Queensland Body Corporate and Community Management Act 1997 SM-s160: Standard Module s 160 Administrative and sinking fund budgets

For each financial year the body corporate must adopt by ordinary resolution two budgets: an administrative fund budget estimating necessary and reasonable recurrent spending (maintenance of common property and assets, insurance, other recurrent costs) and fixing the contribution to cover it, and a sinking fund budget raising a reasonable capital amount for the year and a proportionate share of anticipated major spending over at least the next 9 years after that year, taking in capital replacement items. Where a scheme is a lot in another scheme the administrative budget includes its expected contribution to that scheme.