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A negative EOFY balance in the Admin fund is obviously due to unrealistic low levy and/or unforeseen maintenance expenditure.
Regardless of the cause, is there a legal requirement to transfer funds from a positive Capital Works balance to Admin to neutralise the negative amount when closing off the financial year? BTW, this is what our strata manager advised the SC.
If it is not a requirement, is it prudent anyway to neutralise the negative Admin account at the EOFY and if affirmative, is there a statutory position that the Admin fund must pay the amount back to the Capital Work fund within 3 months?
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