Owners council spending reserve funds.

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  • 17/10/2018 at 3:25 pm #11970 Reply | Quote
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    Flatchatter

      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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    Reply To: Reply #30591 in Owners council spending reserve funds.
    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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