As we approach October, we are now officially into budget season. Associations are working hard to develop next year’s budget and doing everything possible to keep assessments from rising. Association Managers are calling vendors and utility companies to get an idea of next year’s rates and fees. In addition to the regular operating budget, associations […] read more »
Category Archives: Budgets
There are essentially three ways to contribute to your reserve account. Regular Contributions, Special Assessments and Loans. Regular Contributions are the best method of funding the reserve account. If adequate regular contributions are not established the reserve fund will eventually be underfunded. An underfunded reserve account leads to deferred maintenance and potentially extensive repair. The […] read more »
Using the Full Power of Equipment Replacement Reserves In these economic times, budget constraints and financial burdens make it difficult for Fire Departments to remain properly equipped. Public support of public safety agencies, including Fire Departments continues to decline causing further budget and purchasing hardships. Equipment Replacement Reserves (ERR) studies are an important part of […] read more »