The default amount is $12,500 which we left as is at our block.
Your amounts seem on the low and cautious side.
So far this year, we have had to spend the following: and in all honesty, having to call an AGM to spend money to repair a broken hot water boiler ($6K) and replacing the main automatic garage door while waiting on an insurance claim ($9K) would have put the building’s residents at risk.
However, we have 5 on the EC and at least 3 have to agree to the quotes prior to spending and everything is in writing. There is an unwritten rule that the OC is involved from $10K up to $12.5K
In addition, the new WHS rules mean that a lot of items now need to be attended to fairly quickly and the additional steps involved in complying to the laws have added to the costs that a building will incur. By setting the dollar threshold so low, the OC could inadvertantly set itself up to be in a position of breaching laws….