Sinking Fund Plans
The Owners Corporation is responsible to ensure that a fund is maintained to ensure that major refurbishments or replacements in the building are able to be carried out in timely fashion.
In August 2010, the Owners Corporation had the two sinking fund plans (for OC No.1 and OC No. 2) updated. These reports were prepared by Napier & Blakely Pty Ltd for the period from 2011 to 2025.
Each report contains a detailed list of items that need to be refurbished or replaced in the future. The reports advise the estimated life of each item, consider their current age and condition and determine the number of years to replacement. The cost of replacement is estimated and then an annual budget amount set aside to ensure funds are available when the replacement or refurbishment comes due.
The sinking fund reports can be made available to owners on request to the
Approximately 14% of an owner’s total levy payment contributes to the major works sinking fund.