It’s one of the quirks of NSW strata law that schemes must have established a 10-year a capital works or maintenance plan, but are not required to fund that by accumulated levies, as some may prefer to use special levies or strata loans.
“Accumulated levies”.
Interesting call given in another thread our agent claims come close of books any unspent money in the capital works fund becomes unspecified surplus, i.e. money does not accumulate to any purpose.
Of course i think the agent is, as is the case more often than not, incorrect.
If money, if raised for the plan, does not accrue for the plan then the whole concept of the plan is a joke and owners who don’t even bother to ‘save up’ can enjoy chunky special levies or bigger levies to fund loan repayments.