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Condominium association budgets are calculated based on expected expenses.

Usually, the association treasurer looks at the history of expenses, and determines which increases are expected for the next year.

Effective treasurers work with property managers and other board members -- and finance committee members if applicable -- to determine whether or not vendors are delivering services as expected and within budget, if bills are being paid on time to avoid late fees and so forth. These tasks continue throughout the year.

In addition, the treasurer is responsible for calculating the annual payment to reserves, so that reserves are funded as deeply as the board -- and the local law -- indicates they should be.

Then, each owner is assigned a share of the annual expenses, based on their percentage share of ownership. As well, assessments can usually be paid in 12 monthly payments.

The treasurer assumes that every owner will pay their assigned share of expenses, and only rarely do they include an amount to cover paying bills when owners do not pay their assessments.

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