Budgeting
Learn more about how your Homeowner's Association prepares a budget.
Who prepares the budget?
The management company for the Hanley Lofts prepares the budget for Board review. Once approved by the Board, the members ratify the budget at a meeting.
What goes into creating a budget?
Budgets are created upon review and analysis of the Association's income and expenses over the prior year and beyond. The Reserve Study is used as a guide to determine an appropriate reserve funding model, which is then built into the budget as an expense. Income is based upon the number of owners in the association. Expenses are detailed in the approved operating costs set forth in the annual budget.
When are budgets published?
New budgets are published by October for the following year.
Who prepares the budget?
The management company for the Hanley Lofts prepares the budget for Board review. Once approved by the Board, the members ratify the budget at a meeting.
What goes into creating a budget?
Budgets are created upon review and analysis of the Association's income and expenses over the prior year and beyond. The Reserve Study is used as a guide to determine an appropriate reserve funding model, which is then built into the budget as an expense. Income is based upon the number of owners in the association. Expenses are detailed in the approved operating costs set forth in the annual budget.
When are budgets published?
New budgets are published by October for the following year.