Deficit in Management fund

[sandiaymelon]

I know CC management has a deficit of over 4 million HKD in management fund, will CC owners be asked to pay more management fee?

Someone told me that the same happens in TCC and the owners have to pay more management fee to cover that. 

[garyhk]

Hello everyone,

I have the same question.  If there is a major deficit, will I as a new owner, be required to contribute to any resolution of this issue?

Thanks,

[JEFF LAM YUET]

hi friends, we had over 8m surplus prior 2008, but quickly reduced to only about 4m surplus in 2009, in other words, 4m deficit has been spent in only about 1.5 year time under the current estate management and OC/DOC control. Luckily, owners of PH III have selected a whole new team of their OC currently, to speak up their disdappointment to the previous OC members. Now is time to move on and work together to reduce 2009 deficit cos 400k over spending has been done, and there are 2 major contracts (I consider overpriced) summing about 33 millions for the next 12 months. There is huge pressure on our financial position in CC, but as one of the new PH III OC members, I will work together with our team and other members from other phases to try to achieve an improvement from the existing terrible figures. I also hereby seek all possible support from all residents in all phases to contribute your idea as well as supporting our action to fight for residents rights in the future. Thanks so much!

Warm regards,
Jeff Lam Yuet

[Icarus]

Hello everyone,

I have the same question.  If there is a major deficit, will I as a new owner, be required to contribute to any resolution of this issue?

Thanks,

Don't worry there's a surplus at the moment. Given prudent spending, the budget should see the surplus maintained or increased without any increase in management fees. The $4M that is emotively banded around is not in real terms a deficit but an alleged budgetary overspend. The reasons for and exact amount have not yet been publicly explained.

I am not convinced by any parties OC campaign statements and will wait to see the audited accounts before I assume anything.