COVID-19 StrataFAQ | What can we do to ensure our strata scheme remains financially stable?

Q: What can we do to ensure our strata scheme remains financially stable?

A: Committees may wish to consider the following measures to remain financially sustainable and relieve financial strain on owners:

• Build a cashflow forecast to re-assess expenditure
• Defer non-essential and discretionary spending
• Defer non-essential capital or major works
• Use your capital works/sinking fund for administrative fund expenses, if permissible under the relevant state-based legislation
• Apply for a strata loan.

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