Revenue or Reduction Making Tough decisions

 It’s the same dilemma that single-family households across the United States are  facing: How much money can we afford to pay for the services we want? And  should we stretch ourselves thin, taking more out of our bank accounts to pay  for private schools and that desperately needed vacation? Or should we cut back  on restaurants and renovations to put more into savings?  

 The same goes for condo and co-op buildings.

 As the federal legislative fiasco over the debt ceiling this past summer  demonstrated, it's sometimes very difficult to balance a community's (or a  whole country's) need for revenue with its equal need for services.  

 In the case of an HOA, cutting costs is one sure way to bring a runaway budget  to heel, but cost-cutting almost inevitably comes with reductions in services  and amenities that many residents view as their basic rights as homeowners and  association members.  

 When boards and managers are faced with tough decisions about raising revenue  and possibly cutting costs, communication, transparency, and cooperation with  residents are more important than ever.  


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