What Does It Mean to “Review” a 10-Year Capital Works Plan?

There are two main points:

1. A new plan must be prepared for a 10 year period following the expiry of each prior plan.
2. Each plan must be reviewed at least once every 5 years.

Commonly, Quantity Surveyors prepare a 15 year plan or forecast to ensure the owners corporation complies with the legislation by always having a 10 year future plan in place prior to the 5 year review. The 5 year review requires the process to be undertaken again and a new 10 year plan (commonly a 15 year forecast) put in place. The most important factor being that you have always budgeted for 10 years into the future.

Additionally the plan must include:

1. details of proposed work or maintenance;
2. the timing and anticipated costs of any proposed work;
3. the source of funding for any proposed work;
4. any other matter the owners corporation thinks fit.