› Forums › Finance, budgeting and loans › Can we carry over Admin funds surpluses at EOFY? › Current Page
Worth remembering that excess funds can only be returned to owners (in NSW) if there is a unanimous vote (as in, no votes against) to do so.
That could be a bit of a problem. What I was thinking of was more along the line of with a 50 lot building was to have $20k as a buffer. Having seen plumbing jobs take $10k because of difficulties finding the leak and then diverting the flow and then patching up the places where they gained access, it is better than suddenly needing a special levy.
Thanks for the comment. Just wanted to get some other opinions from outside our committee bubble. Thats exactly the situation. Owners can vote on the budgets and reject a contingency fund approach, yet equally suggest we can’t run a budget. The Maintenance component of our budget is 25% with the rest covering “fixed” costs such as insurance, management fees, electricity for common areas, security etc/ The only variable in our 25% is emergency work, but a good water leak can be $10k, including carpet and flooding damage etc.