› Flat Chat Strata Forum › Living in strata › Capital works and avoiding that sinking feeling › Current Page
@JimmyT said:
Owners corporations can put the 10-year plan together themselves or engage independent experts to prepare the plan.
Hmmm. There are two things we do know about Capital Works Funds. One, you can do all the fancy accounting and forward planning you want but you are not legally obliged to fund it. I know … I know!
This is what we were informed by our strata manager…
1. You MUST pay an independent company to produce the 10 year plan, owners corporations are not legally able to do this
2. Once we approve a plan we are obliged to carry out all works in the year they are reported or we could be fined
I thought this was pretty over the top. Where do SMs come up with this garbage?