Step 3 – Reserves , Reserves , Reserves . 2020 revealed how crucial it is to budget to not only cover operating costs , but also to set funds aside to cover unforeseen expenses . Who knew that everyone , individuals and communities alike , were going to need to drastically and suddenly increase sanitation efforts and that constantly changing health and safety orders would be issued requiring legal guidance to interpret and enact ? Who could have predicted that many with seemingly great incomes would see their jobs vanish ? Residents without income translates to Associations with reduced income . Since the operating can borrow from reserves to meet short term operating expense needs * individuals and communities with healthy reserves fared better in 2020 and will continue to fare better than those without in 2021 and beyond . Revise and reconsider your budget .
Whether it is 2020 or 2021 , a year is what you make of it . Make it a good one !
Step 1 – Reflect on what is really important . Prior to the big shutdown of early 2020 , many had lives that were overfull . As a result , many did not spend enough time focusing on what is really important . One benefit of this pandemic experience has been an opportunity to regain some focus in areas like self-care , self-improvement , actually savoring the time spent with friends and family , or enjoying the great outdoors . It seems sometimes we really do not know what we have got until its gone .
Step 2 – Set your focus . Another thing all the time at home provided was a really good idea of what needs to change . These are stressful and unpredictable times , so do not try and re-do or re-invent everything , but do set some realistic and attainable improvement goals to focus on in 2021 . What are the top 3 things that need some improving ? What steps can be taken to start working towards those improvements ? What planning and information gathering can be done now to set 2021 up for success ?
* Associations thinking about borrowing from reserves should seek the advice of legal counsel
Dee Rowe has been a certified community association manager servicing San Diego County for over a decade , and is the San Diego Regional Manager for Packard Management Group .
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