Sample budget

Here is an example of a yearly budget for a modest condominium corporation with no high-cost amenities. It does not share any facilities with any other condo so that helps keep the costs down.

Budget from 01 January 2008 to 31 December 2008

Income

condo fees	$1,032,611
transfer to reserve fund	-92,100
guest suite rentals	7,000
interest	800
Total	948,311
Expenses
Administration
management fees	101,365
bank charges	0
insurance	12,000
legal & audit	6,955
office expenses	1,000
sub-total	121,320
Utilities
electricity	255,000
water	88,000
gas	150,000
telephones	3,000
sub-total	496,000
Consulting
performance audit	0
reserve fund study	3,210
sub-total	3,210
Contracts
landscaping & snow removal	20,000
security	80,000
cleaning	104,450
generator maintenance	2,000
safety & security system maintenance	8,000
building maintenance	17,000
equipment maintenance	22,000
elevators	18,000
window cleaning	3,000
pest control	1,000
garbage compactor lease	8,000
garage sweep	700
sub-total	284,150
Guest suites
mortgage, interest & taxes	41,631
maintenance	2,000
sub-total	43,631
Total Expenses	948,311
Balance
Total income	956,311
Total Expenses	956,311
Balance	0
Reserve fund
Balance start of fiscal year	90,597
reserve fund provision	91,100
interest	222
Total	181,919

This is a fairly straight forward budget for a condo starting its second year. The utilities take up 50% of the total income which seems right when all the utilities are included in the common element fees.

The guest suites income seems high with the two units expected to be rented 20% of the time.

top  contents   chapter  previous   next