Who provides input and reviews the annual operating plan for a condominium?

The Board of Directors plays a crucial role in overseeing the financial health and strategic direction of a condominium corporation. They are responsible for reviewing and approving the annual operating plan, which outlines the anticipated expenses, revenues, and the overall budget for the upcoming year. The Board ensures that the operating plan aligns with the goals of the condominium and meets the needs of the residents.

While the property management team may prepare the operating plan based on operational needs and insights, and residents may provide informal feedback or input, it is ultimately the Board of Directors that has the authority to review, modify, and approve the final plan. Independent auditors play a role in assessing the financial statements and ensuring compliance but do not directly influence the creation or review of the operating plan.