Careful, thorough review precedes budget approval

MESSAGE FROM THE GRF PRESIDENT

by Linda Herman

GRF President

One of the most important responsibilities of the GRF Board of Directors is adopting the annual budget. This process determines the assessment amounts for the coming year. Much like managing our own household finances, the GRF reviews income and expenses from the previous year to project what those numbers will be in the year ahead.

A budget is a financial plan—essentially our best projection based on the information available at the time. It is not a fixed prediction but rather a roadmap that guides spending and establishes priorities for the year.

The budget process begins with staff reviewing income and expenses within their respective areas, line by line, using historical data to project the following year’s figures. In September, the GRF committees received their portions of the proposed budget and conducted a detailed, line-by-line review with staff, asking questions and recommending adjustments. The budget then returned to staff for revisions and further analysis.

In October, the revised budget was brought back to the committees for final review. At this stage, it remained a “living document,” meaning additional changes could still be made before adoption. Once finalized, the board held its official budget adoption meeting on Oct. 28. Just prior to that meeting on Oct. 27, staff received updated information from our insurance provider that lowered projected insurance costs. As a result, the proposed GRF assessment increase was reduced from $13.05 to $12.54 per apartment per month (PAPM), representing a 5.34% increase over 2025. Much time and care went into developing this budget. This was my second year participating directly in the process, though I have observed it as a resident for many years. In my opinion, this year’s process was both careful and thorough—reflecting the due diligence of staff and the commitment of the GRF Board to responsible fiscal management.