How to Prepare for Upcoming Budgets

As December 31st approaches, condominium corporations must work on their budgets for the next fiscal year. This can be a challenging task for board members, especially in the current economic climate. To create an accurate budget, boards should gather information from suppliers about fixed monthly costs and potential price increases. They should also consider rising insurance costs and fluctuations in utility expenses. The board's plans for maintenance and new projects should be taken into account, and the budget should aim for either a surplus, deficit, or breakeven, depending on the corporation's financial situation. Seeking input from auditors, suppliers, and professionals can help create a realistic and manageable budget.