Topic: Capital works fund 15year plan – FLAT CHAT

This topic has 4 replies, 4 voices, and was last updated 8 years, 4 months ago by .

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11/05/2018 at 7:20 pm #9201 Reply | Quote
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Flatchatter
we just had our AGM yesterday. Our strata manager did a 15 year capital works fund plan 4 years ago and we review the plan every year. This year we need to put in $110k(we have 121 units) to bring the capital works fund balance to $238k according to the schedule. I proposed we only put in $10k this year. The strata manager said if we don’t put in the amount according to the schedule, then we are not compliant with the section 184 of the strata management act. The strata manager said our property valuation may be affected when the potential buyers of the units in this building know we are not compliant with the s184.

I don’t trust this strata agent, but everyone else follows him.

Is what he said correct? Do we have to stick with the schedule he did for us?
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Reply To: Reply #20212 in Capital works fund 15year plan

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