Monthly a report is sent to the liaison person on the Executive Committee, detailing cash receipts and payments, also a copy of the bank statement for that month.
Strata reporting plays an important role in how an owners corporation monitors its financial position and day-to-day operations. In NSW, reporting is closely tied to legislative requirements around record-keeping and transparency.
Clear financial reporting allows committees to track levy contributions, monitor expenditure, and plan for future costs such as maintenance and capital works. This becomes particularly important when reviewing budgets or considering whether levies remain adequate.
Well-structured reporting also supports communication with owners. When information is presented clearly, it is easier to explain how funds are being used and why certain decisions are made.
Accurate records form part of the broader compliance framework under NSW strata legislation. Financial statements, supporting documentation, and meeting records must be retained and made available where required.
As schemes grow in size and complexity, consistent reporting helps support informed decision-making and contributes to the long-term stability of the building.