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Are there limits to what they can and can’t spend money on? The OC where I am is spending money on quotes for things that do not involve the common property, like the valuations of individual units. Personally i don’t know why they are spending reserve funds on this kind of thing, it seems like a waste of money. They say there was a motion to do this but the motion to revalue the entitlements was not past, yet they are still going to spend thousands on getting it all quoted for, which will be of no use. Are they and the strata manager crossing the line by agreeing to spend money in this way? It wasn’t even budgeted for at the last AGM and I think it should have been, now they are suggesting they will just ‘move the reserve funds around to balance it’. Seems dodgy to me. What do you think?
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I think we need a bit more context here. Why are they having individual units valued? Are they planning a collective sale?
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