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Finance committee: midyear income above budget; community budget workshop planned
Summary
The POA finance committee reported midyear income is above budget (noting $395,000 in ERC other revenue is separate from maintenance fees) and outlined plans to begin the budget process with a community workshop for department presentations and defense of requests.
The finance committee reviewed midyear finances and said overall the association is in decent financial shape. "On a good note, our income at this point is over budget, not only ERC money, our real income is over budget," the finance committee member said, adding that most expenses are under budget with security costs accounting for a substantial portion of the savings.
The committee member clarified that $395,000 in other revenue comes from ERC funds and is not maintenance-fee income. The committee plans to start the budget process and proposed holding a community budget workshop where departments would present and justify their requests so the board can allocate limited resources effectively.
