HOW IS THE LEVY CALCULATED?
At the inception of a scheme and again before every AGM, the trustees have to prepare a budget for the following year. Before the AGM, the proposed budget must be sent to all members of the body corporate for their consideration and for subsequent discussion at the meeting. The body corporate can either accept the budget or ask for changes to be made. Once the budget has been accepted, the total annual cost is divided into monthly amounts and each owner is then "levied" a monthly amount, as mentioned above.
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