Budget refl ects 2024 fi nancial performance
MESSAGE FROM THE GRF TREASURER
by Nick Massetti
GRF Treasurer
Last week it was explained that the monthly assessments are solely the result of their respective annual budget processes. If one wants to have a voice in setting those assessments, then getting involved in the budget process is the only way to have a material impact.
This week there will be a partial report on how well the GRF 2024 budget was adhered to. That performance is somewhat of a measure of how well the resident’s money that funded it was respected. It can also indicate how well the staff and directors managed spending and obtained income according to the budget plan.
The 2024 GRF budget planned on spending $24 million to provide for the preservation of the common properties and for all the services enjoyed by residents. The GRF budget planned on paying for that spending by collecting $16.9 million through assessments to residents and $7.1 million in income from other sources. That income replaced
Nick Massetti $90 in monthly assessments that otherwise would have been paid by residents.
Performance to the 2024 budget can be assessed by looking at how the main categories of expense and income played out. By far the largest expense category is Human Resources. It accounted for $14.9 million, and all the GRF departments have to contribute to managing this category. Fortunately, the actual expense was less than budgeted by $50,400 and by that measure it was managed well by all.
The Facilities Department has the next largest impact on the budget. It was responsible for bringing in $1.65 million in income and holding expenses to $3.48 million. At year end the Facilities Department was $27,000 favorable to budget, which is a remarkable accomplishment. These two categories account for 75% of the 2024 GRF budgeted expenses and in both cases the year end financials show good stewardship of funding. The next column will provide an accounting of a few more budget categories, including the one that went haywire.
