Tips for preparing next year’s association budget

For most community associations, cooler weather signals the start of budget season. Its the time of year when boards and finance committees hammer out the next years expenses and income.

We asked a panel of industry professionals for its best budgeting practices. Before your association finalizes its numbers, consider the panels advice:

Plan for the unexpected. A good rule of thumb is to allocate 3 to 5 percent of your budget for contingencies, said Don Kekstadt, president at Vanguard Community Management in Schaumburg, and Legum amp; Norman, Mid-West, in Chicago.

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