Condo Smarts: Be sure to review depreciation reports every year

/ Owner - November 16, 2017

Dear Tony: Our council recently put two items on our agenda at our annual general meeting to approve contingency funds for repairs and upgrades. One was the roofing on our eight townhouses and the other was a scheduled upgrade to our fire safety systems in our highrise.  The roofing was for $135,000 and the fire safety upgrade was for $22,000. Both these items were in our depreciation report and recommended for 2018, so were passed by majority vote. However, an owner raised a very good question at the meeting: The report was last updated in 2015, so how do we know these amounts are accurate?    Read the Q&A……………..

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