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Ours is a warehouse conversion of around 100 apartments, built around 100 years ago and converted about 25 years ago.
We have only recently moved in and are not sure of all the facts. However, we are working on the theory that if there is barking, it is probably a dog and we hear barking (but only from Approved Pets).
Over the last two or three years, major capital works have been undertaken. There was not enough money in the Sinking Fund to cover this and a loan was taken out. This resulted in a substantial increase in Strata Levies over the subsequent 10 years.
Now, further capital expenditure has been identified and a Special Levy has been suggested. This is to be discussed at a General Meeting.
It seems as if the Committee did not have, or did not update in a timely fashion, a 10-year capital works fund plan.
Is there any way that the plan can be audited and, if it was inadequate, is there any recourse for owners if the Committee can be shown to be incompetent?
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