› Flat Chat Strata Forum › The Professionals › Special Levies › Current Page
18/04/2011 at 10:35 am
#12679
struggler said:
When you say you have sufficient funds, does that mean to pay for the works and have enough money left in the bank to cover other incidentals?Our complex has discussed previously that, should we need any major works, we would take some of the money out of the fund and organise a spec\\\\
tracer:
Yes , there is already enough in the sinking fund to cover the intended works. In addition, one owner went to a lot of effort in preparing an alternative 10 year sinking fund plan together with the same quantity surveyor used by the OC – the quantity surveyor confirmed this new plan as feasible and much less onerous on owners.
Our major objection is 'converting' a one off special levy (as stated in the agenda) into a short term sinking fund 'contribution'.
Surely this is taking a lend of owners – especially as NSW legislation states that monies standing to the credit of the sinking fund should be utilised.
As a result, owners are effectively paying twice – due to, at best, bungling by our EC.
Not sure if anything can be done to rectify a ridiculous situation!