Finances

July 8, 2022 Published by Huronia Chapter - By Debbie Dale

Back to the Basics - Common Expense Fees

From the CCI Huronia Summer 2022 Condo Buzz Newsletter

There are a few different techniques to eliminate the fear of inevitable condominium fee increases. It’s all about education and information dissemination out to the owners. The largest expense categories can be displayed in a colour pie chart to guide owners to understand where each condo fee dollar goes. Sending info to the owners a month before the budget is issued as an info share to prepare for an increase can serve well. Think outside the box! Boards are able to send a list of their own reserve fund project list to the Reserve Fund Planner and this will ensure that the Board’s own goals are correctly incorporated into the Reserve Fund Study. Check for the low hanging fruit. Select larger expense lines and focus time and energy there to seek savings. Energy efficiency is key to observe and consider. If insurance shopping, start that process six months before the current policy lapses. Rest easy knowing that the owners have been well informed in advance, the Board is prepared to answer questions and that owners have been fully engaged in the money matter processes.

Debbie Dale
MCRS Property Management