Budget meetings

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 for creating an association budget

Procedures and policies on record keeping can make budget analysis easier and more transparent, learn more how to establish standards that will encourage efficiency

budget guidelines

Free access to a self-study training manual for budget and reserve schedules published by the Department of Business and Professional Regulation Division of Florida Condominiums, Timeshares, and Mobile Homes

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

click here for 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.