The management committee of the corporation shall prepare
a management budget every year listing the estimate for
each expenditure item and the amount receivable including
monthly management fees and other revenue.
When preparing the budget, the management committee
shall refer to the expenditure of previous years. Other
information, such as the proposed items to be added and
deleted in the coming year, and various fee adjustments
arising from estimated inflation, shall also be included.
Legislation provides that an increase of over 50% of the
management fee shall be determined by a resolution of
the general meeting of the corporation.
The Budget mainly covers the following items -
monthly management fees and other revenue;
salary, long service payment, mandatory provident
fund and labour insurance for the management staff,
expenses for maintenance of common areas and facilities;
expenses for cleansing services and cleansing
materials;
water and electricity charges for public use,
rates, telephone charges, stationery and miscellaneous
expenses;
fire insurance and third party risks insurance;
and
contingency fund (to meet unexpected or emergency
expenses such as the burst of water pipes, sudden
blackout, etc.).
