The purpose behind the 10-year plan is to determine a reasonable contribution by the community scheme’s members towards the reserve fund, which is used for preventative maintenance works on major capital items. The long-term objective of the 10-year plan is to avoid having to raise special levies for unexpected maintenance.
It is important to keep in mind that the 10-year plan is a theoretical financial model – it is, therefore, a continuous work-in-progress and will rarely be completely accurate. However, having an up-to-date 10-year plan in place does guarantee that the body corporate will have sufficient reserves available when planned preventative maintenance is required.
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