HausFS has begun preparing 2023 Draft Budget Packages for our clients.
Here are some items to keep in mind as you plan for 2023:
- Does your association have snow removal services in place? We got hit hard in the winter of 2021. Many companies are finalizing their routes now. Find your vendors now - not after 2 feet of snow has fallen!
- Have you included regular plumbing maintenance in your annual budget? Pipes need to be rodded annually from the builidng to the street to ensure that water continues to flow away from, and not into, your building.
- Has your insurance expense skyrocketed? This is a line item that can always be reviewed with another broker for cost savings.
- Do you need to beef up your reserves? Many HausFS clients are facing big repair and maintenance projects that are necessitating large Special Assessments. It's always easier to put away more monthly than to collect a large lump sum from owners. Don't forget to include a reasonable Reserves Contribution in your annual budget.
- Have you reviewed your waste removal costs lately? This is an expense that constantly climbs higher. Do you know when your contract expires so you can make a change when the timing is right?
- All owners must receive a copy of the Proposed Budget at least 25 days prior to the board meeting at which the budget will be approved. Get your meeting scheduled now
- The annual budget is voted on only by the board, not by all unit owners. Owners can petition for a vote, however, if a proposed budget shows more than a 15% increase over the prior year.
Need guidance in preparing your budget? View our Educational Video "Budgeting Made Easy". (Available to CCR Board Member Subscribers.)