Budgets play a critical role in the HOA’s financial health. A well-thought-out budget ensures smooth operations, enables long-term strategic planning, and helps maintain property values.
At City Property Management, our team works closely with the Board of Directors to create a budget to help your community succeed.
Budgets must cover all aspects of the community’s financial needs, including operating costs, additional expenses, and reserve contributions. We cover all bases to build a detailed budget to prevent shortfalls and improve the community’s financial stability.
We review past data, trends, and anticipated vendor increases to forecast the community’s expense spending. This also includes reviewing the reserve study to determine what maintenance or replacements will be needed to prepare and budget accordingly in the coming year.
Reserve funds are lifelines to HOAs because they ensure the community has enough funds to cover necessary improvements or replacements. Our team will analyze your reserve fund during each budget season and recommend contribution-level options to maintain community goals.
We offer tailored budgeting solutions that fit all communities of every size. Whether your community is newly established from Declarant Control or long-standing, our customized plans ensure that budges align with the HOA’s financial priorities and long-term vision.
Every month, the Board of Directors receives a complete set of financial reports that include budget variances, income statements, and reserve fund updates. This allows boards to make informed decisions and keep the community on budget throughout the year.
Our expert team offers training workshops and board round tables to help board members understand the budgeting process, read financial reporting easily, and make confident financial decisions for their community.
With our proprietary software CITYCYNC®, we’ve streamlined the budget process to automate calculations and provide financial insights for real-time data. With the Board Portal, board members can view financial reporting to keep track of spending and budget variances.
Most HOA budgets balance out to zero because they’re considered non-profit organizations by law. Your HOA’s expenses must equal the revenue to balance a zero-sum budget.
Each HOA budget is unique, but a typical budget includes expenses, revenue, and a reserve fund. To learn more about understanding HOA budgets, contact us today!
This depends on the community’s governing documents and the state’s statutes.
The best way to increase HOA reserves is to contribute more funds each month to your community’s reserve fund. Properly funding your community’s reserve fund is important to prepare for repairs or replacements of some of the more expensive assets.
Explore our budgeting services and get a custom quote tailored to your community’s unique needs.
