How to set a yearly budget

Steps

1. 1List last year's actual costs for each fund.
2. 2Add known increases such as insurance renewals.
3. 3Allow for long-term works in the capital or maintenance fund.
4. 4Share costs by entitlement to work out each owner's service charges.
5. 5Present the budget at the annual AGM for approval.

General information only, not legal advice. Rules differ by state and change over time. Check your local legislation or get professional advice for your situation.