Can a Special Levy only be raised at an Annual General Meeting

Part 5 Division 2 Section 79 of the Strata Management Act says that each AGM must prepare estimates of contributions to administrative and capital works funds. 

At our recent AGM our large scheme rejected the budget proposed by the Strata Committee, largely because it included payment of interest for a strata loan for major works, and the owners voted down the idea of a strata loan. The owners asked the strata committee to come back to the owners quickly with a simple admin and capital works budget for ‘everyday’ items and reconsider other options for funding the major works at a later date.

One of the owners is concerned that we can only set budgets at AGMs, and thus willl have to wait for another year til the next budget is adopted.

Is this the case, or can the strata committee present an amended capital works budget at a just a General Meeting, along with a contract with builder, and set out a five year program of Special Levies to meet the works payment milestones (once they’ve been determined).