EGM & Sinking fund

some unexpected commotion during the EGM, & also some sharp comments from residents during the 1st part of the meeting, but somehow some important decision & info have been shared with residents, & it should be encouraging our residents much!

i'm talking abt we are able to set up our own SINKING FUND starting from now! and this is something nobody dare to dream abt before the EGM!

(at the moment we have near to RM400K of sinking fund with the developer, but we don't think we can to get it transfer over to us so smoothly, still negotiating w them, we really praying hard that they will be cooperative after we open the MC bank account...)

the calculation goes like this, we hv now managed to settle the old debt, & monthly fixed expenses are TNB 6800, PBA 600, Management 3000, security 3300, pool 800, lift 1400, cleaner 2000, electrician 400, general repair & others let's put it at 3000, so total is abt RM21300.

we do see the increase in the last few months on the collection, consistently more than RM26000, comprises of current months SC (service charge) payment 22500, old debt paid by residents 2000, car park rental 1500, which means monthly surplus is (RM26000 - RM21300) abt RM4700.

as we also need to budget some for the water tank repair (as per EGM decision,we will proceed with it, abt 3000 for smaller tank & RM4000 for bigger tank which carry 2 years warranty, total abt 4 water tank need to fix now), at the moment we should be able to set aside RM3000 per month for sinking fund, then starting 2012 should increase to RM4000 per month.

go by this arrangement, in 5 yrs we should hv abt RM240k, or 10 yrs 480k, plus the money given back by developer, some major projects like painting of building (abt 240k), upgrading the lifts (abt 200k), changing all water tank lining (abt 200K) are within our reach to be carried out in this coming 10 yrs!

furthermore, the above calculation is not based on full current month collection yet, for we hv 275 unit, full collection should be 27500 per month, but i hv purposely left out 5k each month for the habitual defaulters, (do u notice i only put 22500 for current month SC collection?) & the money recovered from them will be used for facilities upgrading & beautification, such as swimming pool, foyer, car park area, & we can even consider to convert 1 of the public toilet to be gym!

as we always said..., future looks bright for vista condo... :)

(abt some other decision of EGM, will paste together with the minutes of meeting in notice board soon, also new set of house rules will be duplicated & put into residents letter box.)