Test: Proposed 2024 Budget

 Here is the proposed budget for 2024

Income:

1. Homeowner Dues:
• Number of Units: 51
• Annual Dues per Unit: $250
• Total Annual Dues: $250 x 51 units = $360,000

Total Annual Income: $360,000 + $50,000 + $5,000 = $415,000

Expenses:

1. Fixed Expenses:
• Mowing & Landscape Maintenance: $24,000
• Insurance: $12,000
• General Repairs and Maintenance: $30,000
• Total Fixed Expenses: $120,000
2. Variable Expenses:
• Unexpected Repairs Fund: $10,000
• Total Variable Expenses: $30,000
3. Reserve Fund Contribution:
• Annual Contribution: $40,000

Total Annual Expenses: $120,000 + $30,000 + $40,000 = $290,000

Summary:

• Total Income: $415,000
• Total Expenses: $290,000
• Net Operating Income: $415,000 - $290,000 = $125,000