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17/04/2011 at 8:31 pm
#12676
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 special levy with payments stretched over a number of quarters in order to “restock” the account. We would never leave less than $10,000. I believe that the current regulations for strata do state that there has to be enough money in the bank to cover an major repairs that may occur.