26Capital maintenance report—the Act, s 112(3)(a)

26 Capital maintenance report—the Act, s 112(3)(a)

26 Capital maintenance report—the Act, s 112(3)(a)

(1) This section applies to a retirement village operator who is required, under the Act, section 98, to include information about capital maintenance in a proposed annual budget.

(2) An operator must include with the proposed annual budget a capital maintenance report that includes the following, using information from the asset management plan prepared under section 35—

(a) the dates proposed for the capital maintenance of each major item of capital during the budget year,

(b) the amount of money in the capital works fund,

(c) a summary of the capital maintenance of major items of capital proposed for the following 3 years, including a description of the type of maintenance proposed and the estimated cost of the maintenance,

(d) a list of the major items of capital—

(i) with 1 year or less of remaining effective life, or

(ii) for items other than buildings—for which the accumulated cost of maintenance is 90% or more of the item’s purchase price,

(e) for each major item of capital referred to in paragraph (d)—whether it is proposed to replace the item or continue to maintain the item.

Note—

The Act, section 4(1), definition of capital maintenance includes work carried out to repair or maintain an item of capital.