Depending the complex size.
I would say general rule of thumb say min 6 months worth of general complex bills for things like gardens, security, pool maintenance and other general things the complex has either contracts or staff for. Further to that they should have a reserve kitty for general maintenance* no matter what laws say.
*the CSOS laws stipulate that all ST establishments. It involves a 10 year plan and requires a seperate contribution as well as bank account specifically for maintenance approved in the 10yr plan. This needs to be reviewed annually at the AGM and ajusted as required and another year added with the oldest one falling off as it has passed.
Complex where I was a trustee and selling the place now has a combined R4.5mil.
Smallest amount in the general running account. Next is the amount as stipulated by law for the 10 year maintenance funds. Then the rest about R2.4mil is in an investment account.
Do not the complex was in the red by nearly R1mil in 2008/9 so nearly a decade on and things are very different. That started getting better by 2012 and looked better by 2014. And by 2016/17 really healthy.
But that was a long road of rebates, return credits(1.8), saving, careful financial planning ect.
The credit helped a great amount. COJ had been overcharging the complex electricity. That took a lot of money and lawyers to solve. Eventually the complex charge level status was changed and the COJ account credited. It was a vote decision that the complex will not rebate the owners, everyone will continue to pay electricity. And it will then become part of the complex reserves as the complex did not pay COJ for electricity until the credit was depleted .
Do note the complex has well over 100 units.
