An owners corporation is obliged to prepare or have prepared every 5 years a forward plan with costings for maintaining its buildings. This is called a Sinking Fund Forecast and lists the amount that can be expected to be spent on each item of maintenance in the coming 10 years. It is a long term maintenance budget and a key part of the process of drawing up the annual sinking fund budget. Don’t just take the sinking fund forecast as gospel, most are cookie cutter approaches with some minor customisation. For example, your current forecast may indicate that your fire stairs need to be re-painted every 7 years, but after 15 years the paint is still pretty pristine. Don’t waste your money re-painting just because there is a line in a report that suggests that you do!
"The whole strata community owes a huge debt of gratitude to you and the OCN executive. Much appreciated."