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tremendous control over operations. The result? A building with a lean budget that, all on its own, has
to remit payment of common charges to the condominium was causing a deficiency with the operating budget
, it was a poor decision," Kroll says. Indeed, notes Mayer, the contract didn't include a budget guideline
for its budget-making process. Cases not heard in the spring will nevertheless obtain hearings throughout
a reserve fund. The maintenance increase also covered a line item in the budget to operate a 10 percent
, or holiday bonus, in their budget for staff," says Rothman. "That certainly isn't a union requirement." Some
shouldn't be wasted, whether dealing with budgeting, capital projects, legal issues, or any other matter
cannot delegate the financial decisions of the building, such as voting on the operating budget. While
, and an upcoming lobby renovation — out of its operating budget without raising maintenance. Says Civille: “The
these challenges and some weather issues, the projects were completed on budget and on schedule in January 2012

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Learn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments

Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise

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