Proposed Budget

We are in the process of putting together a budget for the community. If any one can give ideas on some of the things people forget to put in there budgets it would be very helpfull.

We just had elections and I am part of the New Board and we are meeting (The board).If anyone can give some ideas of what is forgotten to be added in the budget to finalize what does are going to be it would be very helpfull.

Besides reserves factor in any contracts you have committed to for the coming year. I.e. Insurance, MC (if any), trash pickup, pool servicing, cleaning services, lawn care and the trickiest of all snow pushing (if applicable) Then any other things your Association is responsible for. Do you have a prior year's budget you can use as a template?

Yolanda, another few thoughts on the budget. Regarding budgeted amounts on individual line items--if the amount on any one expense will go over the already 'approved' budgeted amount, consider if the community gets to vote yea or nay to this increase. For example, if you budget $500 for office expenses and the current BOD decides they want personal stationery or some such thing which will cause the $500 to be exceeded, do the assn. residents vote on whether to incur the additional expense?
I have read in this forum previously where assns. allow a small percentage over the budgeted amount that the BOD is free to incur without an assn. vote.
I would be glad to hear of others who have this written into their budget or perhaps in their bylaws. If in the bylaws, how does one word this directive. This may be something to consider at this time and to present to your community.
With the new year upon us, it's time to look at the budgets carefully to address where there may be too much leeway for those in charge when spending assn's money. I will look forward to other responses to this issue.
PaulM