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Hi All
The OC resolved at the Feb AGM to raise a Special Levy of $175000 in a complex of 12 in NSW. However I noticed the Strata Committee meeting being held to-day has a motion stating they wish to invest only $150000 until works can start in 3 mths… Good idea but I asked why not the full $175000. The answer from our treasurer is that we need $20,000 to pay GST and our annual insurance premiums..He said i he withdraws money to pay these there is a penalty interest. Granted but this should these expenses be calculated as part of the Admin Fund??
I also note that at the Feb 2018 AGM under Capital Works Expense only $150,000 was allocated under Building- Special Levy. All Special Levies have been paid. Why not allocate the amount contributed ,$175000?? No answer from the Strata Manager as yet.
The OC resolved to raise the $175000 for Remedial Works only based on a Specific Scope of Works and we have contracted a Remediation Company to undertake the works for that price (with some provisional works inc in the contract).
Can the Strata Committee (based on advise from our Treasurer) allocate these funds to other expenses which are not remedial. I cannot remove this from the Agenda as I cannot obtain the 1/3 required to remove it -general disinterest here except for a minority.
We also agreed to a large increase in our standard levies this year so I can’t understand the need to take from the Special Levy.