Benefit of increased reserve fund contribution becomes apparent when it is time to approve upgrades.
Dear Tony: Our 14-floor building in Burnaby is experiencing chronic failures of our hot water. The strata corporation maintains, or rather avoids maintaining, our four boilers, which provide for hot water for the units. Heating is electric in each unit and each unit has a gas fireplace.
On review, your building has barely enough funds to pay for an emergency or insurance deductible, and the owners refuse to approve an increased annual contribution. Those are the basic classifications. Boiler replacement and upgrades generally fall under reserve fund expenses. Annual budgets may be amended at your AGM before they are approved, so one option is to encourage owners to contribute more to the reserve funds, even a 5 or 10% increase will make a significant difference within a few years.
With a recommended renewal in your depreciation report, the expense is only a majority vote, compared to a special levy that requires a 3/4 vote that is often defeated. For some components there is the opportunity to consider a contracted service program that becomes an operating expense.
France Dernières Nouvelles, France Actualités
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