What is the financial plan that outlines expected income and expenses for the year called?

The financial plan that outlines expected income and expenses for the year is known as the Annual Budgeting Process. This process is essential for effective financial management within a condominium, as it helps allocate funds for various operational needs, maintenance, reserves, and other expenses anticipated for the year. The annual budget also plays a critical role in determining the amount of condominium fees that owners will need to pay, ensuring that the community can maintain its standard of living and property values.

In contrast, a Reserve Fund Study is a detailed analysis conducted to project future capital expenditures needed to maintain the property. It assesses how much money should be contained in the reserve fund to cover major repairs and replacements but is separate from the annual budgeting process. Monthly Financial Statements provide a snapshot of the financial status of the condominium on a shorter-term basis, reflecting income, expenses, and variances from the budget but are not a plan themselves. Condominium Management refers to the overall administration of the condominium's affairs, which includes but is not limited to the budgeting process, rather than being a specific financial plan.