Can Annual levies be raised by more than 10%?

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  • 21/12/2017 at 8:06 pm #11504 Reply | Quote
    david2708
    Flatchatter

      Have seen conflicting accounts of how much you can increase the annual levies.

      Someone said 10% maximum  but that sounds dubious.

      We are in NSW.

      Our strata has had poor planning and the yearly surplus in the admin account has dwindled to nothing because the annual levies were set too low over the past number of years.

      This year we will end in deficit in the admin account.

      Increased costs and neglected aspects need the admin account to increase by 25% by my calculation to set it at a realistic level.

      The sinking fund settings were also too low as the 10 year plan failed to take into account some big ticket items and also requires an increase.

      The sinking fund increase can be done in small stages as the works needed are long term, but the Admin account needs that 25% extra for the next financial year and beyond.

      Can this be done? I know the residents may vote it down but they need a wake up call.

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    Reply To: Reply #28910 in Can Annual levies be raised by more than 10%?
    PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

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