35Preparation and content of asset management plan

35 Preparation and content of asset management plan

35 Preparation and content of asset management plan

(1) The operator of a retirement village must, every 10 years, prepare an asset management plan for the retirement village.

(2) An asset management plan must include—

(a) for each major item of capital or group of major items of capital—the following information about capital maintenance financed from recurrent charges or the capital works fund over the period of the plan—

(i) the estimated cost of the maintenance,

(ii) the frequency of the maintenance or the planned dates of the maintenance, if known,

(iii) a description of the planned work, and

(b) for a major item of capital that is scheduled to be replaced—the estimated date of replacement, and

(c) for a shared major item of capital—an estimate of the share of the maintenance costs attributable to the use of the item by the village, and

(d) the asset register.

(3) The operator of a retirement village must attach to the asset management plan for the village a report prepared by an independent qualified quantity surveyor attesting that the plan includes each matter specified in subsection (2).

(4) An asset management plan must be regularly reviewed and updated, including by—

(a) recording the following after each instance of maintenance work—

(i) a description of the work,

(ii) the dates on which the work occurred,

(iii) the actual cost of the work,

(iv) the accumulated cost of maintenance work on the item of capital expressed in dollar terms and as a percentage of the purchase price,

(v) for a shared item of capital—the share of maintenance costs attributable to the use of the item by the village, and

(b) recording the following after each instance of repair work—

(i) a description of the work,