The end of the fiscal year means it's time for condominium corporations to pass a budget for the next year. Involving a committee comprised of unit owners is a smart idea to avoid any pitfalls or disagreements. When you have the input of community members, it's easier to see what their priorities are and what can afford to be cut. Unit owners expect to have a say in what their fees are going to be and how that money will be spent.
Every budget will be somewhat different depending on your community's unique circumstances, but there are some areas for which you will want to make sure to allocate funds. Here are three such areas:
Remember that responsible budget planning is the fiduciary responsibility of the board. A budget preparer needs to carefully analyze each component of the budget to ensure that it's in order. For example, the preparer will check with vendors to lock in prices for the next year. They will also check legal documents to see how common element fees will be handled and check the adequacy of reserve funds. Condo owners also need to be promptly notified of their fee burden and any changes to their ownership in the corporation.
Imperial Properties has earned our strong reputation through offering excellent condominium and residential property management services. We can help you navigate the often-confusing budget process through our unparalleled management expertise. We offer exceptional service, knowledge, efficiency and cost-effectiveness to serve our diverse client base. Contact us today to learn more about how we can help you.