Fee Structure / Usage
As in all Owners Corporations, fees are payable. At Sanctuary Lakes, all lot owners pay the Owners Corporation Levy. Those in Owners Corporations with common property also pay other fees.
Owners Corporation Fees
Owners corporation fees at Sanctuary Lakes Resort relate to three separate budgets, depending on the specific owners corporation in which you own a property. If you own a lot in an area without common property you will only receive an invoice for the “Owners Corporation Fee”. If you own a lot in an area with common property (sometimes referred to as a gated community or it may be a limited OC) you can expect to receive up to three invoices covering the resort-wide “Owners Corporation Fee”, the owners corporation specific or “Common Property Fee” and possibly a “Maintenance Fund Fee” (sinking fund), each of which is explained below.
While each OC has responsibility under the Owners Corporation Act 2006 to set its own budget, clearly it is neither practical nor responsible at Sanctuary Lakes Resort for each OC to develop its budget separately. This and other responsibilities have been delegated to the manager under the terms of the management agreement. The manager prepares financial recommendations for each OC, in consultation with the Owners Corporation Committee where Common Property Fees and Maintenance Fees apply.
Wyndham City Council Rebate
The roads and parks within Sanctuary Lakes, except in gated OCs, are the property and responsibilty of Wyndham City Council (WCC). SLRS has a contract with WCC to carry out the maintenance of the parks and the nature strips and median strips in the Boulevard on behalf of WCC. A payment is made by WCC for this service which is paid to ratepayer for each rateable property (appearing on the annual rate notice) as a rebate. The 2016-2017 rebate was $197.40 for each rateable property. The 2017-2018 rebate is $201.35. "Council has agreed to contribute an amount equal to that which would normally be spent by Council in providing public works and services within Sanctuary Lakes Estate to the standard that Council applies across the municipality. Payments towards the public works and services will be paid to the ratepayer via an annual rate rebate. The rebate provided is consistent with the costs that Council would otherwise incur and is cost neutral from the viewpoint of Council and other ratepayers." The rebate is re-calculated each year.
Owners Corporation Fee
This fee is determined by the Sanctuary Lakes Resort Services Board and Management team in consultation with the delegates from each OC. The Owners Corporation Fee is payable by all lot owners in Sanctuary Lakes Resort. The fee for 2017-2018 has been set by the SLRS Board at $2,552.00 per lot, an increase of 2.2% over the 2016-2017 Owners Corporation Fee.
Common Property Fee
This fee covers expenditure applicable to costs associated only with the common property within your OC. If you are an owner in one of these OCs, you will receive a copy of the budgeted expenditure for the year with the notice of the Annual General Meeting (AGM) of your OC.
Maintenance Fund Fee
In accordance with the requirements of the Owners Corporation Act 2006, your OC committee has established a Maintenance Fund to cover areas of future capital expenditure (previously called a Sinking Fund). If you are a lot owner in an OC with a Maintenance Fund, you will receive a copy of the budgeted expenditure for the year for the Maintenance Fund with the notice of the AGM of your OC.
Owners Corporation Fees 2016/2017
Lot owners were advised by letter on 6th July 2016 of the Owners Corporation Fees for 2017/18. The letter outlined the budget process followed, the major events for the year just finished that impact on the fees and the expenses that are included in the fee.
The letter also set out the payment options available for lot owners.
For a copy of the 6th July 2017 letter, CLICK HERE
6th July 2017