |
| The financial statement must be current to a day within 2 months before the AGM, and show fund balances, income, expenditures (including unapproved ones) and special levies | Regulation 6.7(1) |
| Prepare a financial statement updated to the fiscal year end within 8 weeks after it | Regulation 6.7(2) |
| Contribute at least 10% of the operating fund contribution to the contingency reserve fund each year, after considering the depreciation report | Regulation 6.1 |
| Hold CRF and special levy money only in permitted investments | Section 95; Regulation 6.11 |
| Interest on late strata fees no higher than 10% a year compounded annually, and only if the bylaws provide for it | Section 107; Regulation 6.8 |
| Issue a Certificate of Payment (Form F) on request, for no more than $15 | Section 115; Regulation 6.10 |
| If the budget is not approved at the AGM, present a new one at a special general meeting within 30 days (or a longer period approved by 3/4 vote), and keep collecting the previous fees meanwhile | Section 104 |
The detail behind each rule is in our guides to the annual budget, financial statements, the contingency reserve fund, special levies and the Form F.
Spending limits
- Operating fund: spending must be authorized in the budget, approved by a 3/4 vote at a general meeting, or fall under section 98 (section 97).
- Unapproved spending: expenses not in the budget are capped, for the whole year combined, at the amount in the bylaws or, if the bylaws are silent, the lesser of $2,000 or 5% of the operating fund contribution (section 98(2)).
- Emergencies: the operating fund or the CRF may be used without a vote when immediately necessary for safety or to prevent significant loss, but only the minimum needed, and owners must be told as soon as feasible (section 98(3) to (6)).
- Contingency reserve fund: a majority vote at a general meeting for depreciation reports, electrical planning reports, EV charging and repairs recommended in the current depreciation report; a 3/4 vote for anything else (section 96).
- Who may spend: only someone council has delegated spending authority to, by a resolution stating a specific amount and purpose, or a maximum and conditions (Standard Bylaws 20 and 21). Record every delegation in the minutes.
The financial statement must show the details of any unapproved expenditures under section 98 (Regulation 6.7(1)(d) and (e)), so overspending cannot be quietly absorbed. Our council approval kit includes the spending rules on one page.
The treasurer's year
- Monthly: review the bank reconciliation, receivables and payables; report to council.
- Before the AGM: draft the budget with council, set the CRF contribution (at least 10%), and prepare the financial statement for the notice package.
- At the AGM: present the treasurer's report and the budget, and answer questions.
- Within 8 weeks of year end: make sure the updated year-end statement is prepared.
- Through the year: watch the section 98 running total, track special levy funds separately, and keep CRF money in permitted investments.
AGM treasurer's report template
The treasurer's report sits within the reports of council activities at the AGM (Standard Bylaw 28(h)) and introduces the budget vote (Standard Bylaw 28(k)). Owners understand balances and reasons far better than ledgers. Adapt this outline:
Treasurer's Report to the Annual General Meeting, The Owners, Strata Plan [NUMBER], [DATE]
1. Where we stand. Operating fund: opening balance $[ ] and current balance $[ ]. Contingency reserve fund: opening balance $[ ] and current balance $[ ]. Statement date [DATE].
2. This year against budget. Total income $[ ] against $[ ] budgeted; total operating spending $[ ] against $[ ]. The main variances, in one line each: "Insurance premium $[ ] over budget after renewal at [ ]%."
3. Unapproved spending. Any section 98 expenditures this year, what they were for, and the total.
4. Contingency reserve fund. Contributions, withdrawals approved by owners, interest earned, and how the fund is invested.
5. Special levies. For each levy: amount raised, spent to date, and balance held.
6. Receivables. Total arrears and the number of lots in arrears, with no names.
7. Proposed budget. The total, the percentage change in strata fees and the main reasons for it, and confirmation that the CRF contribution meets the 10% minimum and reflects the depreciation report.
The minutes then record that the report was presented, any questions, and the budget vote with its result. See the sample AGM minutes for wording.
Monthly reporting to council
The Act does not require monthly financial reports to owners, but council minutes are the natural place to record that council reviewed the finances. A two-line entry is enough: "The treasurer presented the statements to [date]. Operating fund $[ ]; CRF $[ ]; receivables $[ ] across [ ] lots. Council accepted the report." Owners can request the books of account themselves under section 36.
Replacing a treasurer
If the treasurer resigns the office, council elects a replacement from among its members. If the treasurer is unwilling or unable to act for 2 months or more, council may appoint a replacement officer from among its members for the rest of the term (Standard Bylaw 13(4)). Update the bank signing authorities the same day and record both in the minutes. Our page on absent council members covers the wider rules.
Questions councils and owners ask
Does the strata treasurer have to be on council?
Yes, under Standard Bylaw 13 officers are elected by council from among its members. A strata manager or bookkeeper can do the financial work under council's delegation, but cannot hold the office.
Can the treasurer also be the secretary or a director?
Under Standard Bylaw 13(2) one person may hold more than one office at a time, except president and vice president together. So the treasurer may also be the secretary.
What should a strata treasurer report at the AGM?
Fund balances at the statement date, results against budget with the main variances, any unapproved spending under section 98, the contingency reserve fund, special levies, total arrears without names, and the reasons for the proposed budget and fee change.
Can the financial statement sent with the AGM notice be dated before the year end?
Yes. Regulation 6.7(1) requires it to be current to a day within the two months before the AGM, which may fall before the fiscal year end. The strata must also prepare a statement updated to the year end within 8 weeks after it (Regulation 6.7(2)).
Is a BC strata obliged to publish monthly financial reports?
No. The strata must keep books of account and give owners copies on request within two weeks (section 36). Many councils record a short monthly financial summary in the council minutes as good practice.
What happens if a strata council goes over budget on a line item?
Spending beyond what the budget authorizes generally has to fit within the section 98 limit for unapproved expenditures, or be an emergency under section 98(3), or be approved by owners. It must appear in the financial statement as an unapproved expenditure.
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This page is general information for BC strata corporations, not legal advice. Your strata's own filed bylaws may differ from the Standard Bylaws. See the current text of the Strata Property Act and the Strata Property Regulation on BC Laws.
Related guides
Financial Statements
The Annual Budget
The Contingency Reserve Fund
Strata President Duties
Council Roles
Council Approval Kit