When owners in a Body Corporate pay EUA levies then surely this must be ringfenced only to be used for maintenance to those areas?
So basically, the owner is asking that the EUA levies paid be kept in a separate bank account to ensure that the BC only uses this money for maintenance of the EUAs. It is so easy for the money to be absorbed into the day to day expenses of the BC.
Unfortunately, this is not prescribed by the STSM Act. There is nothing in the STSM Act stating that EUA levies collected should be ringfenced and only used for EUA expenses.
It does however, make sense for the Body Corporate to do so to ensure that they don’t get to a stage where there is maintenance needed on the EUAs and the BC does not have money for this.
It is a simple exercise of opening a separate investment account and monthly transferring the EUA levies to this account to keep it separate from the rest of the funds of the Body Corporate.