New Orleans Condo Knowledge
The Budgets and Minutes
Budgets for Your Condo
Each year the condo association publishes a budget for that year. The budget will give precise items that the condo fees are paying for. It will give you how much is in the reserve fund set up for future needs.
The budget will show you line by line the expenses of the condo association. Many Many more items that are paid for out of all the condo fees that are paid. We generally tell clients that the condo fees cover water, upkeep and insurance. There so many details like common area electricity, security, management fees, termite and pest control, trash, pool upkeep, elevator contracts, fixes for that year, cleaning, new buys and a lot more line items that are required to keep a condo association in top shape.
Once you review the budget you will have a better understanding of what the condos association is doing with your monthly fees. It will show any assessments and the amount of money in reserve.
Minutes of Condo Association Meeting
The minutes for the last condo association meeting will give you what the association is talking about in the future. Annually each condo association meets with the owners and management company to review what happened to last years budget and votes on the future budget. All owners vote on the budget so it can be set for the future year.
Always good to know what the association is going to do in the future. The condo minutes tell you what some of the future fixes and expenses are going to be happening. Owners talk about future needs and expenses and review the upcoming budget.