The Crossings Condominium’s operating budget for 2015 is $1,901,433 — which includes a deposit to reserves of $640,000.
Operating expenses are expenses that are incurred in the day-to-day operations of The Crossings condo. For example utilities, insurance, payroll, and maintenance are all operating expenses. Some operating expenses, such as insurance are very predictable. We know to-the-penny what our insurance will cost us over the course of the year. Other expenses are hard to forecast. It is difficult to predict what will be spent on utilities, as that would require predicting both the weather and fuel prices. Every year The Crossings Condominium’s board of directors revisits the operating budget. We compare the amount that we budgeted to the actual amount that we spent. We look ahead to the next year and adjust various line items as necessary. For example, if the association anticipates that the costs of cleaning will increase, then more money can be budgeted. At the end of the year, The Crossings condo’s operating budget is usually within a few percent of actual expenses. This budgetary precision benefits homeowners as it reduces the need to collect special assessments or draw from reserves to cover shortfalls.
View the Crossing’s Operating Budget.
Read about Capital Expenses at The Crossings Condo and view our 30-Year Capital Plan.