#56153
kaindub
Flatchatter

    The obligation of the OC is to create a 10 year capital works plan. There is no definition of what it needs to cover, so the plan quality may be good or bad.
    The OC can review it at 5 year intervals.

    BUT the contributions to the sinking fund (which are to support the capital works plan) are voted at each AGM. There is no requirement that the sinking fund levies match the capital works plan. The amount levied can vary depending the desires of the owners.

    I personally believe OC should maintain a healthy sinking fund reflecting the capital works plan. There is nothing worse than being presented with a special levy. Particularly as payment of it is not optional and may come at a difficult time for the owner.