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How your board can create a realistic budget and manage costs

Written by Jennifer White Karp, Brick Underground
October 19, 2023
How your board can create a realistic budget and manage costs

The cost of running a property, especially in New York City, is rising drastically. Brick Underground captures tips a watch-outs from Super's webinar.

With budgeting season in full swing, Brick Underground co-hosted a webinar with Super and one of Super's customers at the property management firm EBMG, to discuss best practices for planning a budget amidst so many cost increases in the coming year.

The panel dove into details such as prevailing wage, tax assessments, insurance costs, Local Law 97 and Local Law 11, and opportunities such as locking in energy prices. Ultimately, the takeaway is that: this is going to be a tough, expensive year ahead. Buildings will need to plan accordingly, and seek any economies of scale they can to find potential savings—or at minimum, lower the increases.

Some highlights from the summary article:

  • Budgets should be worked on now, with the goal of approving by early November in order to provide shareholders 30-days notice on any increases going into effect January 1st.
  • Locking in a price for energy can be a good bet, as buildings can predict their usage from past years. Be wary of service contracts that auto-renew at higher rates, though.
  • Costs are rising in the double digit percentage points for many necessary building operations. Insurance coverage is one of the largest increases—between 15-25%.
  • It's always worth challenging your tax bill! Most firms work on a contingency basis, so they are motivated to get you the best results.

Read the full article in Brick Underground.

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