What if the budgeted amount in (3) is not spent during the year?

At the end of each year a reconciliation will be performed between the actual expenditure and budgeted amount. This is then Audited by an external auditor who will produce an annual certificate of expenses. If the actual expenditure is lower than the budgeted amount, a refund will be issued and if the actual expenditure is higher than the budgeted amount, an additional invoice will be raised for each villa. A full breakdown of all costs together with the reconciliation will be sent to each owner.