Condo, co-op, and HOA boards are tasked with figuring out the costs associated with their community’s operations. This includes any capital repairs/improvements that are in the works for the coming fiscal year. They must then ensure that there will be enough revenue to cover said costs. Finally, they must inform residents how much more they will need to pay the association or corporation each month to cover all of it 

This process is already difficult at the best of times - it is a balancing act involving predictions and assumptions. During difficult times, those predictions and assumptions are thrown out the window. Sources of revenue that are often reliable are now unknowns and new expenses are popping up. 

Here’s what to keep in mind:

  1. It is important to remember that the basics of budgeting remain the same. Many aspects of a budget are fixed. Recurring costs that are discretionary or can be reduced must maintain a balance. 
  2. Include some form of savings (and a plan to replenish those funds) as a way to prepare for a crisis.

Read more, here

 

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