Lunch & Learn a timely reminder on the need for business discipline

Queensland is in the process of implementing the third tranche in a series of regulatory reforms, designed to enhance financial transparency and accountability in retirement villages. 

These reforms were the topic of conversation at our third Lunch & Learn event this week, for Queensland Village Professionals. The conversation – as is often the case with these new events – is rarely state specific and has relevance to all. 

Joining our event were two representatives from the Department of Housing and Public Works, and Judy Mayfield representing ARQRV. 

The Department made it clear these reforms; “all came about because people want to know where their money’s being spent.” Rightly so. 

As we head into the financial year where these reforms need to be implemented by Operators, Judy Mayfield raised her own concerns. 

“I’m really concerned about the number of Operators and the number of village managers that are not able to help residents when they are actually asking questions,” Judy said. 

“The Village Manager is not able to assist them. That is mainly because the Village Manager doesn’t know when it’s concerning budgets. In many instances the manager must refer up the line to head office, who does budgets.” 

For more than a decade there has been an increase in the role of ‘support offices’ when it comes to the preparation of financial reports and Village Budgets. When we consider the increased regulatory compliance placed on Operators with regards to the management of funds collected by residents each month, this makes sense – yet the concerns remain. 

“Operators are just not forthcoming on the issues that residents are asking for. They’re not getting financial statements. They’re not getting quarterly statements. They can’t get invoices. They’re not getting us reports.”