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I am looking for a bit of guidance on how to interpret the budget proposed by our Strata managers as I think I have a basic misunderstanding of what I am looking at.
My main confusion is that the administrative fund revenue forecast has increased from 900k last year to 1.2m. The actual revenue last year was 910k, while the actual administrative spend fund was 1.07m. I assume the increase to 1.2m is to address the deficit in the administrative fund from last year.
This makes sense, however the deficit seems to be due to the expense for item “Building Management Committee Levies” coming in at 510k actual last year on a forecast of 290k. So my question is what exactly the item is and how could it end up 220k over budget? When I look at the detailed expense line items it is levy payments for the admin fund and capital works being made to a specific lot (perhaps the building management company?).
FTR, I am asking here as it would on face value mean a big jump in fees (already around 1.3% of the property value with no facilitates outside lifts) and I have asked the Strata managers for clarification. They have said that as I am not on the owners committee and its just a proposed budget they won’t provide any clarification outside of the Committee meeting and also cannot provide me with a contact in the owners corporation to raise it with.
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