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COSTA NOVA CTS 5565 Minutes of the Annual General Meeting & Adopted Budget - 2024-05-23 · 51981.4258.03
23rd May 2024 Ms LJ Lindsay 1-3 Belmore Terrace SUNSHINE BEACH QLD 4567 Dear Ms Lindsay, BODY CORPORATE FOR COSTA NOVA CTS 5565 MINUTES OF THE ANNUAL GENERAL MEETING Please find following the Minutes of the Annual General Meeting and Adopted Budget. Yours sincerely The Secretary C/-TEAM BODY CORPORATE PO BOX 385 Noosa Heads QLD 4566
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Page 2
Minutes of the Annual General Meeting
CTS 5565 COSTA NOVA 1 Belmore Terrace
Annual General Meeting
21/05/2024 2:00 pm
OWNERS PRESENT & VIA ZOOM: Mr D Lindsay
Mr J Watt
Mr J Campbell
Ms S Stevens
Dr J Burke
Mr L & Mrs M Jones
Mr M Pain
ALSO PRESENT (Non-voting Capacity): Ms A Sirett (Team Body Corporate)
LOTS REPRESENTED: By Owners Present: Lots 25, 29 & 33
By Voting Paper: Lots 24, 26, 27, 28, 31, 32 & 35
Vote Now: Lots 19, 21, 23 & 30
By Proxy: NIL
APOLOGIES: Lot 19 Mr A & Mrs R Shields
MEETING LOCATION: Team Body Corporate
195 Weyba Road
NOOSAVILLE QLD 4566
QUORUM: The Chairperson declared a quorum and opened the
meeting at 2:00 pm.
MOTIONS CONSIDERED: Refer the annexed Motions Minutes Report
ELECTION OF OFFICE-BEARERS:
Executive Members of Committee:
CHAIRPERSON Mr Laurie Jones
SECRETARY Dr John Burke
TREASURER Mr Laurie Jones
Ordinary Members of Committee: Mr Tony Shields
Mr John Watt
Fire Safety Responsible Person/s: Mr D Lindsay
Ex Officio Members of Committee (non-voting): Ms A Sirett (Team Body Corporate)
GENERAL BUSINESS
The Chairperson thanked the outgoing Committee Members, Mr J Campbell and Mr J Easterbrook, for their service to
Body Corporate over the past years and welcomed new Committee Members.
There was no further business and the meeting closed at 2:53pm.
Page 3
Minutes for the Annual General Meeting
C.T.S. 5565 COSTA NOVA 1 Belmore Terrace
Generated at: 22/05/2024 09:08 am 21/05/2024 02:00 pm User: Danielle Nixion
1. CONFIRMATION OF MINUTES - Ordinary Resolution
MOTION CARRIED. YES – 12 NO – 0 ABSTAIN – 2
That the Minutes of the Annual General Meeting held 25/05/2023 be confirmed.
2. STATEMENT OF FINANCIAL AFFAIRS - Ordinary Resolution
MOTION CARRIED. YES – 14 NO – 0 ABSTAIN – 0
That the Statement of Financial Affairs as attached for the year ended 29/02/2024 be confirmed.
