Increase in Maintenance Fund

Just received my AGM document. First thing I check is the Resolution on the Maintenance Fund. It will be $73/share value/month. This is an increment of $11 or around 18% from the current amount of $62. It is a hefty increment. No way.

I will not support the Resolution.

Have just browse through the AGM documents. There is still $201K in the Management Fund. There is a circular claiming that the we were running an average deficit of $26K in the past few years. In that case, the Management Fund can still last for about 7 years. There is no need for such hefty increment at this time. I agree that the better alternative is to look for ways to cut cost.

crystalclear,
what you have said makes sense. there is no urgent need to the increment.

The reasons given for the increment are not justified. They will have to show proof that there is no other alternative, like cutting-cost.

The rest of the council should go through Mr. Ng's cost-cutting proposals. What they put up on the notices which they pasted on the mirrors of the lifts are not true afterall.

It all depends on how they do their budget. Last fy actual expenses was $884K. They are budgeting for $968K for this fy, an increase of $84K! Let's see how they will justify for this.