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Deeds Registry Act
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Today: Oct 06, 2012
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Today: Oct 06, 2012
| Calculating the Levy's |
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Before every AGM the trustees, assisted by the managing agent, must prepare an estimate of expected expenses that will be incurred by the body corporate in running the scheme during the ensuing year. Included in this estimate are costs of: •        Rates and taxes •        Insurance •        Repairs and maintenance of the common property •        Electricity used on the common property •        All the water consumed, unless individual water meters have been fitted •        Contributions to a contingency fund •        Wages and salaries of body corporate employees (if applicable) •        Security, garden and other services (if applicable) •        Accounting and management fees This proposed budget must be sent to every member of the body corporate at least fourteen days before the AGM at which the proposals will be discussed and accepted, with or without amendment. After the AGM, the accepted budget will be divided into monthly amounts and apportioned to the owners according to their PQ. Included in the budget is an amount to be used to build up a reserve fund for future repairs and maintenance. If a body corporate is faced with unexpected expense for which no allowance has been made, the trustees may impose a special levy, which will become due and payable upon passing a resolution to that effect by the trustees. |
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