Budget
A village budget is prepared annually by Village Management. Our Finance Subcommittee in particular participates in the preparation of this budget. Its efforts have saved residents a lot of money over the years, and they have been instrumental in reducing the rate of growth in our monthly fees. The budget is presented to a Residents General Meeting. The monthly levy for the following year is set by the budget and commences from 1 July after presentation of the budget. A copy of the current year's budget can be found in the 'Residents Only' section.
Trust Account“Trust Account” means the trust bank account operated by the Manager as agent for and on behalf of and for the benefit of the Residents into which the Resident’s Contribution is to be deposited each month and from which only payments authorised under this Deed may be made. This is the money that covers the village's running costs, as set out in the annual budget. This is funded by our monthly fees, rent income, and a management company subsidy.
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 FOR MONTHLY FEES |
Payments covered per Deed
3.6 Payment of Board Members: We may pay to the independent member of the Advisory Board from the Trust Account a fee payable at the rates and times determined by the Advisory Board. We will pay or reimburse from the Trust Account all costs and expenses reasonably incurred by any member in carrying out the duties of an Advisory Board member as are approved by the Advisory Board.
SCHEDULE 2: 9. We must pay from the Trust Account to each member of the Advisory Board travelling and other expenses reasonably incurred by the member in order to attend meetings or otherwise regarding the business of the Advisory Board. Notwithstanding Clause 3.6 of this Deed, if a member performs extra services or exercises any special qualifications which we consider are outside the scope of the ordinary duties of a member, we may pay the member any additional sum (being a special fee) from the Trust Account that we decide upon.
3.12 Residents’ Committee Costs and Expenses: Residents’ Committee members must perform their duties as members without payment. However, we may pay or reimburse from the Trust Account all costs and expenses reasonably and properly incurred by, or on behalf of, any member or secretary of the Residents’ Committee in carrying out their duties as a member or secretary. However, we may pay or reimburse from the Trust Account all costs and expenses reasonably and properly incurred by, or on behalf of, any member or secretary of the Residents’ Committee in carrying out their duties as a member or secretary.
4.2 Maintain Service Areas and Common Areas We must (acting as the agent and on behalf of the Residents) arrange for the Service Areas and the Common Areas to be maintained in good order and condition. This includes the exterior walls, roofs and painted surfaces and all parking spaces, roads, pavements, lawns and gardens within the Common Areas. The costs of such maintenance are to be met from the Trust Account. LLP WA Village Holdings Pty Ltd Harbourside Village – Mindarie - Scheme & Residency Deed Page 11 (28 May 2010) Any other expenditure incurred on behalf of the Residents in the operation of the Village must also be paid out of the Trust Account that is not otherwise payable by an individual proprietor of an Estate or any other person, but the way in which the Common Areas and associated facilities are operated and managed is determined by us at our discretion, having regard to the standards of the Village.
4.3 Manager’s Particular Duties:
4.5 Manager to Insure Village: We must, to the satisfaction of the Advisory Board as the agent and on behalf of the Residents, ensure that all parts of the Village that are insurable against fire, storm and tempest, breakage of glass, impact and explosion (and any other risks usually insured against) are always kept insured with a reputable insurer at their full insurable value and, if possible, for their full reinstatement value. The cost of all such insurances shall form part of the annual Resident’s Contribution budget and shall be paid by us out of the Trust Account on behalf of the Residents.
6.7 Application of Resident’s Contribution: We must apply the Resident’s Contribution as agent and on behalf of the Residents to pay all outgoings, costs and expenses incurred in the maintenance, management and operation of the Village under this Deed including but not limited to:
8.1 Payment of Manager’s Costs and Expenses: We, as agent for the Residents, may pay from the Trust Account:
8.2 Manager’s Annual Fee: In addition to the payments under Clause 8.1, as from the commencement of the calendar month following the month when the first Estate in the Village is sold, we are entitled to a fee of $45,000 per annum plus GST for acting as manager under this Deed. This fee is paid out ofthe Trust Account.
