What is the Budget?
A budget is an estimate of expected income and expense for a given period, normally a year.
Does my Community have a Budget?
Every Community must have a budget.
How is the Budget being approved?
The Budget is approved at the Annual General Meeting. It must always be included as part of the agenda of the Meeting for approval.
How can I know where the Money has been spent?
Any question you may have regarding this issue must be addressed to the Property Administrator, which must keep all the invoices and other documents and will have them available to all owners.
What is the Reserve Fund? What is it used for?
The Reserve Fund is an amount of Money that the Community of Owners must keep for repairs and maintenance of the property. It is an annual fund that can not be lower than 5% of the last Budget approved, or the amount established in the Statutes.
What is the Budget Reconciliation?
The Budget Reconciliation is a comparison between the budget and the real expense and must be included for approval in the agenda of the Annual General Meeting.