How often should our LTMP be reviewed?
That’s easy. Every year at the same time as you prepare your financial budgets.
Remember that your LTMP is just a plan. It’s not set in concrete and will inevitably need to be updated when new jobs come along and your understanding of costs and the work to be carried out improves.
And as the quality of your information improves your plan needs to be able to respond.
Then, because it is the body corporate’s plan, only the body corporate can change it.
But hey guess what. You’re having an AGM every year at about the same time. And at that AGM you will be approving the financial statements for the last year and considering your operating budget and levies for the new financial year.
So why not just create a new updated draft LTMP to present to the AGM for approval. That way if the funding needs to be changed, it can be dealt with at the same time as levies are approved.
The only things that might stop you doing this are when you have to pay someone else - too much - to prepare the new draft plan, or it will take too much time because your systems are a bit clunky.
In either case that would be a pity because it’s holding you back from effective planning - and probably saving money.
Prepared by: John Bradley. August 2016