16.2 Auditor’s Fees: The Auditor’s fees are fixed by the Advisory Board and paid from the Trust Account.
SCHEDULE 2: 9. We must pay from the Trust Account to each member of the Advisory Board travelling and other expenses reasonably incurred by the member in order to attend meetings or otherwise regarding the business of the Advisory Board. Notwithstanding Clause 3.6 of this Deed, if a member performs extra services or exercises any special qualifications which we consider are outside the scope of the ordinary duties of a member, we may pay the member any additional sum (being a special fee) from the Trust Account that we decide upon.
3.12 Residents’ Committee Costs and Expenses: Residents’ Committee members must perform their duties as members without payment. However, we may pay or reimburse from the Trust Account all costs and expenses reasonably and properly incurred by, or on behalf of, any member or secretary of the Residents’ Committee in carrying out their duties as a member or secretary. However, we may pay or reimburse from the Trust Account all costs and expenses reasonably and properly incurred by, or on behalf of, any member or secretary of the Residents’ Committee in carrying out their duties as a member or secretary.
4.2 Maintain Service Areas and Common Areas We must (acting as the agent and on behalf of the Residents) arrange for the Service Areas and the Common Areas to be maintained in good order and condition. This includes the exterior walls, roofs and painted surfaces and all parking spaces, roads, pavements, lawns and gardens within the Common Areas. The costs of such maintenance are to be met from the Trust Account. LLP WA Village Holdings Pty Ltd Harbourside Village – Mindarie - Scheme & Residency Deed Page 11 (28 May 2010) Any other expenditure incurred on behalf of the Residents in the operation of the Village must also be paid out of the Trust Account that is not otherwise payable by an individual proprietor of an Estate or any other person, but the way in which the Common Areas and associated facilities are operated and managed is determined by us at our discretion, having regard to the standards of the Village.
4.3 Manager’s Particular Duties:
- (f) acting as the agent of the Residents, operate the Trust Account and utilise the funds raised by the Resident’s Contribution to pay from the Trust Account on behalf of the Residents all payments authorised under this Deed [see 6.7 below] including, but not limited to, those made in respect of the Common Services [see schedule 5 below] including any rents, rates, taxes, duties, assessments, liabilities and outgoings assessed or levied against the Village (but excluding those charges which are levied or charged to an individual Estate) unless we have, on reasonable grounds, contested any assessment or levy;
- (g) except for Excluded Maintenance and the interior of each of the Villas, arrange on behalf of the Residents for all parts of the Village which are of a repairable nature to be maintained in proper repair, working order and condition the cost of which is to be paidfrom the Trust Account;
- Monitoring and response to the emergency call system 24 hours a day;
- Services of the Manager and associated staff in the co-ordination and facilitation of health care services, welfare issues, recreation and other activities;
- Maintenance and upkeep of the Common Areas, the Village Centre and the Village buildings and grounds;
- Maintenance and upkeep of all common facilities and equipment owned by the Village;
- Repairs, cleaning and maintenance of the Village Centre and maintenance of paths and gardens;
- Lawn mowing, gardening, maintenance of landscaping and reticulation of the Village grounds;
- Comprehensive insurance cover on all Village buildings, facilities and equipment;
- Administration and management of the Village;
- Security lighting for the Village Centre and the Common Areas.
4.5 Manager to Insure Village: We must, to the satisfaction of the Advisory Board as the agent and on behalf of the Residents, ensure that all parts of the Village that are insurable against fire, storm and tempest, breakage of glass, impact and explosion (and any other risks usually insured against) are always kept insured with a reputable insurer at their full insurable value and, if possible, for their full reinstatement value. The cost of all such insurances shall form part of the annual Resident’s Contribution budget and shall be paid by us out of the Trust Account on behalf of the Residents.
