Sinking Fund:

A sinking fund is set up by the owners committee to cover the costs of future capital expenses, which include for example, painting the building, driveway refurbishment, replacement of common property items like carpets, roofing and guttering and lift overhauls. Squires Body Corporate Management will engage a qualified engineering professional to provide a 10 year maintenance report supported by a budget maintenance forecast to ensure sufficient funds are contributed to the sinking fund.

 

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