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Is it really such a challenge?
You wouldn’t think so but a lot of strata achemes operate on very tight margins and minimal levies. One that I am connected with had literally run out of money and had to hold an emergency EGM to approve a new budget.
My current chair used to boast at every AGM that “we have no slush fund” – the clear and fallacious implication being that the previous incumbents has some sort of champagne and cigars funds sloshing around. After a couple of financial near-misses, we now have a “contingency fund”.
A lot of schemes work on the principles of Dickens’ Mr Micawber: “Annual income twenty pounds, annual expenditure nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty-pound ought and six, result misery”. And of course, Micawber was constantly in and out of debtors prison.
So you are correct – for most schemes it will not be a challenge but for those that encounter the perfect storm of late payments, non-payments, multiple negotiations over payment plans and an unexpected expense, it could be a worry.