|Depreciation Report Project line item 5446 Project Cost over past 3 years|
|Depreciation Report 2014||CHOA - Depreciation Reports Info|
|Jardines Lookout Depreciation Report Highrise built 1995||Pendrell Mews Depreciation Report 4 story built 1979||City Gate 1 Depreciation Report highrise built 1990-91||Pacific Cove Depreciation Report highrise built 1990|
|Strata Property Act Sec 94 Depreciation Report|
|Strata Property Regulations Sec 6.2 Depreciation Report|
The Strata Property Act enforced Stratas to have Depreciation Reports created and registered by December 13, 2013. This was announced formally in the Strata Property Act revisions dated December 13, 2011. Two years in advance.
Our Strata has not met that requirement. Many reasons could apply: Late in contacting and contracting a firm to do our depreciation report, failing to provide them with required information in a timely basis, unusual circumstances with our Complex, and the large number of Stratas that must meet this initial deadline.
Whatever the reason, we missed the deadline set by the Strata Property Act.
We need to take some responibilty for that.
Further as we approach (within 2 weeks) our annual general meeting, there are issues for us to vote on that would definately use the information provided in a goo
d Depreciation Report.
This report will not be available to owners to properly vote on the real issues it contains.
We should not spend thousands of dollars on further studies until we have thoroughly reviewed the Depreciation Report.
The Depreciation Report should contain information as to the water piping.
The Depreciation Report may show other spending priorities we must deal with.
As Owners and as the Council, we do not know what it contains.
Budgets need to be developed to match each major up coming expense years as identified in the Depreciation Report
This will likely mean a proposed Budget for the years preceding major expenses so we know we will have the funding in place.
Personally I dont believe that it is necessary to have this place in new condition at all times, usable yes. Latest code, no!
I expect we will be doing proposed Budgets for each of the next 5 years or something of a 5 year plan.
Likely doing Budgets going forward for every 5 years (or matching years of increased Costs based on the Depreciation Report.
Who knows what the Depreciation Report will contain? I may well include Budgets to cover these major cost years.
We have been supposedly putting $75,000 into the CRF accounts annually, hah, what we are doing is giving the Property Manager and Council a source of money for their wish lists.
The CRF balance has not grown at all in the last years. The Strata Property Act states that any years operational incomes are to be added to the CRF.
The Strata Properties Act states that any Operational Deficits are to be repaid using the following years operational incomes and is not to come from the CRF. The 2013-2014 operation deficit was illegally taken from the CRF accounts.
It is my opinion The Property Manager and Strata Councillors are not being responsible to owners in our accounting or in our management of spending.
What owners need is peace of mind in that the Strata Council is avoiding extreme measures like a large special levy and or huge increases in CRF component of strata fees.
How do you do that, using only what you have to do what can be done, meaning there is $225,000 in the CRF plus currently another $75,000 comming in next year.
Strata Property Act states we must have 10% minimum of the Operating Budget in the CRF meaning about $60,000
That means we have up to $225,000 + $75,000 - $60,000 = $240,000 available to spend in 2015 on projects listed in the depreciation report.
So what should be done, well obviously only part of the Domestic Water re piping can be done.
Who states that the Copper pipes must be replaced with Copper?
Can we not replace them with more cost effective materials? Do we have to repair the gyproc in the ceilings after these pipes are replaced, cannot we use the removable t-bar systems. After all the Property Manager and Council will find some need to rip the ceilings out again.