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At our last AGM, I called for a new Capital Works Plan update as it was due and the old one had glaring deficiencies as I could see.
It was professionally done with my assistance as I know my building and all its current and future likely problems.
The report has come back and as I suspected, the capital works component of the the overall levies was far too low.
The report suggests the increase to be at such a level that the quarterly rates for everyone would double.
As you could imagine, I know full well the residents will not agree to such even if I presented them with the facts.
In the end, I think I just have to leave the rates as they are-or at least a little increase- and just strike a special levy
each time a big ticket item needs repair.
I can’t see any other way as I know people wont cop their rates doubling.
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