What is the primary purpose of budget preparation for condominium corporations?

The primary purpose of budget preparation for condominium corporations is to create financial plans. This involves outlining the anticipated income and expenses for the upcoming fiscal period, which allows the corporation to allocate resources effectively. A well-prepared budget helps to ensure that the condominium can cover necessary operational costs, fund reserve contributions for future repairs and maintenance, and manage cash flow.

By establishing a financial plan, condominium managers and boards can make informed decisions about expenditures, prioritize projects, and set appropriate fees for owners based on the needs of the community. This planning process is essential for maintaining the financial health of the condominium and ensuring compliance with legal and operational requirements.

The other options do not directly capture the fundamental aim of budget preparation. While raising community issues and determining management fees may be considerations in the broader context of financial management, they are not the primary focus of the budgeting process itself. Additionally, increasing property taxes does not align with the purpose of budget preparation, which is centered on resource allocation and planning rather than on external tax policies.