5 New (Financial and Strata) Resolutions You Can Keep

While it is easy to think of and plan a New Year’s resolution, many find it hard to stick to one. But as the new 2015/2016 Financial Year is already upon us, owners corporation’s executive committees and lot owners might consider some new Financial Year resolutions anyway.

So pull up your strata socks and start planning today to make this financial year a great one.

1. Review, amend and update your owners corporation’s old by-laws

We all associate cleaning out our wardrobes with spring ‐ so why not associate a clean out of your owners corporation’s old or uncertain by-laws by reviewing, amending and updating them with this new financial year.

2. Focus on maintenance and repair of common property

We all know that an owners corporation has a strict duty to maintain and repair common property. It’s not a bad time for an owners corporation’s executive committee to do a walk through of the owners corporation’s common property areas and make a list of items which may need to be attended to.

3. Clear your levies in arrears

If you are a lot owner who has long standing levy arrears, you can do something about it. Perhaps you can consolidate this debt into a loan or negotiate a payment plan with the owners corporation.

4. Review your maintenance costs and see if you can get a better deal

Okay, this one might not come as a great surprise, but it does makes sense. One of the most significant ongoing expenses of an owners corporation is maintenance and cleaning. How certain are you that it is still competitive and suitable to your owners corporation. I have heard of an owners corporation that spent $1,500 per year to pay a cleaner for removing 10 bins from the common property area out onto the footpath for waste collection and then return them back the next morning!

5. Consider an Audit

Whether your owners corporation is self-managed or managed by a strata managing agent, there are benefits having an owners corporation’s accounts examined by an independent auditor. Benefits include obtaining an expert’s opinion regarding the truth and fairness of the financial statements, the detection of errors in accounts, the detection and prevention of any fraud and compliance with the Strata Schemes Management Act 1996. If you have an upcoming annual general meeting, now is the time to consider the appointment of an auditor.