People living and invested in Strata living are often unaware how strata levies are set, by whom it’s set, and how the funds are used. In this video, we explain how strata levies work.
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As you already know, strata levies are contributed by owners like you and others in your building. The funds are typically put towards two pools, an Administrative fund that covers the day-to-day running of the Owners Corporation like utility expenses, ongoing maintenance and repairs to common property and building insurance.
The Capital Works [Sinking] fund is essentially a savings account for future major expenses like repainting or replacing carpets, as well as to cover any unexpected expenses along the way.
As your Community Manager, Smarter Communities receives the levy contributions on behalf of the Owners Corporation and these funds go direct to your strata scheme.
So who decides how much your payments are, and where that money is spent?
With a wealth of experience, Smarter Communities helps your committee make better and more informed decisions. But ultimately, it all comes down to the strata committee who are voted in by you. They factor in how much is required to maintain your building and its services now and into the future, and the final budget and levies are approved at the Annual General Meeting.