[200WILLIAM-EC SP67851] Proposed Budget SP67851 23/24
Matthew Guy
matthew_guy at hotmail.com
Wed Jul 26 11:56:15 AEST 2023
Ok understood.
Where does the rent go from the tenants? Eg MG Coffee Roasters? Who owns the space the businesses are in?
Regards,
Matt
On 26 Jul 2023, at 10:47 am, Ryan | AscendCorp Strata <ryan at ascendcorpstrata.com.au> wrote:
Yes.. from what I’ve seen initially, the Residential is quite fine in terms of the allotted breakups.
Kind regards,
RYAN WALMSLEY | MANAGING DIRECTOR
ASCENDCORP STRATA PTY LTD
P 02 9799 1111 | E ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au> | W www.ascendcorp.com.au<http://www.ascendcorp.com.au/>
PO Box 419 NORTH SYDNEY NSW 2059 | A 609/100 Walker Street, NORTH SYDNEY NSW 2060
Liability limited by a scheme approved under Professional Standards Legislation.
<image001.gif>
From: matt at perkins.id.au <matt at perkins.id.au>
Sent: Wednesday, July 26, 2023 10:36 AM
To: Matthew Guy <matthew_guy at hotmail.com>; Ryan | AscendCorp Strata <ryan at ascendcorpstrata.com.au>
Cc: ec at mailman.perkins.id.au
Subject: RE: [200WILLIAM-EC SP67851] Proposed Budget SP67851 23/24
Lifts, aircon, hot water, fire protection, insurance are all in the BMC the split is roughly 80/20 but some do vary from that for example there is a special clause for water use for the commercial industrial car wash in the sub basement 2
In general the strata management statement is in our favour from my reading of it. For example commercial pay 20 % of the lift but use almost none of it. We can . renegotiate the SMS but it would likely end up costing us way more then it does now. So it’s not something I would suggest.
Matt
** DO NOT SEND PRIVATE OR CONFIDENTIAL MATERIAL VIA EMAIL
/* Matt Perkins
Direct 02 8916 8101 Spectrum Networks Ptd. Ltd.
Office 1300 133 299 matt at spectrum.com.au<mailto:matt at spectrum.com.au>
ABN 66 090 112 913 Level 6, 350 George Street Sydney 2000
*/
On 26 Jul 2023 at 10:08 AM +1000, Ryan | AscendCorp Strata <ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au>>, wrote:
Hi Matt,
When your building was originally registered, it was subdivided into two strata schemes (residential/commercial) via what is called a Stratum Subdivision.
When this occurs, it creates two strata schemes that run independently, but also another tier of management that addresses the shared property between the two schemes.
This shared property is governed by a “strata management statement”, which is a document outlining the breakups of costs for shared items.
The main reason a considerable amount is sent from each independent scheme to the BMC, is that large items such as the building insurance, fire maintenance and certification, and some utilities costs are all attributed and paid for via this medium as they are deemed “shared” facilities.
When we commenced management of your residential strata scheme, we also took over as managers of the BMCV, so we keep and eye on both and ensure things are costed correctly.
I hope that helps to explain.
Kind regards,
RYAN WALMSLEY | MANAGING DIRECTOR
ASCENDCORP STRATA PTY LTD
P 02 9799 1111 | E ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au> | W www.ascendcorp.com.au<http://www.ascendcorp.com.au/>
PO Box 419 NORTH SYDNEY NSW 2059 | A 609/100 Walker Street, NORTH SYDNEY NSW 2060
Liability limited by a scheme approved under Professional Standards Legislation.
<image001.gif>
From: Matthew Guy <matthew_guy at hotmail.com<mailto:matthew_guy at hotmail.com>>
Sent: Tuesday, July 25, 2023 5:08 PM
To: Ryan | AscendCorp Strata <ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au>>
Cc: matt at perkins.id.au<mailto:matt at perkins.id.au>; ec at mailman.perkins.id.au<mailto:ec at mailman.perkins.id.au>
Subject: Re: [200WILLIAM-EC SP67851] Proposed Budget SP67851 23/24
One more question Ryan,
What is the BMC contribution? Who gets this money and what is it for?
Regards,
Matt G
On 25 Jul 2023, at 11:46 am, Ryan | AscendCorp Strata <ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au>> wrote:
Technically the Act says it’s required to be recouped in current year, because if the Admin fund has been run into deficit essentially that means Cap Works funds have been used for Admin purposes. However, if the committee would like to get creative and potentially stretch it, I’m willing to entertain it. This is mainly due to the time elapsed in the current fin yr. We can run the next AGM as quickly as possible in the new fin yr and budget accordingly then also.
My main concern is always addressing the standard Admin Fund intake to ensure that no further deficits are created. We need to arrest that without doubt in this budget.
Either way, whatever is in the Agenda now can be discussed at the actual AGM and adjustments made to the ratified motions.
