Should Strata Levy Increases Be Clearly Explained in AGM Minutes?
Our strata fees increased by 60%. My fees jumped from $1175/quarter to $1750/quarter.
The fee increase was voted on and accepted at the AGM. However, the strata managers failed to reveal the extent of increases proposed. The minutes showed only each unit's share of the increase. The increase was not made clear, and I believe may have been deliberately concealed by strata jargon not understood by a majority of owners. When the new strata fee invoices were distributed with the 60% increase, there was an outcry.
Why Are Strata Levies Charged Twice After a Financial Year Change?
My strata company issued a levy notice in April for 1 May to 31 July. Strata voted to change the financial year date from end July to end June at the last AGM.
I have just received another levy notice for the strata levy of 1 July to 30 Sept. Why are we paying for the month of July twice? The two invoices are for a similar amount.
Can Owners Reimburse Themselves by Paying Reduced Strata Levies?
I live in a 3-unit strata lot. The other two owners reimbursing themselves for work done on their lot by paying reduced strata fees. This only became evident when I obtained bank statements showing the reduced amounts. I’m the only lot owner paying full strata fees.
Our AGM financial statement presented by the treasurer showed both owners were paying the full levies. I’ve requested both owners supply invoices and receipts for the amounts. Both owner insist they have all records and agreed to send copies, but nothing has been provided.
Is a Capital Works Fund Plan Mandatory for Owners Corporations?
All 5 owners of our Strata Plan are on the Owners Corporation. Our Strata Plan has a 2017 Financial Summary Proposal document, not an official Capital Works Fund schedule. This Financial Summary Proposal document was put together remotely, not via a visit on site, and is not in sync with reality. It proposes maintenance/replacement in the future of items that are already falling apart.
Insufficient Capital Works Funds: Keep Pushing or Go to NCAT?
My unit is in a 3 story brick strata building with 11 lots that was registered in 1960. The building is mostly in its original condition, and many structures are in need of replacement eg windows and plumbing.
Should You Prepare Your Own 10-Year Capital Works Plan?
I'm one owner of a 2 lot Strata that have just started self managing our scheme. We are looking at carrying out our own 10 year maintenance plan. Should we be doing this ourselves or should we talk to a professional? What are the benefits of getting a professional to assist?
If we decide to carry out the plan ourselves, is there a sample or template Ten Year Capital Works Fund Plan that gives us an idea of how to do proceed?
Why Do Capital Works Fund Plans Include Maintenance Costs?
Section 80 of the NSW legislation requires the preparation of a plan of anticipated major expenditure to be met from the capital works fund so why do plans always include maintenance costs which are not major and historically are to be charged to the Administration Fund?