Budget Planning – Community Associations

Summer is still going strong, but IT IS BUDGET TIME AGAIN. Spend time budgeting now, so your 2019 is simplified!

Some tips:

Decide which contracts will go out to bid. Get the request for proposal out the door with a bid due date of no later than October 1^st.
Look at the biggest numbers first—if your largest number is insurance, call us. We can talk about the market and where we see it moving in the next 6 months. Always be sure to budget at least a 5% increase, as we continue to see increases on property due to the impact of Harvey, Irma and Maria (HIM).
Reserve funds – they need budgets too. If you prepare the Board that money will be used from this fund and approximately how much, the meeting to approve the expenditure will go easier.
Prep your Board with real dates. Communicate when you will have a draft budget to the Board, the date the Board must review and provide changes, what date it needs to go out to homeowners, and what date the Board will do the final adoption.

Categories: Blog, Community Association InsuranceBy Melissa Esham August 3, 2018

Tags: board budget funds planning

Author: Melissa Esham

Melissa Esham is the Community Association Advisor for Deeley Insurance Group. She has eight years of experience specializing in the needs of community associations and 17 years of community management experience. Melissa grew up in Ocean Pines, MD and now resides in a condominium association in Berlin.

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