Strata Schemes Management Act 2015 (New South Wales)
Part 5: Financial management – Strata Schemes Management Act 2015 (New South Wales)

Strata Schemes Management Act 2015 (New South Wales) s79-81: ss 79 to 81 Fund estimates, the 10-year capital works fund plan, and setting contributions

An owners corporation must, within 14 days of its constitution and at each annual general meeting, estimate the money needed for the administrative fund (day-to-day maintenance, insurance, recurrent expenses) and the capital works fund (painting, capital replacement and repair, other capital expenses), having regard to the existing financial position (s 79). It must prepare a 10-year plan of anticipated major capital works expenditure, reviewed at least every 5 years, covering proposed work, timing, cost and funding source (s 80), and must then determine and levy the contributions needed to raise the estimated amounts, at the same meeting the estimates are set (s 81). A large strata scheme's estimates must itemise specific amounts by item and reconcile against the 10-year plan (s 79(6)).

Maintained by Gerard Blokdyk

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