What is the financial plan that details expected income and expenses called?

The financial plan that outlines expected income and expenses is called the annual budget. This plan serves as a crucial management tool, allowing condominium management to anticipate revenue from sources such as maintenance fees and reserve fund contributions while also forecasting expenditures related to maintenance, repairs, utilities, and other operating costs.

An annual budget not only assists in the day-to-day financial management of the condominium but also plays a vital role in strategic planning and ensuring the long-term sustainability of the community. By comparing the budget to the actual financial performance over the year, condominium managers can make informed decisions, implement necessary adjustments, and set financial goals for future periods.

In contrast, an annual report typically summarizes the financial performance and activities of the condominium over a year but does not serve as a planning document. A financial statement provides a snapshot of the current financial position but does not necessarily outline expected future income and expenses in a detailed plan. Expense projection, while related to forecasting costs, lacks the comprehensive financial outlook that a budget provides as it does not include anticipated income alongside expenses.