A Summary of the 2021 Budget

prepared by Gary Fejes, Treasurer

The 2021 budget has been submitted and approved by the board.  We approached and achieved this task with three goals in mind:

 

  1. Meet or exceed the recommended contribution to capital reserves based on the recently completed capital reserves study

  2. Lower annual operating expenses from the prior year by adhering to established contract negotiation procedures & controls  

  3. Keep annual dues flat for 2021

 

Listed below are a summary of steps taken in preparing the 2021 budget:

  1. Reviewed fixed costs (Security, ASM, Shared Amenities, Landscape, Pest control, Janitorial)

  2. Examined variable costs (Utilities, Office supplies, IT, Legal, Pool monitor)

  3. Reviewed new & current contracts; for multi-year contracts include annual escalation fees

  4. Utilized expense history over both 12 & 24 month timeframes

  5. Incorporated recommendations from the Capital Reserve study for appropriately funding our reserves

  6. Applied assumptions for rising labor & material costs (~3%)

 

Shown below is a copy of the Baynard Park Operating Expense Budget for 2021.  From all of us on the board, we want to thank you for your on-going support and look forward to a better and stronger 2021!

After reviewing the information above, if you have any questions, please submit them for review and answers by clicking on the board email link below and we will provide an answer as quickly as possible.  

 

Board@baynardpark.org

 

 

last updated Nov 27, 2020

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