Here’s the thing – there are no short cuts to getting budgets right within a body corporate.
It is not unreasonable for lot owners to assume that voting committee members (who are appointed to office) are aware of their body corporate legislative and building compliance obligations. For those who have recently joined us, we are referring to the various Codes of Practice, Australian Standards, Building Regulations etc., which also fall outside the Body Corporate & Community Management Act or Work Health & Safety Act. Standards which your Strata Manager may not be aware of. The first step is to understand and clearly identify all known fixed and non-fixed assets on common property.
As a volunteer committee member however, you maybe wondering whether you are qualified to ascertain these costs.
The mistake often made by body corporate is in determining these costs without seeking professional or suitably qualified advice, OR assuming that they are on track, only to find out that there are significant unanticipated or unexpected costs to be met.
Your body corporate may be relying solely on a Quantity Surveyor’s Sinking Fund Forecast, or previously established, day-to-day body corporate running costs to determine their administration and sinking fund budgets. If only it was that easy!