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I’ve got an AGM coming up.
The proposed Capital Works Fund (CWF) budget forecasts shows a balance at the end of the year of $190k. The CWF 10 year plan, drawn up in 2014) shows a balance of $670k (and increasing year on year)- due in the main to a lift upgrade costing ~$500k. As the Plan shows a balance increasing year on year the expenditure on the lifts can’t simply be an expenditure being brought forward from future years. Is there a requirement to actually keep (within reason) to the EOY balances as forecast in the Plan?
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