The budget plan contains
an annual contingency reserve of $ 3 billion.
Not exact matches
Their projections also use up the government's $ 1 - billion
annual reserve set aside for
contingencies.
(a) if the amount of money in the
contingency reserve fund at the time of the first
annual general meeting is less than 25 % of the estimated operating expenses for the 12 month period set out in the interim budget, the
annual contribution to the
contingency reserve fund under the first
annual budget must be at least 10 % of the total amount budgeted for the contribution to the operating fund for the 12 month period covered by that budget;
(b) the owner developer must calculate the contribution to the
contingency reserve fund required under section 12 of the Act as a percentage of the estimated
annual operating expenses as set out in the interim budget for the new phase of the strata plan only;
(b) if the amount of money in the
contingency reserve fund at the end of any fiscal year after the first
annual general meeting is equal to or greater than 25 % of the total amount budgeted for the contribution to the operating fund for the fiscal year that has just ended, additional contributions to the
contingency reserve fund may be made as part of the
annual budget approval process after consideration of the depreciation report, if any, obtained under section 94 of the Act.