Section 20: Will any previous sinking fund contributions that I have made be taken into account?
Yes. The major works cost will be reduced by any sinking fund contributions in order to calculate the final amounts due from residents.
It is possible in some instances that the amounts held within the fund exceed the cost of the works meaning no further amounts are due. However, a final account will still be served on all residents confirming the final cost of the works and the amounts being taken from the fund.