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budget, and it’s going to result in a maintenance increase. There’s often a direct correlation between
in at $1.075 million, only $15,000 over budget, despite several change orders. D’Addona says that the money
to Schreibersdorf, the cost of the proposed facility – $5,000 to $9,000 a month – is beyond the budget of most
into the reserve fund or operating budget. For shareholders, it’s a virtually painless way to contribute
of the abatement and then funneled the money into the operating budget. Now they must figure out a way to overcome
several years,” says Ana Champeny, vice president for research at the Citizens Budget Commission (CBC
overhaul of the 421-a tax break from the upcoming state budget. Instead, they want time to debate
sales spells a decline in revenue — and will force boards to look elsewhere to make up any budget
budget in their reserve fund, but that’s no guarantee that lenders will come through. “We’re seeing many
inbox for free, click here.)  “Very often with boards, budget is the only driver,” Scipione says. “But

Ask the Experts

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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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