Elements and Performance Criteria
- Gather and analyse relevant budget information for strata community.
- Legislative provisions relating to strata community administrative funds, fee and contribution levies, as well as sinking funds and fees, are identified.
- Budgeting method is selected.
- Previous year’s budget performance is reviewed.
- Budget planning information is collated.
- Strata community’s expenditure priorities are identified.
- Identify and document projected income and expenditure.
- Sources of income and expenditure are identified.
- Estimates of expenditure relating to administrative activities, including repairs and maintenance, are prepared.
- Potential variations to income and expenditure estimates are identified and their impact on overall budget is assessed.
- Identified items are documented and stored for easy retrieval.
- Oversee budget preparation.
- Budget preparation is coordinated in consultation with owners committee and professional financial advisors.
- Budget documentation is reviewed and where necessary clarification is sought from owners committee or professional financial advisors.
- Expenditure commitments are checked against final income estimates.
- Cash flow forecasts are prepared.
- Contingencies are identified and included in draft budget.
- Draft budget is reviewed and modifications are proposed as required.
- Present strata community budget.