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<UL><LI>Each year the Board prepares a budget that consists of Operating Expenses and Expenses related to the replacement of Capital Items.
<LI>Operating Expenses are items that fund the general operations of the Association including the repair of common elements such as gutters, building surfaces, roof repairs, insurance, accounting, legal, and managememt services, office and clerical expenses, landscaping, snow removal, gutterand siding cleaining, street lighting and painting.
<LI>Capital Expenses are financial resources designated for the major repair and replacement of items designated as common elements in the Declaration of Condominium Ownership
<LI>The tax treatment of Association funds requires that certain common elements be treated as operating expenses particularly plant material replacement and painting expenses</UL>
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