Budgeting is one of the most critical—and often most daunting—tasks boards face each year. CAMbrands recommends the video “Preparing Budgets for Your HOA” by CAMS Training as an excellent resource to guide board members through the process with clarity and confidence.
From the outset, the video reframes budgeting as a strategic tool, not just line items and numbers. It starts by emphasizing the importance of preparation: reviewing previous budgets, analyzing current expenditures, and anticipating upcoming costs. This foundational step ensures decisions are rooted in facts, not guesswork.
Next, the instructor breaks down budget components with precision. Operating costs—like utilities, maintenance, insurance, and administrative expenses—receive clear attention, ensuring nothing critical is overlooked. The video also underscores the importance of reserve funding, encouraging boards to plan for long-term repairs and capital projects rather than facing unexpected financial strain later.
The emphasis on early planning cannot be overstated. Boards are urged to start the process early in the fiscal year to allow proper review, revisions, and engagement. This minimizes rushed decisions and enhances board confidence.
An especially valuable section discusses vendor and contract reviews. The video advises boards to reassess service agreements, anticipate pricing changes, and seek more competitive bids when appropriate—actions that can result in cost savings without sacrificing service quality.
Transparency is another key theme. Boards are encouraged to involve homeowners in the budget process—through newsletters, town hall meetings, or online portals. Open communication builds trust, reduces friction, and helps communities understand and support budget decisions.
While the video is packed with useful content, it recognizes the human side of budgeting. Discussions about achieving consensus, managing homeowner expectations, and keeping the process inclusive add depth and practicality to its guidance.
In summary, “Preparing Budgets for Your HOA” is a must-watch for any board tackling budget season. It provides a clear, step-by-step roadmap—from setting the stage and analyzing data, to vetting contracts and communicating with homeowners—transforming a potentially stressful process into a collaborative, strategic, and efficient exercise.