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[leif]

Last AGM

Our sinking fund is in fact only a loose estimate of the yearly spending’s and the next years actual spending may be on different requirements.

When I raised the question about details of the proposed spending’s and why they were not shown in the budget and likewise why is there no ongoing thinking fund showing last year’s contribution less any spending especially as some items were not  implemented hence nil spending.

I clarified my question was based on the Strata Schemes Management Act 1996 No 130

Part 3 71 What money can be paid out of the sinking Fund

I was then informed by the Strata Agent as we are only 28 Lots this section does not apply and we can obviously use the fund as we like and spend the funds on anything and not on the items mentioned in the budget produced at the AGM.

There has been no ten year forecast as required under 75A but I was informed the Executive Committee did have one but as a reader of all agendas and minutes of the Executive Committee I have never seen any mentioning of the forecast budget.

In a summary most Executive Committee actions are not in their Agenda or in the minutes.  

I then nominated for the Executive Committee in total 6 nominations where received, the Strata Agent then stated he would resign if we had 6 members on the Executive Committee (he does not attend the Executive Committee meetings) he then asked if we all agreed with 5 members and the majority at the meeting agreed then he produced the ballot on who the 5 members should be.

 

• The simple question is 71 excluded from any strata depending on size
• Is 75A not required to be reported to the owners?
• Can the Strata Agent add to the agenda during the AGM meeting to limit the number of Executive Committee members from six to five?
• Can anyone (current and past Executive Committee members) spend any money without an item on an agenda and a minute under the name of Executive Committee?
• Can the Executive Committee state they have a budget without an item on an agenda and a minute under the name of Executive Committee.
• When the strata levy is shown to prospective buyers does the GST be included as per NSW law?

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