Building Transparency & Trust: How Committees and Owners Corporation Managers Can Collaborate on Budgets & AGM Agendas

Guy Bowell
Jun 16
2 min read

A well-prepared budget and AGM agenda are the backbone of a successful Owners Corporation meeting. They provide clarity, structure, and transparency, ensuring all stakeholders—committee members, Owners Corporation Managers (OCMs), and owners—understand the financial decisions that shape the upcoming financial year.

Creating a budget and AGM agenda isn’t just about putting numbers on a spreadsheet. It’s a collaborative process that strengthens trust, fosters accountability, and sets the stage for an informed discussion when owners gather for the AGM. Here’s how committees and OCMs can work together effectively.

Step 1: Collaborative Budget Development

The budget is a reflection of the financial health of the Owners Corporation (OC). It determines levy contributions, maintenance plans, and future projects. For it to be effective, both the committee and OCM must work closely to ensure it’s accurate, fair, and justified.

1. Reviewing Past Financial Performance

The OCM provides financial reports from previous years, highlighting trends, unexpected costs, and surplus amounts.
The committee analyzes these reports to identify areas that need adjustments—whether it's maintenance, insurance, or utilities.

2. Forecasting Expenses & Setting Priorities

The committee and OCM collaborate to estimate upcoming costs based on maintenance schedules, service contracts, and potential renovations.
They prioritize spending based on urgency and necessity, ensuring funds are allocated wisely.

3. Ensuring Transparency in Budget Calculations

Every amount listed in the budget must have a clear explanation. When presented at the AGM, owners should be able to understand the reasoning behind each figure.
The committee and OCM should document how levy contributions were calculated, including any necessary increases.

Step 2: Drafting a Clear AGM Agenda

A structured AGM agenda ensures discussions stay focused and productive. The committee and OCM should align on key topics to address.

1. Setting Key Discussion Points

Financial reports: Presenting budget forecasts and financial statements.
Maintenance updates: Reviewing completed and upcoming projects.
Governance matters: Discussing policy changes and voting procedures.

2. Reviewing Questions & Potential Concerns

Before finalizing the agenda, the committee and OCM should anticipate potential questions or objections from owners.
Preparing answers in advance ensures smoother discussions and avoids unnecessary confusion.

3. Distributing the Agenda & Budget in Advance

The finalized budget and AGM agenda should be shared with all owners well ahead of the meeting.
This gives owners the opportunity to review details, ask questions, and come prepared for discussions.

Step 3: Strengthening Transparency, Trust & Accountability

When committee members and OCMs work together transparently, it reassures owners that their interests are being managed responsibly.

Open Communication: Holding pre-AGM meetings or workshops allows owners to ask questions in an informal setting.
Clarity in Financial Decisions: Ensuring owners understand why particular costs are included in the budget prevents speculation and skepticism.
Consistent Reporting: Sharing financial updates throughout the year builds a culture of trust that extends beyond the AGM.

Final Thoughts

A well-crafted budget and agenda foster a positive, transparent, and accountable Owners Corporation. When committee members and OCMs collaborate effectively, they create a financial framework that owners understand, support, and trust.

By working together, they ensure that when questions arise at the AGM, everyone is aligned, minimising confusion and strengthening confidence in the financial decisions that shape the community.