What happens in an annual general meeting (AGM)?
Every year, the owner’s corporation must hold a meeting of all owners. This is called the annual general meeting (AGM)
This is the main opportunity for owners to participate in major decisions, discuss issues relating to their property and elect the owners corporation committee and office bearers for the next year.If you’re lost on what happens in an AGM, here are some of the meeting’s points that are usually included:
- Going over the minutes from last year’s meeting
- Look over last year’s financial statement, and plan the building’s finances for the upcoming year
- Elect your owner’s corporation committee
- Discuss the administrative fees and the maintenance fund
1. Going over the minutes from last year’s AGM meeting
Regardless of the length of time you have owned your apartment, it’s useful to be aware of any issues that have arisen and how quickly they’ve been resolved.
2. Look over last year’s financial statement and plan the building’s finances for the upcoming year
It’s important you know how the building’s finances are being organised and how they’re being spent because this is where your owners corporation fees go.
Elect your owner’s corporation committee
Discuss the administrative fees and the maintenance fund
Administrative fees are used to pay contractors for maintenance, insurance and budgeted repairs. Maintenance funds are set aside for future capital works on common property and is compulsory for buildings with more than 100 lots.