8.5.5. The budget

All businesses have income and expenditure, part of which is allotted to the costs of occupying property, including a repairs and maintenance plan, which must be budgeted for annually and supported by trustees, the CEO, and Chief Operating Officer (COO) if you have one.

While the repairs and maintenance budget does not need to account for every possible detail, every effort should be taken to predict costs to some level of accuracy otherwise you risk taking the budget away from other areas, which can negatively affect project planning.

You may find that with record keeping, and practice, you will get better at predicting repairs and maintenance budgets more accurately year on year.