- The business of determining how much money is collected for the next financial year is discussed and decided by owners at the AGM.
- Strata Managers cannot decide to increase your levies - this is done by the owners at the Annual General Meeting. Our role is to issue the levy notice on behalf of the strata company.
- This must be in accordance with decisions made by owners at the AGM and approved by a formal vote.
- If you have received a quarterly levy notice which is higher than you were expecting, we would encourage you to refer to your minutes and its attached budget to learn more about the spending decisions made by your strata company.
- At ESM Strata, all levies are paid via the DEFT payment service and funds are held in individual accounts in the name of the Strata Company. This account is managed by ESM Strata on behalf of the Council of the Strata Company and the Strata Company. The levies raised fund the approved expenditure of your Strata Company.
Various factors will determine how much the strata company needs to raise to run the complex for the next financial year. Increases in levies may be attributed to any number of reasons, but the most common explanations are:
- inflationary increases in the cost of utilities and services etc
- once off capital works (such as roof works)
- the establishment of a Reserve Fund
- surplus funds (or lack of) carried forward to the new financial year
- the establishment of working capital or cash flow requirements
The minutes of the AGM will give you the clearest picture as to why levies were increased. Please refer to these. If you still have queries, please contact your Strata Manager for further clarification.
If you are having difficulty making payments due to a recent increase in the levy installment, please contact your Strata Manager.