3. ADMINISTRATIVE FUND BUDGET - Ordinary Resolution
MOTION CARRIED. YES – 14 NO – 0 ABSTAIN – 0
That the Proposed Administrative Fund Budget for the year ending 28/02/2025 (with amendments if required) be
adopted, the resultant Administrative Fund Levy at a rate of $1,903.00 per contribution Lot entitlement, totalling
$190,300.00 inclusive of GST as set out in the attached Budget Papers be determined, with contributions levied by 2
instalments, as follows:
Due Date of Payment Levy Period Total Per Lot Entitlement
01/03/2024 01/03/2024 - 31/08/2024 $950.00
01/09/2024 01/09/2024 - 28/02/2025 $953.00
Total for Period $1,903.00
Further that Committee be authorised to call the first instalments for the following financial year, as follows:
Preissue Levies – Next Financial Year
Due Date of Payment Levy Period Total Per Lot Entitlement
01/03/2025 01/03/2025 - 31/08/2025 $955.00
BUDGET ADOPTED WITHOUT AMENDMENT
4. SINKING FUND BUDGET - Ordinary Resolution
MOTION CARRIED. YES – 14 NO – 0 ABSTAIN – 0
That the Proposed Sinking Fund Budget for the year ending 28/02/2025 (with amendments if required) be adopted, the
resultant Sinking Fund Levy at a rate of $1,748.00 per contribution Lot entitlement, totalling $174,800.00 inclusive of
GST as set out in the attached Budget Papers be determined, with contributions levied by 2 instalments, as follows:
Due Date of Payment Levy Period Total Per Lot Entitlement
01/03/2024 01/03/2024 - 31/08/2024 $874.00
01/09/2024 01/09/2024 - 28/02/2025 $874.00
Total for Period $1,748.00
Further that Committee be authorised to call the first instalments for the following financial year, as follows:
Preissue Levies – Next Financial Year
Due Date of Payment Levy Period Total Per Lot Entitlement
01/03/2025 01/03/2025 - 31/08/2025 $900.00
BUDGET ADOPTED WITHOUT AMENDMENT
Page 4
5. INSURANCE COVER - Ordinary Resolution
MOTION CARRIED. YES – 14 NO – 0 ABSTAIN – 0
That the Body Corporate confirms the current insurance cover in place as listed below:
Building/Common Property $15,894,375.00
Common Area Contents $158,944.00
Loss of Rent/Temp Accommodation $2,384,156.00
Public Liability $20,000,000.00
Voluntary Workers $200,000.00
Fidelity $100,000.00
Office Bearers $2,000,000.00
Lot Owners Fixtures & Improvements $300,000.00
Insurer: Strata Community Insurance
Policy Number: TBA
Expiry Date: 14/02/2025
Premium: $23,032.64
Commission: $2,761.76 plus GST
All other Claims Excess: $2,000.00
Legal Defence Excess: $1,000.00
Building Revaluation Prepared By: Independent Inspections Pty Ltd IIGI Trust
Date Prepared: 19/09/2022
Amount: $15,317,500.00
(Body Corporate Manager’s Comment: The excess shown above is based on the current renewal terms and is
subject to review by the insurer at each renewal.)
6. INSURANCE RENEWAL - Ordinary Resolution
MOTION CARRIED. YES – 14 NO – 0 ABSTAIN – 0
That the Body Corporate Manager be authorised to obtain quotations and renew the Insurance Cover at the next
renewal date, following Committee approval .
7. NO AUDIT - Special Resolution
MOTION CARRIED. YES – 13 NO – 1 ABSTAIN – 0
That the books and accounts of the Body Corporate for the year ending 28/02/2025 shall NOT be audited.
(Body Corporate Manager’s Comment: Should you prefer the books to be audited, you should vote NO to this
Motion on your Voting Sheet. Should you NOT require an Audit, you should vote YES to this Motion on your Voting
Sheet.)
8. APPOINTMENT OF AUDITOR - Ordinary Resolution
THIS MOTION WAS RULED OUT OF ORDER AS MOTION SEVEN WAS CARRIED.
That, if Motion 7 is NOT carried, then the books and accounts of the Body Corporate be audited by Kelly & Partners Pty
Ltd at a cost of $979.00 inclusive of GST.
