Carrical, Leases

CHFOV update on the Standard Lease 6th Dec 2013

CHFOV held a workshop on Friday with speakers from various groups that have adopted the general lease.

All of them have adopted the lease and believe they are better off on it. They also talked about the problem and opportunity areas:

  • the elephant in the room – UNFUNDED PROPERTY LIABILITIES.
  • Insurance for the property – the department currently “self-insures”.
  • Grey areas about total loss and the definition of uninhabitable.
  • Less regulatory reporting – e.g. CCB reporting disappears, some reporting move to 6 monthly as well.
  • Maintenance backlog when we take it on.
  • structural assessments needed.

 We will need to convince the regulator that we can complete the required asset management. This is not trivial.