Financial Planning

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The President shall appoint members to assist the Treasurer of the Board with Association financial planning. Appointees would include interested co-owners and/or Board members. It shall be the responsibility of the Board Financial Chairperson to work with the Management Company prior to the commencement of each budget fiscal year, January 1st, to review all pertinent information that may have an impact on the day to day expenses of the Association and long-term requirements for maintenance and replacement of Common Elements of the Condominium Association and then prepare and submit to the Board of Directors for review and approval the proposed operating budget.

This budget shall be guided by anticipated expenditures, cash on hand, balances in reserves, expected and/or anticipated maintenance costs, etc. and by a strategic financial plan. It will be the policy of the Board to maintain, update and reproduce a strategic financial plan year to year. The strategic planning process is a continuous long term planning process which is based on sound fiscal management principles, concepts and techniques. This planning system will be a primary tool of the Association’s Board of Directors in developing and implementing long- range objectives and strategies that will assure the Association is strategically positioned in order to most effectively meet present and future Association financial needs.

The replacement reserve shall be funded with the intent of meeting future facility needs and major replacement items such as roads, roofs, driveways, windows, unit doors and garage doors as they reach the end of their useful life is required by the Condominium Act and the Association’s Bylaws.