challenges of prolonging Vista Condo life span (part 2)

last article we mentioned abt if based on our regular monthly collection on the SC (Service Charge), as long as we can maintain 85% collection rate, then we should have enough fund to maintain our existing facilities, even to upgrade it, but for those major items like building repainting, water tanks replacement, lifts upgrade, major PBA & sewerage pipe replacement then gov't financial aid is definitely needed, for most of the cases, state gov't will absorb 80% & residents will bear the 20% of the total cost, for Vista Condo we are consider fortunate as state gov't recognise s as LMC (low medium cost) apartment which open door for us to approach state gov't for help :)

our challenge now is how to get ourselves ready for the 20% whenever gov't is willing to fund the 80%. 2 years ago when state gov't approved our request to upgrade blk k lift, where we need to deposit abt RM34k as 20% so that the upgrade work can be commenced, it also took us awhile to gather enough money for that purpose, so this time when gov't willing to absorb the 80% of the total cost for 10 water tanks replacement, we can't produce the 20% which is RM81K, so the project has been delayed until now :(

the water tank vendor is kind enough to let us trade in our existing water tanks with high price at 40K, even willing to channel in the money in advance so that our side only need to contribute RM41K to get the project started, but sad to say, we don't even have 41K at the moment but only 20K.

well, we believe in another 2 months' time we will have that 41K, but now what interest us more is, how abt future project? as we are planning to get gov't to help on main pipe replacement, building repainting, blk j lift upgrade, etc. we should always have the money ready to pay the 20% when gov't is ready to bear the 80%.

if possible, we would like to suggest in the coming AGM to collect RM10 every month from each unit as Vista new sinking fund (the old sinking fund still pending on further legal action), but pls understand this is jz a suggestion, we can't proceed with this without residents' approval.

we will like to see every month to collect abt RM2750 as Vista have 275 unit & deposit into sinking fund account, then in a year's time should have RM33000, 2 years is RM66000, 3 years RM99000, if FD rate is 4% then after 3 years the figure should hit RM100000 :)

the whole purpose is so that when gov't say yes to our future request for building repainting, or blk j lifts upgrade, or other major project few years from now, we can deposit our 20% straight away & the new project can start immediately, and our residents can enjoy it's benefit without the unnecessary delay.

what do u think?

thanks.