Payment for works from Special levy

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  • 10/11/2016 at 10:09 am #10728 Reply | Quote
    larney
    Flatchatter

      We recently had a ~$50k special levy for major works to our 12 unit building. The money has gone to the Administrative Fund as per legislation.

      However, our strata manager is making progress payments from the Sinking Fund. Hence the Administrative Fund is very healthy, but the Sinking Fund will be almost half a million in deficit if this continues. What is the correct way to make progress payments? I would have assumed directly from the Administrative Account where the money is held. But our strata manager states that “As these are major remedial works they must come from the sinking fund.”

       

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    Reply To: Reply #25743 in Payment for works from Special levy
    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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