Budget Meetings

      What can associations do to prepare for budget meetings?

 

  • Start preparing after seven (7) months of financial records
  • Anticipate seasonal expenses
  • Reduce delinquencies
  • Consider residents needs and expectations of the community
  • Reconsider expenses annually

Budget meetings can be a stressful time. Running an efficient meeting can be the difference between approval of the budget or rescheduling a meeting.

Tips Creating an Association Budget

    what can my association do to create a more accurate community association budget?

 

  • Reduce delinquencies
  • Plan long-term
  • Evaluate vendor contracts annually
  • Prioritize projects
  • Cover insurance deductibles
  • Special Assessments are for special projects
  • Establish procedures and follow them

It is recommended that the budget process begin early in the third quarter. Although budgets are typically approved at annual meetings occurring in either November or December, there are many considerations that must be addressed before then. Be sure to allow time for research.

The importance of your budget cannot be overstated. It drives your maintenance plan, social activities, capital improvements, and more that affect your residents’ property values and lifestyles. Analyze all expenditures and try to anticipate upcoming expenses to plan accordingly.

Budget & Reserve Schedules 

free access to a self-study training manual published by the department of business & professional regulation

 

  • Good accounting practices
  • Practice exercises and answer key
  • Sections of the budget
  • Capital expenditure reserves
  • and much more!

This manual is a great resource. Learn the budgeting process, and review highlights of the statutory requirements for preparing the association budget and reserve schedules.

An Association’s goal is producing a responsible budget no matter what the results look like

      still have questions?

 

Charles F. Otto, Esq.

Board Certified Specialist
Condominium & Planned Development Law
ASK THE ATTORNEY (954) 962 - 7367