The sinking fund is the second part of the levies which is for any future works or something that doesn't happen all the time
This can include tree lopping, pressure cleaning, big garden upgrades or new guttering

Palm Trees has a healthy sinking fund of $48,311, but we also have $13,178 in the administration fund spare. This gives us a combined bank balance of $61,489. This sounds like a lot but when you have a building that is 19 years old, it isn't a lot really. For this complex, we collect $20,000 each year but know that some of this will get spent. This adds $312.50 for the bedsit units and $625 for the two-bedroom units.

In total the bedsit levies for the year are $1,416.50

In total the two-bedroom unit levies for the year are $2,833.00

Using Palm Tree Apartments as my example, although there is a cost to each owner annually there are results that can be seen. The building was repainted 7 years ago, the gutters are cleaned each year, the gardens are well looked after an asset to the building, the insurance is paid - and best of all we have $61,489 in the bank to do any future works.

 

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