Page 5
9. CARETAKING AGREEMENT AND LETTING AGREEMENT - Ordinary Resolution without the
use of proxies
MOTION CARRIED. YES – 13 NO – 0 ABSTAIN – 1
That, subject to payment of the Body Corporate’s reasonable legal and administrative costs incurred with respect to
this motion being paid by Lindsay 6 Investments Pty Ltd ACN 604 964 329 (‘the Caretaker/Letting Agent’), the Body
Corporate consent, by way of an ordinary resolution without the use of proxies, to a variation of the Caretaking
Agreement and the Letting Agreement both dated 28 September 2006 between the Body Corporate and the
Caretaker/Letting Agent to:
a. require the Caretaker/Letting Agent or its related person/s to own a lot within the scheme and further, for the
person/s who will be conducting the caretaking duties to reside within a lot within the scheme (as requested by
the Committee), save and except for any relief manager who may reside within a 20-minute drive from the
scheme;
b. to amend the definition of ‘Caretaker’s Lot’ to refer to any lot within the scheme;
c. replace the current occupation authority provisions within each agreement to allow the Caretaker/Letting Agent
to initiate the process of relocating the reception/office area from its current location to an area of common
property adjacent to Lot 21 (currently being used by the Caretaker/Letting Agent for storage purposes);
and further, the Body Corporate consents to entering into and signing under seal the Deed of Variation which is in
substantially the same form as that attached to this agenda
Page 6
Team Body Corporate
Adopted Budget for Community Title Scheme 5565
COSTA NOVA, 1 Belmore Terrace SUNSHINE BEACH
Prepared by Team Body Corporate (ABN 89879891432)
195 Weyba Road NOOSAVILLE QLD 4566 Ph 0754735622 Fax 0754735711
Printed 21/05/2024 at 16:10:51 User= Adelle Sirett Page 1
Administrative Fund Adopted Budget Current Actual Current Budget
(01/03/2024-28/02/2025) (01/03/2023-29/02/2024) (01/03/2023-29/02/2024)
Expense
General
Accounting Fees - Taxation $440.00 $420.00 $400.00
BAS/GST Compliance $1,000.00 $1,000.00 $1,000.00
Bank Charges $0.00 $0.00 $0.00
Computer Support $540.00 $540.00 $540.00
Deficit Recovery $0.00 $0.00 $5,890.00
Internet Access $7,700.00 $5,817.44 $2,600.00
Legal Expense $0.00 $0.00 $0.00
Light & Power $10,500.00 $10,295.87 $8,200.00
Pay TV Rental $8,640.00 $7,846.25 $7,500.00
Refuse Costs $840.00 $760.00 $200.00
Safety Report $320.00 $318.18 $300.00
Surplus Reduction $(2,262.00) $0.00 $0.00
Total General $27,718.00 $26,997.74 $26,630.00
Grounds & Gardens
Labour $5,000.00 $3,147.27 $5,000.00
Supplies $400.00 $355.78 $400.00
Total Grounds & Gardens $5,400.00 $3,503.05 $5,400.00
Repairs & Maintenance
Backflow Prevention Devices $1,000.00 $973.00 $900.00
Barbecue $500.00 $0.00 $500.00
Cleaning - Supplies $100.00 $0.00 $100.00
Doors & Keys $3,000.00 $4,490.43 $3,000.00
Electrical $2,500.00 $2,356.85 $2,500.00
Elevators $6,500.00 $6,417.21 $6,300.00
Elevators - Registration $280.00 $260.95 $280.00
Elevators - Telephone $500.00 $486.57 $470.00
Fire Protection $2,000.00 $1,608.06 $2,000.00
General $3,500.00 $3,466.70 $3,481.00
Pest Control - General $2,500.00 $2,329.85 $2,500.00
Plumbing $500.00 $250.00 $500.00
Total Repairs & Maintenance $22,880.00 $22,639.62 $22,531.00
Insurance
Building/Public Liability $23,200.00 $21,104.47 $21,800.00
