Condos

August 23, 2014 12:00 AM

Condo line: Substantial surplus funds in operating budget not necessarily a good thing

Q. I live in a homeowners association that has a yearly operating budget of over $200,000. Currently, we have surplus funds in the operating budget of close to $150,000. This is money that was budgeted for maintenance over the past six or seven years but not spent, and has just been piling up.

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