#13569
Gilgal1
Flatchatter

    If I recall correctly, there's not even a penalty for failing to produce a 10 year sinking fund plan.

    Several years ago, I hassled our (now former) strata manager and EC about producing a sinking fund plan. It was only when I re-joined our EC late last year that I discovered the plan had not only been produced, but it bore no relationship to the maintenance needs of our building, was produced with no consultation and none of the owners – including EC members – knew anything about it.

    Ours is now one of those unit complexes Mr Strata referred to as 'poor suckers' who have to raise a special levy or seek strata finance to do too much neglected maintenance.

    As I understand it, we're meant to review our sinking fund plans every 5 years. If you want to make it a useful document, I'd say consult residents and do some site inspections. Then distribute the thing to all owners with some plain English explanation. Better still, discuss it at your AGM.

    I know it sounds like I'm stating the obvious, but I've found most unit owners have limited understanding about the role of their OC. If they were better informed, then there may be less disagreements about what needs to be done and how much money you have to raise to do it.