Kind regards,
RYAN WALMSLEY | MANAGING DIRECTOR
ASCENDCORP STRATA PTY LTD
P 02 9799 1111 | E ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au> | W www.ascendcorp.com.au<http://www.ascendcorp.com.au/>
PO Box 419 NORTH SYDNEY NSW 2059 | A 609/100 Walker Street, NORTH SYDNEY NSW 2060
Liability limited by a scheme approved under Professional Standards Legislation.
<image001.gif>
From: Matthew Guy <matthew_guy at hotmail.com<mailto:matthew_guy at hotmail.com>>
Sent: Tuesday, July 25, 2023 11:21 AM
To: matt at perkins.id.au<mailto:matt at perkins.id.au>
Cc: Ryan | AscendCorp Strata <ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au>>; ec at mailman.perkins.id.au<mailto:ec at mailman.perkins.id.au>
Subject: Re: [200WILLIAM-EC SP67851] Proposed Budget SP67851 23/24
Thanks Ryan,
Is there any chance to catch up the $97k over two years with two special levies instead of one?
Regards,
Matt
On 25 Jul 2023, at 10:45 am, matt at perkins.id.au<mailto:matt at perkins.id.au> wrote:
If you look at how our schemes revenue has tracked compared to inflation it has tracked way behind for years. This seem to me to be a catch up. It didnt help that STM did nothing for the last 3 years. But to be fair im sure the owners would have voted down the increase at the previous AGM's in any effect.
Matt.
** DO NOT SEND PRIVATE OR CONFIDENTIAL MATERIAL VIA EMAIL
/* Matt Perkins
Direct 02 8916 8101 Spectrum Networks Ptd. Ltd.
Office 1300 133 299 matt at spectrum.com.au<mailto:matt at spectrum.com.au>
ABN 66 090 112 913 Level 6, 350 George Street Sydney 2000
*/
On 25 Jul 2023 at 10:34 AM +1000, Ryan | AscendCorp Strata <ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au>>, wrote:
Hi Matthew,
The issue is more to do with the ratio of income to expenditure in the 22/23 scheme financial year.
The scheme raised $304k for the financial year yet spent $406k. That spend did not contain any particularly anomalous expenditure. I drafted the projected budget based on estimates per previous expenditure and potential current costs, which equated to an Admin fund spend of approximately $378k, which I would suggest would be close to the genuine running cost of the Scheme at present. Due to the gap in income and expenditure for the previous fin yr, the deficit remains and must be erased.
The final (4th) quarterly instalment for the 22/23 fin yr instalment was due 1 Dec 22 for the period to 28 Feb 23. The first instalment for the new fin yr (23/24) is due 1 March, hence the injection of funds by end March per your attached report. These funds are attributed to the current financial year, not the last.
I hope that helps to explain, however if you’d like to discuss further, please let me know.
Kind regards,
RYAN WALMSLEY | MANAGING DIRECTOR
ASCENDCORP STRATA PTY LTD
P 02 9799 1111 | E ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au> | W www.ascendcorp.com.au<http://www.ascendcorp.com.au/>
PO Box 419 NORTH SYDNEY NSW 2059 | A 609/100 Walker Street, NORTH SYDNEY NSW 2060
Liability limited by a scheme approved under Professional Standards Legislation.
<image001.gif>
From: Matthew Guy <matthew_guy at hotmail.com<mailto:matthew_guy at hotmail.com>>
Sent: Monday, July 24, 2023 5:09 PM
To: Ryan | AscendCorp Strata <ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au>>
Cc: ec at mailman.perkins.id.au<mailto:ec at mailman.perkins.id.au>
Subject: Re: [200WILLIAM-EC SP67851] Proposed Budget SP67851 23/24
Hi Ryan,
Wasn’t there $76k of levy revenue in March that caught it up a bit? End of March Admin balance was -$26k.
<image002.png><image003.png>
Regards,
Matt G
On 24 Jul 2023, at 2:03 pm, Ryan | AscendCorp Strata <ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au>> wrote:
Dear Committee,
Please see attached proposed budget for the current financial year for your scheme. Also attached is the actual financial expenditure as per documents received from previous management at handover.
As you will see, the scheme ran a large Administration Fund deficit last year financial of over $96K.
The proposed Administration fund income had been raised from $304,000.00 to $378,000.00 ($152k already levied) in order to arrest the currently deficient budgeted income and to cease further deficit at the conclusion of this financial year. Also, in order to erase the deficit from the previous year, a one-off special levy of $97,000.00 has been proposed as per the guidelines within the Act.
Please feel free to review this proposed budget, and forward any questions should you have any.
Kind regards,
RYAN WALMSLEY | MANAGING DIRECTOR
ASCENDCORP STRATA PTY LTD
P 02 9799 1111 | E ryan at ascendcorpstrata.com.au<mailto:ryan at ascendcorpstrata.com.au> | W www.ascendcorp.com.au<http://www.ascendcorp.com.au/>
PO Box 419 NORTH SYDNEY NSW 2059 | A 609/100 Walker Street, NORTH SYDNEY NSW 2060
Liability limited by a scheme approved under Professional Standards Legislation.
<image001.gif>
<FinancialPerformanceReport_67851 (1).pdf>
<as at 28th Feb 23.pdf>
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