Reply To: Can funds raised for a project only be used for that purpose?

The agent says:

“The funds that were not spent under those line items is now there as an unspecified surplus in the capital works fund.”

That means owners were collectively levied $50000+ over 3 years for no real reason.

AND

Money raised annually for the 10 year plan just becomes unspecified surplus after each 12 month period, it is no longer for painting  or new carpet or a new pool filter or whatever it was raised for. That’s an interesting take on it. Does Capital works money have a 12 month shelf life as a line item after which that intent gets lost and the money becomes unspecified surplus that, in theory, could be distributed back to the owner under s 77 – makes no sense.