FAQ CATEGORY 15/06/22
What is a Capital Works Fund Plan?
The 10 year plan – Planning for something big.
Your strata scheme needs to make a 10-year plan of expected major work that will be paid with the capital works fund.
The Capital works fund is the fixing and maintaining fund used to pay for capital expenses when they happen. It’s like the savings account for the strata scheme and it’s where the big ticket items such as painting, fencing, driveway repairs, carpets, roofing and guttering are paid from.
A capital works fund plan is generally prepared by a quantity surveyor who after inspecting the property taking in to account the age, features and facilities provides a report noting proposed work / maintenance for the scheme to consider and the timing and anticipated costs of the works.
The plan suggests an amount that the scheme should raise each year into the Capital Works Fund to save for the works when due. The strata manager will use the plan for the proposed budget each year for the owners to consider at the AGM.
The 10-year plan must start from the first AGM of the owners corporation and be reviewed at least every five years although you’ll commonly see this on the AGM agenda every year.
If the Capital works fund balance is insufficient when major repairs are due it increases the possibility that special levies may be needed therefore it’s worthwhile for plans to obtain and stick to their plan.
Buildings Forming Part of the Lot - 07/02/23
In most plans the external walls, the floors, roofs and ceilings of a building will be common property. In some cases the developer may request a plan where the building standing on each lot forms part of the lot and is not common property. These strata plans are commonly known as Cubic Strata Plans or Buildings Forming Part of a Lot. How do I tell if my strata property is a Cubic Strata Plan? The floor plan will be different from a normal plan in the following ways: The walls will be shown by thick broken lines unless they form a lot boundary. There will be only one floor plan regardless of the number of levels in the building. [...]
Meeting Notice Periods - 07/02/23
Learn about the different types of strata meetings and the required notice periods to call a meeting. Annual General Meeting | Extraordinary General Meeting | Inaugural General Meeting Notice Period - All Owners By Email* Emailed at least 7 days beforehand. Notice Period - If at Least One Owner Requires Post 7 days + 7 business days for postage. This means: Date of posting 7 business days for delivery Then 7 days notice First Annual General Meeting Notice Period - All Owners By Email* Emailed at least 14 days beforehand. Notice Period - If at Least One Owner Requires Post 14 days + 7 business days for postage. This means: Date of posting 7 business days for delivery Then 14 [...]
