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.

    The resource you requested is available only to current members.  

    Please log in or start your membership account.

    Member Log In

    Trouble Logging In?
    Reset your password. Or contact us

    Need to Renew Your Membership?
    If your membership has expired and you wish to renew, visit the Membership Renewal Page.

    Sign up for your free trial membership and access this resource now. 

    Community Association Management Insider helps community association managers keep their co-ops, condominiums, and homeowner’s associations running effectively and within budget — and all in the bounds of state, local, and federal law, as well as their governing documents.

    Click here for quick FREE trial sign-up.

    As a member, you get:

    • Model tools, such as letters to members, bylaws, and contractor agreements
    • Step-by-step management techniques
    • Updates on new laws and court cases that impact you
    • Easy-to-implement solutions to managers' thorniest challenges.

    Community Association Management Insider will show you how to:

    • Avoid liability and get indemnity
    • Effectively and economically manage maintenance and repairs
    • Get better deals from contractors
    • Get the right insurance coverage
    • And much, much more

    Sign up for your free trial membership and access this resource now »