Condo-Smart

Answer – as often as is necessary. The Board has the mandate to ensure there is enough money in the bank to pay the bills. They assess the fees and collect the money from each unit based on the yearly budget. Hopefully they are able to stay within the set budget but in the event they are unable to – they will need to go back to the unit owners and ask for more money – even if they are mid point through the year. Most Boards very good about trying to stay within the budget and don’t raise the fees on a whim. They are unit owners too. An increase in fees means they will have to pay as well. But – utilities may go up – increased snow removal cost, insurance, landscaping, unexpected repairs and maintenance etc. can all impact on the amount needed to pay the bills. The shortage must be covered.