What document is essential for preparing financial plans in a condominium setting?

The budget plan is critical for preparing financial plans in a condominium setting because it outlines the anticipated expenses and revenues for the upcoming fiscal period. This document serves as a financial roadmap for the condominium corporation, detailing how funds will be allocated for operational costs, maintenance, and capital improvements. By establishing a budget plan, condominium managers ensure that they have a clear understanding of the financial needs of the community and can make informed decisions about financial management and resource allocation.

While minutes from the Annual General Meeting and compliance reports provide valuable context for discussions regarding financial decisions or governance, they do not function as the primary tool for planning the budget. Similarly, a building maintenance log is important for tracking repairs and upkeep but does not address the financial aspects necessary for comprehensive planning. The budget plan integrates all these elements and is vital in guiding the financial health of the condominium.