2023 Budget Process By: Don Havard, Accounting Manager
What is a Budget? A budget, also known as an annual operating budget, is a financial plan for the upcoming fiscal year. (January 1st, 2023 to December 31st, 2023). The budget is a guide for the Tahoe Keys Property Owners Association (TKPOA) Management Staff, Cove Advisors and Board of Directors to use to ensure the Association’s financial goals are met by the end of the fiscal year. The Budget is broken into “operating periods”, which in our case are monthly periods that are added up to give the total forecasted or anticipated revenues and expenses for the entire fiscal year. The Budget contains the Associations Revenue (Income), Payroll, and Operating Expenses as well as the individual Cove/Subdivision Budgets. Based on these revenues and expenses it also provides Staffing Guidelines for the departments. The Finance Committee One of the responsibilities of the Finance Committee is to assist in building and reviewing the fiscal year budget. The Finance Committee is comprised of members of the TKPOA, which are actual residents that have input on how the TKPOA money is spent. The members who serve on the Finance Committee represent a cross section of the community. Of course, there are some members willing to serve who have expertise in areas such as insurance or finance that contribute their expertise. The committee members are volunteers and they hold regular monthly meetings throughout the year, currently scheduled on the Tuesday after the Board of Directors Regular Board Meeting that is currently held on the third Wednesday of the Month. The Finance Committee Meeting is held at 10:00AM in the TKPOA Pavilion Boardroom. The TKPOA Board of Director’s Treasurer is a member of the Finance Committee. As the Chair of the Finance Committee the Treasurer’s job is to keep everyone on track as the budget process takes place and the new budget is prepared.
Manager work with the TKPOA Management Team on preparing their individual budgets to meet their operational needs as directed. The Accounting Manager, General Manager and Project Coordinator also will need to meet with the Cove/Subdivision Advisors to develop their individual budgets. The “First Draft” of the proposed 2023 Budget will be presented to the 2023 Budget Subcommittee for review, on Wednesday July 27th, 2022. This Subcommittee will review the budget and return it to the General Manager and Accounting Manager for discussion and request changes to be incorporated in the next draft. The General Manager will present the “Second Draft” of the proposed 2023 Budget to the Finance Committee during an Open Meeting on Wednesday August 10th, 2022 at 10:00AM at the TKPOA Pavilion. The Finance Committee will review the budget and returned it to the Accounting Manager for discussion and changes. This meeting is open to all TKPOA Members. The General Manager will present the “Third Draft” of the proposed 2023 Budget to the Board of Directors and the Finance Committee during an Open Meeting on Wednesday August 17th, 2022 at 5:00PM at the TKPOA Pavilion. This meeting is open to all TKPOA Members. After this process, again the Accounting Manager and General Manager and TKPOA Management Staff will make changes to the proposed budget, based on the Finance Committee and TKPOA Board of Directors recommendations.
The Accounting Manager and General Manager plan to present the “Final” Budget to the TKPOA Board of Directors for approval at the regular TKPOA Board meeting as early as Wednesday September 7th, 2022 The TKPOA Management Team Role at 5:00 PM at the TKPOA Pavilion. If more review is Following the direction given the TKPOA Board of necessary, then it will again be presented, at a time to Directors and 2023 Budget Subcommittee, the TKPOA be determined, at the TKPOA Pavilion the meeting is Management Team creates the “first draft” of the budget open to all TKPOA Members. At either of these meetings, for all eight departments that comprise the Association the Board may set the assessment amounts for the 2023 “business units”. The Accounting Manager and General Fiscal Year. Keys Breeze
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JULY 2022
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