Insurance Claims $0.00 $2,462.80 $0.00
Less Insurance Claim Proceeds $0.00 $(2,462.80) $0.00
Total Insurance $23,200.00 $21,104.47 $21,800.00
Management Fees
Management Fee $4,592.00 $4,458.48 $4,459.00
Mgmt Additional Services $1,000.00 $407.00 $2,000.00
Page 7
Team Body Corporate
Adopted Budget for Community Title Scheme 5565
COSTA NOVA, 1 Belmore Terrace SUNSHINE BEACH
Prepared by Team Body Corporate (ABN 89879891432)
195 Weyba Road NOOSAVILLE QLD 4566 Ph 0754735622 Fax 0754735711
Printed 21/05/2024 at 16:10:51 User= Adelle Sirett Page 2
Administrative Fund Adopted Budget Current Actual Current Budget
(01/03/2024-28/02/2025) (01/03/2023-29/02/2024) (01/03/2023-29/02/2024)
Onsite Manager $67,000.00 $63,376.46 $63,000.00
Outlays $3,000.00 $1,929.97 $4,000.00
Total Management Fees $75,592.00 $70,171.91 $73,459.00
Pool
Chemicals $3,000.00 $2,345.72 $3,000.00
Heating $13,000.00 $11,742.23 $18,000.00
Pool Compliance $210.00 $203.35 $180.00
Repairs $2,000.00 $2,676.81 $2,000.00
Total Pool $18,210.00 $16,968.11 $23,180.00
TOTAL ADMIN FUND $173,000.00 $161,384.90 $173,000.00
ADD: ADMIN GST $17,300.00 $17,300.00
TOTAL ADMIN BUDGET $190,300.00 $190,300.00
Page 8
Team Body Corporate
Adopted Budget for Community Title Scheme 5565
COSTA NOVA, 1 Belmore Terrace SUNSHINE BEACH
Prepared by Team Body Corporate (ABN 89879891432)
195 Weyba Road NOOSAVILLE QLD 4566 Ph 0754735622 Fax 0754735711
Printed 21/05/2024 at 16:10:51 User= Adelle Sirett Page 3
Sinking Fund Adopted Budget Current Actual Current Budget
(01/03/2024-28/02/2025) (01/03/2023-29/02/2024) (01/03/2023-29/02/2024)
Expense
General
Building Valuation $0.00 $0.00 $0.00
Consultant Fees $20,000.00 $16,820.00 $20,000.00
Project Managment $25,000.00 $0.00 $25,000.00
Provision for Funding $(247,250.00) $0.00 $(247,250.00)
ProvisionForFutureExpenditure $0.00 $0.00 $0.00
Surplus Reduction $(165,091.00) $0.00 $(170,000.00)
Total General $(367,341.00) $16,820.00 $(372,250.00)
Grounds & Gardens
Outdoor Furniture $0.00 $0.00 $0.00
Tools & Equipment $0.00 $112.73 $0.00
Total Grounds & Gardens $0.00 $112.73 $0.00
Building
Elevator Phone Upgrade $0.00 $1,395.51 $0.00
Garage Door $0.00 $2,086.36 $0.00
Internet Connection/Equipment $0.00 $0.00 $0.00
Key / Lock System $0.00 $0.00 $0.00
Painting $26,250.00 $23,340.00 $26,250.00
Signage $0.00 $0.00 $0.00
Window Glazing $25,000.00 $0.00 $0.00
Total Building $51,250.00 $26,821.87 $26,250.00
Pool
Pool Area Upgrade $475,000.00 $0.00 $500,000.00
Pool Cleaner $0.00 $2,635.45 $0.00
Pool Equipment $0.00 $0.00 $0.00
Pool Filtration Equipment $0.00 $0.00 $0.00
Total Pool $475,000.00 $2,635.45 $500,000.00
TOTAL SINKING FUND $158,909.00 $46,390.05 $154,000.00
ADD: SINKING GST $15,890.90 $15,400.00
TOTAL SINKING BUDGET $174,799.90 $169,400.00
Page 9
Team Body Corporate
Adopted Budget for Community Title Scheme 5565
COSTA NOVA, 1 Belmore Terrace SUNSHINE BEACH
Prepared by Team Body Corporate (ABN 89879891432)
195 Weyba Road NOOSAVILLE QLD 4566 Ph 0754735622 Fax 0754735711
Printed 21/05/2024 at 16:10:51 User= Adelle Sirett Page 4
Budget Summary (01/03/2024-28/02/2025)
Adopted 1st Instalment 2nd Instalment TOTAL Next Pre Issue
01/03/2024 01/09/2024 (01/03/2024-28/02/2025) 01/03/2025
Administrative Fund $190,300.00 $95,000.00 $95,300.00 $190,300.00 $95,500.00
Sinking Fund $174,799.90 $87,400.00 $87,400.00 $174,800.00 $90,000.00
