I think this agent has misinterpreted Section 79 (6) of the Act: (6) An owners corporation of a large strata scheme must include in the estimates prepared at an annual general meeting— (a) specific amounts in relation to each item or matter …
Well spotted. This means only large schemes have to include spending plans but smaller schemes still need to have a maintenance plan in place – they just don’t need to put figures in place.
For instance, this could say that they will need to replace garage doors in an estimated so many years, without necessarily committing to a cost required to do so.
79(6) relates to the budget; not the 10 year plan ‘budget’ as set out in the plan.
A large SP only really needs to have “10 year plan” as an item in its CW budget if it doesn’t care to itemize the plans details. No detail required.
Typical 10 year plan will have what the expected expenditures are for, the specifics. It will to some degree itemize what you are saving up for and when it is expected you execute the spending. That is if you had a ‘professional’ draw it up. And owners should have a copy of it or can at least have access to a copy.