Contingency Reserve Funds
BDC are now preparing Cash Flow Projections of anticipated maintenance, repair and replacement costs for strata corporations as they comply with changes under the Strata Property Amendment Act.
As of December 13, 2011 the Province of British Columbia has brought into effect changes under the Strata Property Amendment Act 2009 which will require action from all Strata Corporations in B.C.
Depreciation Reports are now mandatory (unless the strata is exempt under the guidelines of the Act) and reports with Cash Flow forecasts will be required to be in place by December 2013.
BDC is available to provide a team of property professionals to provide a Depreciation Report for all property sectors under Strata management.
BDC will manage and complete this process to provide the following:
- A visual inspection of the subject building and site to report on the current condition, highlighting any repairs and maintenance work required;
- A lifecycle analysis for the building and site over 30 years forecasting anticipated maintenance, repair and replacement costs that will be payable by the strata corporation
The Depreciation Report will be completed by a team of property professionals, including
- Structural engineers
- Building envelope consultants
- Mechanical & Electrical Engineers
- Elevator consultants
- Quantity Surveyors
BDC’s personable team of professionals is pleased to work with Strata Corporations to discuss individual requirements and assess which level of reporting would be required under the Strata Property Act.