SINKING FUND FORECAST PLANS
Sinking Fund Forecast Plans are required by Body Corporates to ensure there is adequate funds available for maintenance expenditure without the need for raising a special levy.
The Body Corporate and Community Management Bill 1997 came into effect in Queensland on 13 July 1997. This legislation makes it a requirement for every body corporate to prepare a sinking fund budget for a minimum of 10 years.
A sinking fund plan is a forecast of the maintenance expenditure required on a building and its common property.
A sinking fund forecast plan ensures that the owners’ funds are used in the most efficient manner to keep levies as low as possible. It ensures that there are sufficient funds available as and when major expenditure is required thus negating the need for a special levy.
Caseco Quantity Surveyors has significant experience, a thorough knowledge of legislation and a practical understanding of what should be included and classified as common property.
Body Corporate and Strata Managers can be assured of a professional independent report that is easy to read and understand.