6.7 Application of Resident’s Contribution: We must apply the Resident’s Contribution as agent and on behalf of the Residents to pay all outgoings, costs and expenses incurred in the maintenance, management and operation of the Village under this Deed including but not limited to:
- (a) provision of the Common Services;
- (b) rates, charges, assessments and fees of any public, municipal or government authority payable in respect of the Village Centre and Common Areas including land tax;
- (c) water usage charges payable for the Village;
- (d) insurance premiums payable in respect of the Village including those insurances detailed in Clauses 4.5, 4.6 and 4.7;
- (e) charges for water, gas, oil, electricity, power, telephone, garbage, sewerage, cleaning, caretaking, security, fire equipment, first aid services and other services or requirements supplied to the Village Centre and the Common Areas;
- (f) repair and maintenance costs for the Village Centre and the Common Areas incurred under related maintenance contracts other than any works under Clause 3.8 for which you may be responsible;
- (g) labour and materials for repair and other maintenance work, cleaning, landscaping and maintaining the garden areas in and around the Village Centre and the Common Areas;
- (h) photocopying, newspapers, periodicals, postage, printing and stationery;
- (i) repair and maintenance of all fixed assets (including plant, equipment and machinery) owned by the Village;
- (j) salaries, wages and associated employment costs of all staff employed by us as agent for and on behalf of the Residents that we consider are necessary to assist us in arranging the Common Services and performing our duties under this Deed;
- (k) any additional amounts determined from time to time by us, the Advisory Board and the Residents’ Committee which amounts are to be levied on each Estate in equal proportions; and
- (l) the Manager's annual fee calculated in accordance with Clause 8.2.
8.1 Payment of Manager’s Costs and Expenses: We, as agent for the Residents, may pay from the Trust Account:
- (a) all costs, charges and expenses (including solicitor and client as well as party and party costs) reasonably and properly incurred by or on behalf of us; and
- (b) any stamp or other duty which is payable from time to time in the carrying out or exercise by us of any duty, right, power or discretion imposed or conferred on us expressly or impliedly by this Deed.
8.2 Manager’s Annual Fee: In addition to the payments under Clause 8.1, as from the commencement of the calendar month following the month when the first Estate in the Village is sold, we are entitled to a fee of $45,000 per annum plus GST for acting as manager under this Deed. This fee is paid out ofthe Trust Account.
16.2 Auditor’s Fees: The Auditor’s fees are fixed by the Advisory Board and paid from the Trust Account.
6.7 Application of Resident’s Contribution: We must apply the Resident’s Contribution as agent and on behalf of the Residents to pay all outgoings, costs and expenses incurred in the maintenance, management and operation of the Village under this Deed including but not limited to:
- (a) provision of the Common Services;
- (b) rates, charges, assessments and fees of any public, municipal or government authority payable in respect of the Village Centre and Common Areas including land tax;
- (c) water usage charges payable for the Village;
- (d) insurance premiums payable in respect of the Village including those insurances detailed in Clauses 4.5, 4.6 and 4.7;
- (e) charges for water, gas, oil, electricity, power, telephone, garbage, sewerage, cleaning, caretaking, security, fire equipment, first aid services and other services or requirements supplied to the Village Centre and the Common Areas;
- (f) repair and maintenance costs for the Village Centre and the Common Areas incurred under related maintenance contracts other than any works under Clause 3.8 for which you may be responsible;
- (g) labour and materials for repair and other maintenance work, cleaning, landscaping and maintaining the garden areas in and around the Village Centre and the Common Areas;
- (h) photocopying, newspapers, periodicals, postage, printing and stationery;
- (i) repair and maintenance of all fixed assets (including plant, equipment and machinery) owned by the Village;
- (j) salaries, wages and associated employment costs of all staff employed by us as agent for and on behalf of the Residents that we consider are necessary to assist us in arranging the Common Services and performing our duties under this Deed;
- (k) any additional amounts determined from time to time by us, the Advisory Board and the Residents’ Committee which amounts are to be levied on each Estate in equal proportions; and
- (l) the Manager's annual fee calculated in accordance with Clause 8.2.