BEHIND THE BUDGET: UNDERSTANDING YOUR BODY CORPORATE’S FINANCES
If you own a lot in a body corporate, you’re probably familiar with receiving a levy notice. But have you ever stopped to consider the budget behind it – and what happens before that levy amount reaches you?
Behind every levy is a broader financial process designed to help a body corporate meet its day-to-day expenses, maintain its property and prepare for future financial needs.
Last week, we explored some of the factors that can place pressure on body corporate levies, from insurance and operating costs to maintenance, compliance and future expenditure.
This week, we’re taking a step behind the numbers to look at the bigger picture: how are body corporate budgets prepared, how do those budgets relate to levies, and how are funds managed throughout the year?
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