Responsible Financial Management of Strata Schemes

Published August 12th, 2021 by Jessica Tait

Strata schemes can run low on funds when they set the levy contributions at a level to just cover the budgeted expenditure. At certain points in the year, such as when the insurance premium is due, this expense may wipe out the entire balance of the Admin Fund.  Proper financial management is imperative/crucial when it comes to managing strata-title

Powers of Expenditure - Strata Company funds

Published April 30th, 2021 by Jessica Tait

Overview If the Council need or wish to spend Strata Company funds outside of the budget, in accordance to the Strata Titles Act, there are certain approvals & requirements to be met. These are outlined below for you.  Note:  'The terms 'Budget' and 'Levies' can frequently be confused. To clarify, they are motioned separately at the AGM because

Resolution Types

Published March 26th, 2021 by Jessica Tait

Summary Usually, the Strata Company's day-to-day matters do not require a formal decision. They can be managed by the elected Strata Council. However, certain matters require a formal vote to be put to the Strata Company (all owners) via specific resolutions.  Section 123 of the Act provides the four main types of resolutions and the requirements fo