Keith Hales was featured in the Chicagoland Cooperator talking about budgeting for multifamily communities. “The function of the operating budget is to have a reasonable estimate of the day-to-day annual operational income and expenses. This is helpful when processing bills so that the treasurer, or manager if professionally managed, can quickly see any variances when processing actual expenses throughout the year. For instance, if the monthly electricity bill has a $500 budget, but the bill comes in at $700 for a particular month, then we know that there is an issue to investigate,” says Keith Hales, president of Hales Property Management in Chicago.

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