The Maintenance Plan provides for the necessary maintenance required and eventual replacement of capital items pertaining to the Lifestyle Centre. The Maintenance Plan was adopted at the Annual General Meeting (AGM) held on December 16th 2013. However, a funding solution to determine the financing was deferred until the recently held SGM on July 17th.
With the passing of the SGM interim resolutions the Annual Maintenance Levy has been set in line with the recommended annual contributions per the approved Maintenance Plan and will be collected from Lot Owners. The levy is set in accordance with Section 23(1) of the Owners Corporation Act based upon unit of lot liability for the 12 months ending 31 October each year.
For 2014 an amount of $57,071.30 inc GST has been contributed from the prior years accumulated budget surplus towards the required annual contributions, so as to reduce the levy paid by Lot Owners to $56.75 inc GST per Lot.
This Levy is specially categorised for maintenance according to the 'Maintenance Plan' and is allocated to its own bank account which is called a 'Maintenance Fund'.
By legislation it needs to be invoiced clearly as it's own line item so that this amount is designated for this purpose and this purpose only.
A Maintenance Fund protects the Owners Corporation by ensuring there is always the necessary funds put aside to effectively maintain the Common Property and it's equipment.
For further detailed information relating to the Maintenance Plan please refer to the information provided to you within the previous Notices of 2013 AGM & 2014 SGM.
All lot owners are members of the Owners Corporation and as such share ownership and responsibility for the Lifestyle Centre.
Please feel free to contact Quantum the Estate Manager via firstname.lastname@example.org or 1800 364 463 with any further queries...