Generally, we use an accredited valuer to make sinking fund forecasts for a Body Corporate that we fully manage. Sometimes, we encounter committees and lot owners who disagree with the forecast that has been prepared. It is quite acceptable for a committee, that feels competent to assess the sinking fund outlays that might occur on their property for the next ten years, to make the assessment. After all, many homeowners do exactly that. The Act does require that the common property be maintained in good condition so it would be unacceptable for a Committee to ignore that requirement. The other tricky part of the assessment is identifying the components of the common property that are the responsibility of the Body Corporate and the components for which a lot owner is responsible. Tracsafe has a smart spreadsheet that can help committees with that task.
