Many associations’ fiscal year ends 12/31 and that means it’s time to start preparing next year’s budget. If your association has a 12/31 year end, your board members can expect to receive a proposed budget from your manager in the coming weeks. Your manager will use historical data, any notices from your contracted service providers, and guidance from professionals like insurance agents and reserve study specialists to provide the board with an accurate picture of what changes may be expected for next year’s finances. California Civil Code dictates many duties and responsibilities for the board regarding the approval and distribution of the budget along with annual disclosures. Your manager will guide the board every step of the way to help make sure the board is meeting their fiduciary duty and following civil code. Check out the Annual Budget page at Davis-Stirling.com for more information about the requirements for the annual budget.
