Understanding annual reconciliation

The charges outlined in your Annual Budget Schedule (ABS) are forecasts for the year ahead.

At the end of the financial year, we’ll compare the estimated costs outlined in the ABS against the actual costs of the facilities or services provided at your property. You’ll then receive a bill for the difference or a credit note will be added to your account.

This is known as annual reconciliation, an industry standard practice that enables the calculation of any balancing charges needed and provides cost transparency.