There’s an old saying in strata – the smaller the block, the bigger the problems. When everyone knows each other, any points of conflict can quickly become personal.
Add to the mix the most contentious of all strata issues – levies – and that’s a potent cocktail of potential conflict.
In one post this week, two of the owners in a block of four want to reduce the admin fund levies by 60 per cent compared to the previous year’s actual costs. At the same time the strata manager’s cost have doubled, partly due to disputes in the scheme.
Meanwhile the two levies squeezers want to keep the capital works fund contributions at the same level even though funds have been seriously depleted.
As a result, the owners (with equal unit entitlements) can’t agree on a budget and their strata manager says they are breaking the law by not having one.
Is there a resolution to this strata stand-off? Is it next stop compulsory management? That’s HERE.
Meanwhile, in a 10-unit block in the ACT, they had the opposite problem in having too much money in their sinking fund so they stopped contributing to it.
Now they have too little to meet the sinking fund levels they had set in their mandatory sinking fund forecast and their strata manager says they have to transfer cash from the Admin fund to make up the shortfall.
There must be a simpler way. Or perhaps not. That’s HERE.
And finally, an update on the problem of an owner whose balcony was leaking on to the downstairs neighbours, whose builder had gone AWOL and whose repairs has cost an out-of-pocket five-figure sum. That’s HERE.
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The best way may be to click on “Forum: Your Qs & A’s” on the top menu bar or on the drop-down menu (three lines) on the screen on phones and tablets, under the Strata Choice ad. Then click on the topic title that interests you, and off you go.
Alternatively, you can click on the new “Latest Qs and As” Forum button on the top right of a computer screen or the link on the “hamburger” menu on a phone.
Or look at the list of “Your latest questions and answers” under the ads on the right of the page on a computer screen. Or at the bottom, after the ads and stories, on a tablet or phone.
finally, you can go “old school” and go to the Forum Home Page and work your way through the topics there.
Whichever route you take to get there, the best way to keep up to speed with what’s happening is to register (if you haven’t already done so), then login and subscribe for free to the topics that interest you most.
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› Flat Chat Strata Forum › Current Page
Tagged: admin fund, Balcony, forecast, leaks, levies, sinking fund
There’s an old saying in strata – the smaller the block, the bigger the problems. When everyone knows each other, any points of conflict can quickly b
[See the full post at: Forum: Levies squeezes and admin fund fiddles]
The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
› Flat Chat Strata Forum › Current Page
› Flat Chat Strata Forum › Current Page