#25743
Sir Humphrey
Strataguru

    I generally agree with PS. However, I (as Treasurer) keep more like 30% of the Admin fund budget rather than 10% as a buffer against anything unexpected from the Admin fund. That is not necessarily a capital expense eg. could be a legal expense for some matter that has to be attended to urgently.  Our sinking fund does also have a healthy contingency component. 

    In the ACT there is nothing to say we can’t carry a comfortable surplus. 

    Meanwhile, here in the ACT, the appropriate resolution would do the following: 1) raise the levy, 2) allocate it to the sinking fund, and 3) amend the sinking fund plan so that the extra money corresponded to a plan to spend that amount on the stated purpose. 

    In the circumstances, I would say that it was obvious that this amount of money was levied for this purpose. So long as that amount was spent on that purpose, it doesn’t matter where it was put. If it was put in the Admin fund rather than the sinking fund, don’t worry about that and just spend the amount from the Admin fund for the reason the levy was raised.