Consider Four Options for Addressing Budgetary Shortfalls
If your association is facing a budget shortfall, you can suggest options for the board to consider. Although each association's specific circumstances are unique, using one or more of the following four options may close the gap:
Utilize the prior year's accumulated surplus. If such a surplus exists, then depending on the nature, magnitude, and timing of the expense, it may be appropriate to spend some or the entire surplus to resolve an outstanding obligation.
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