With Budget season right around the corner, it’s time to to start putting things in place. What kind of research, planning and preparation should you do in order to create the budget for the following year.
There are two questions that should be asked…
- What do we need?
- Do we have the money?
If you don’t have the money, now is a good time to plan for it. You’ll want to consider all of the needs of the community, especially any upcoming projects. Take into consideration any ‘wish lists’ or ‘super projects’ (camera system upgrades, new landscaping, seasonal decorations, ect.) Basically, was there anything that you noticed was needed during this year?
In addition to special projects and wish lists, it’s a good practice to contact vendors- make sure that all contracts will be staying the same. Get in touch with Insurance agents to see if there are any upcoming increases, especially after any natural disasters. How about Reserve Studies? Do you have a Reserve Study? Has it been updated?
As you can see there are many facets to preparing a budget that fits the association’s needs as well as stays within the guidelines. For more in depth budget preparation, you may rsvp to attend the Budget Seminar listed in the picture. If you have retained an Association Management Company, they should be able to assist you as well.