Contribution Schedule Total $365,099.90 $182,400.00 $182,700.00 $365,100.00 $185,500.00
Amount to Collect $365,099.90 $182,400.00 $182,700.00 $365,100.00 $185,500.00
Disclaimer: There may be differences in calculated instalment amounts due to rounding to nearest $0.05
Page 10
Team Body Corporate
Adopted Budget for Community Title Scheme 5565
COSTA NOVA, 1 Belmore Terrace SUNSHINE BEACH
Prepared by Team Body Corporate (ABN 89879891432)
195 Weyba Road NOOSAVILLE QLD 4566 Ph 0754735622 Fax 0754735711
Printed 21/05/2024 at 16:10:51 User= Adelle Sirett Page 5
Levy Adjustment Summary (01/03/2024-28/02/2025)
Contribution Schedule Aggregate Units of Entitlement (UOE) - 100
Due Date Levy Period Admin Sinking Total
01/03/2024 01/03/2024 - 31/08/2024 $950.00 $874.00 $1,824.00 Pre Issued
01/09/2024 01/09/2024 - 28/02/2025 $953.00 $874.00 $1,827.00
Financial Year Total per Units of Entitlement $1,903.00 $1,748.00 $3,651.00
Financial Year Aggregate $190,300.00 $174,800.00 $365,100.00
Adopted Budget Amount $190,300.00 $174,799.90 $365,099.90
01/03/2025 01/03/2025 - 31/08/2025 $955.00 $900.00 $1,855.00 Pre Issue Next Year
Next Year Pre Issue Aggregate $95,500.00 $90,000.00 $185,500.00
Disclaimer: There may be differences in calculated instalment amounts due to rounding to nearest $0.05
Page 11
Team Body Corporate
Adopted Budget for Community Title Scheme 5565
COSTA NOVA, 1 Belmore Terrace SUNSHINE BEACH
Prepared by Team Body Corporate (ABN 89879891432)
195 Weyba Road NOOSAVILLE QLD 4566 Ph 0754735622 Fax 0754735711
Printed 21/05/2024 at 16:10:51 User= Adelle Sirett Page 6
Owner Summary (01/03/2024-28/02/2025) - Contribution Schedule
UOE Lot(s) 1st Instalment 2nd Instalment TOTAL Next Pre Issue
01/03/2024 01/09/2024 (01/03/2024-28/02/2025) 01/03/2025
5 19, 22, 23, 24, 25, 26, 27,
28, 29, 30, 31, 32, 33
Admin $4,750.00 $4,765.00 $9,515.00 $4,775.00
Sinking $4,370.00 $4,370.00 $8,740.00 $4,500.00
Owner Total $9,120.00 $9,135.00 $18,255.00 $9,275.00
4 20, 21
Admin $3,800.00 $3,812.00 $7,612.00 $3,820.00
Sinking $3,496.00 $3,496.00 $6,992.00 $3,600.00
Owner Total $7,296.00 $7,308.00 $14,604.00 $7,420.00
9 34, 35, 36
Admin $8,550.00 $8,577.00 $17,127.00 $8,595.00
Sinking $7,866.00 $7,866.00 $15,732.00 $8,100.00
Owner Total $16,416.00 $16,443.00 $32,859.00 $16,695.00
Disclaimer: There may be differences in calculated instalment amounts due to rounding to nearest $0.05
Page 12
Team Body Corporate
Adopted Budget for Community Title Scheme 5565
COSTA NOVA, 1 Belmore Terrace SUNSHINE BEACH
Prepared by Team Body Corporate (ABN 89879891432)
195 Weyba Road NOOSAVILLE QLD 4566 Ph 0754735622 Fax 0754735711
Printed 21/05/2024 at 16:10:51 User= Adelle Sirett Page 7
Contribution Summary (01/03/2024-28/02/2025)
Lot(s) Schedule UOE Admin Fund Sinking Annual Levy
19, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33 Contribution Schedule 5 $9,515.00 $8,740.00 $0.00
Owner Total $9,515.00 $8,740.00 $18,255.00
20, 21 Contribution Schedule 4 $7,612.00 $6,992.00 $0.00
Owner Total $7,612.00 $6,992.00 $14,604.00
34, 35, 36 Contribution Schedule 9 $17,127.00 $15,732.00 $0.00
Owner Total $17,127.00 $15,732.00 $32,859.00
Overall Total $190,300.00 $174,800.00 $365,100.00
Schedule UOE
Contribution Schedule 100
Disclaimer: There may be differences in calculated instalment amounts due to rounding to nearest $0.05
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