We have finalised our budget for 2022 and we are happy to announce a 2% reduction in the budget, which will translate into a 2% reduction in owners corporation fees for the year. Taking the anticipated 2.5% increase in CPI into account, the effective reduction is around 4.5%.
Thanks in part to a significant reduction in our insurance costs from working hard to minimise our claims over the last few years we have also been able to inject extra funds into the long term maintenance plan. This year money going into the maintenance fund will increase by 20%. We now need to prioritise and move on projects including roof, gutter and down pipe repair across the property to ensure we lower the risk of any further insurance claims.
The reduction in the insurance premium has put us into a position of being able to offer a fee reduction, but we have also watched and managed our expenditure closely over the previous year.
Willsmere is located at 1 Wiltshire Drive Kew VIC 3101. Visitor access is via Yarra Boulevard.