A Capital Works Fund Report. A Capital Works Fund Report is a forecast of anticipated common area maintenance expenditure, also known as a 10 Year Budget for Strata Titled Property. eighty8valuers are located in the Northern Rivers, NSW, in addition to our property valuation arm, we have an in-house Quantity Surveying division which provides Capital Works Fund Forecast Reports.
All strata schemes are required by law to have a 10 year Capital Works Fund Forecast in place (see Strata Schemes Management Act 2015). This means that Owners Corporations must plan how they will repair and maintain common property and raise adequate funds to cover the costs. The 10 year plan must be approved by owners at an Annual General Meeting (AGM) and must be reviewed and adjusted, if required in the first five years.
Purpose of the Capital Works Fund Report
The purpose of a Capital Works Fund Forecast Report is to provide a Capital Works Fund Forecast for the Owners Corporation to allow sufficient monetary reserves for the long term maintenance and repair of the common areas of the building as well as replacement of common property items in accordance with the requirements described in the NSW Strata Schemes Management Amendment Act 20015.
The aim is to ensure that the Capital Works Fund levies indicated will provide the Owners Corporation with sufficient information to plan their finances to minimise the future risk of insufficient funds for expensive repairs to the property.
The Capital Works Fund Report is completed by Matt Benson who draws on more than 20 years of building experience and historical construction data. Matt has completed construction projects in the ACT, NSW, QLD and the NT. In addition to being a licenced Builder, Matt is also an Australian Taxation Office approved Quantity Surveyor.
The key points regarding the Capital Works Fund Forecast Reports are:
- Matt inspects the property and completes the report himself
- Our lump sum quote includes a physical inspection of the property
- Reports are completed in reference to the NSW Strata Schemes Management Amendment Act 2004.
- When appropriate, we contact your Property Manager and organise the inspection directly