Read the main costs in your condo's annual budget

Separate the budget from actual spending

Identify the year, whether it covers a full year and whether the figures are planned or already incurred. Compare the previous year's actual figures if supplied. A budget is not proof that money has already been spent, and an uncompleted item last year is not automatically unnecessary this year.

Read the largest categories

Look first at staffing and services, cleaning and security, common utilities and routine equipment maintenance, following the project's own categories. Check changes in service scope, tax treatment and coverage period. An increase may reflect changed services, prices or classification. Ask for the explanation before drawing conclusions about management.

Distinguish operations from major repairs

Regular cleaning and servicing are different from replacing major equipment or substantial refurbishment. Ask whether the document identifies funding from recurring common income, a sinking fund or another appropriately confirmed source. Do not treat the sinking-fund balance as money freely available to fill any operating gap. Request clarification where purpose or procedure is unclear.

Ask a few material questions

Focus on whether expected income supports the plan, what explains significant changes and how major repairs will be funded. Budgeted income is not necessarily cash already collected. If collection is materially below plan, ask about its practical effects. Use the formal owner channel and retain the explanation. The purpose is to understand services and finances, not infer misconduct from one table.

Continue with: Check Your First New Condo Common-Fee Payment

Sources checked 5 November 2026: Department of Lands: condominium management legislation.