- This topic has 4 replies, 3 voices, and was last updated 1 year, 1 month ago by .
We have just received our budget for a small block of 13 flats . The Admin Fund has a deficit of $16,500. The levies raised were $26,500. This year they are proposing to increase the levies to $50,000. However this will still leave a proposed budget deficit of $9,000. There is very little in the budget where we can save money – maybe 1 or 2 thousand dollars. To compensate the Capital Works Fund levies have been slashed. The total levies to be paid are only $3,500 more than the current year. Is it legal to propose an Admin budget that will result in such a large deficit?
I realise that times are tough however I am concerned that we might be breaking Strata Law. I have emailed the Strata Manager but did not get a good explanation.
- This topic was modified 1 year, 1 month ago by .
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