board_handbook:budget
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Table of Contents
Budget
Each year the Board is responsible for reviewing the budgets supplied by CLT and COHO, and then adjusting our members' housing charges to align with these budgets.
Timeline
The budget process changes a bit every year, but an example timeline is given below based on a previous year's timeline.
- 7th February: CLT and COHO communicate the budget process for the year, including a timeline of key dates.
- 5th February - 28th March: CLT budget preparation.
- 31st March: CLT internally approves their budget.
- 1st - 4th April: Budget packages sent to COHO management company in preparation of budget meeting with each individual co-op. Budget presentation meeting invitation will be sent.
- 15th - 18th April: COHO management company completes each co-op budget and sends draft to CLT for review and comment. Should include:
- Details of any income testing (if required)
- Recommended rent roll for housing charges to take effect 1st August
- Anything else that is specific to the project
- 21st - 28th April: CLT to provide final comments and recommendations for co-op boards to approve budget.
- 5th - 9th May: Budget presentation from CLT and COHO to co-op boards.
- 12th - 16th May: Co-ops to provide a copy and confirmation of approved budget to CLT.
- 23rd May: CLT to send out rent schedules.
| Date | Activity |
|---|---|
| 7th February | CLT and COHO communicate the budget process for the year, including a timeline of key dates. |
| 5th February - 28th March | CLT budget preparation. |
| 31st March | CLT internally approves their budget. |
| 1st - 4th April | Budget packages sent to COHO management company in preparation of budget meeting with each individual co-op. Budget presentation meeting invitation will be sent. |
| 15th - 18th April | COHO management company completes each co-op budget and sends draft to CLT for review and comment. |
| 21st - 28th April | CLT to provide final comments and recommendations for co-op boards to approve budget. |
| 5th - 9th May | Budget presentation from CLT and COHO to co-op boards. |
| 12th - 16th May | Co-ops to provide a copy and confirmation of approved budget to CLT. |
| 23rd May | CLT to send out rent schedules. |
Our financial year begins in August. We aim to give members two months notice for changes to their housing charge, and therefore the budget process must complete before the end of May.
Our Role
The Board works with COHO to draft the Co-op's budget.
Drafting the budget involves:
- Reviewing CLT's and COHO's budgets. We identify changes in the budget by comparing it to the previous year's budget, and then consult with CLT and COHO to understand the changes.
- Performing Annual Income Verification so that we understand which units have housing charges that are fixed and what those charges are.
- Adjusting members' housing charges so that the Co-op has enough income to pay for the year's upcoming charges as outlined in the CLT and COHO budgets.
This draft budget is sent to CLT, and includes the following information:
- The details of Annual Income Verification.
- Recommended rent roll for housing charges to take effect 1st August.
- Anything else that is specific to the project.
Understanding the CLT and COHO Budgets
board_handbook/budget.1747680250.txt.gz · Last modified: by awhetter