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What are service charges?

What are service charges?

Your OMC is required to issue an annual budget and an annual report.  These documents should explain matters including the running of the estate, how the management fee is calculated, and where your money is spent.

At an Annual General Meeting (AGM) a proposed budget is presented to the members and 75% need to approve the budget in order for it to pass. If the member do not approve the proposed budget, then the current budget remains in place.

All unit owners must pay their service charges. The service charges must be calculated on a fair basis. For example some units their service charges are calculated by square footage.

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