For the records of strata.

As I always insisted, our complex never had
any decent Sinking Fund as per SSMA 1996 Section 75.

Basic premise was EC memberss' belief that
3% rise fixes every need.

The fact is that owners never ever had proper
Sinking Fund plan presented.

At the AGM 2014, more information will be presented that shows
complete lack of proper long-term planning and even
deliberate delays of certain major works, in spite
of professional advice stating the opposite.

In the meantime, here is previous Strata
Manager Mr. Peter Bone's complaint and confession
about not having any Sinking Fund, sent to Chairperson 
of the EC on 11 April 2014.

It is scary when Strata Agency does not have any
Sinking Fund and yet is delegated to "manage"
this large complex.

Original email from Mr. Peter Bone...


From: Peter Bone [mailto:PeterB@bcms.com.au] 
Sent: Friday, April 11, 2014 10:44 AM
To: SP52948 Chairperson 
Subject: SP 529148 - Sinking Fund Plan

I have been looking for a current Sinking Fund Plan (Forecast), but cannot locate one.

If you have one in your possession, could you please forward me a copy.

Thank you.

Ps. Just left a message on your mobile phone re this matter.

Peter Bone
Portfolio Manager
Dip of Mgt (Strata)