Floating and sinking fund
A floating fund is an advance of money kept in a separate maintenance account for your factored property. This is used for routine repairs and maintenance.
A sinking fund is an amount of money set aside to cover future major works on common areas of the property. This fund stays with the property and is not returned to owners if they sell or transfer ownership of the property.
The Council does not currently operate floating or sinking funds. However, this is something we may consider introducing in the future if homeowners consider it a financially viable and sustainable option. Budgeting for major works is an important part of living in a block and the Council is keen to encourage homeowners to budget for unexpected or major repairs.