July governance check for resident directors: prepare for the next budget cycle
As the next service charge budget cycle approaches, resident directors face a crucial opportunity to ensure their governance is up to date and fully compliant with current regulations. The July governance check offers a timely moment to review key areas such as the Building Safety Act requirements, fire risk assessments, contractor performance, and statutory compliance. By completing this checklist now, RMC and RTM directors can confidently prepare for major works, budget setting, and effective arrears management, safeguarding both residents and assets.
Why a July governance check matters
The essential mid-year governance checklist
A comprehensive governance review is vital for maintaining stability and trust. Key components include:
Reviewing compliance with the Building Safety Act
Evaluating fire risk assessments
Assessing contractor performance and procurement strategies
Ensuring budget accuracy and reserve adequacy
These steps build a strong foundation for managing major works and financial planning, which reduces the risk of unexpected costs. Preparing now sets the stage for a smooth and efficient budget cycle.
Take action today to protect your building's future and maximise its value.
P.S. Keep your governance practices sharp to avoid unexpected challenges.
Contact the Temphis team to explore how we can support your and your needs