The budget process and determining your condo fee
The condominium budget is planned annually to cover both operational expenses and payment to a reserve fund for future capital projects. Generally the trustees and the property manager get together a few months before the fiscal year starts with the current year’s expenses and needs for the future. Think of the condo fee as going into a nonprofit organization. Should there ever be too much money in reserve the trustees may elect to reduce the condo fee or return some of it to the unit owners. Healthy reserves are good for both unit owners as well as the condominium overall. Read the article……………….