At our scheme in NSW, where we needed to raise about $5 million over 3-5 years, we elected to have a steady increase of about 8% per year in Capital Works Fund – knowing that may leave us with a possible short fall. However, we also knew that capital works do not always run to schedule – and that has turned out to be the case. So our remediation plan is already a year behind – no fault of anyone, just a big job – but that has given us all a breather.
We have also decided to consider a loan if monies turn out to be insufficient rather than a special levy. But time will tell on that one.
Special levies should be for urgent matters only.