Condo Smarts: Stratas able to renegotiate management services agreements

Dear Tony:  At our annual general meeting in February, an issue was raised about the amount of interest our strata earned on our contingency fund this year. Our strata had a $900,000 investment in 2017 that showed only $4,500 in revenue, but the rate of interest on the investment was posted at 1.85 per cent, which should have shown $16,650 in revenue. When challenged, our property manager advised the rate of interest paid is only .05 per cent because the strata signed a management agre