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A community association's budget is a financial plan that outlines both revenue and expenses over a specific period, usually a fiscal year. By including revenue, the budget reflects the income generated from various sources, such as homeowners' association (HOA) dues, special assessments, and rental or amenity fees. The expenses component details the costs associated with operating the community, such as maintenance, utilities, insurance, and administrative costs.

Including both revenue and expenses ensures that the community association can operate effectively within its financial means, allocate resources appropriately, and plan for future needs. This comprehensive view allows for better financial management and helps ensure the community association remains financially stable and can meet its obligations to homeowners.

On the other hand, while personnel and maintenance are indeed crucial aspects of a budget, they represent specific categories under expenses rather than encompassing the entirety of the budget. Assets and liabilities are part of a balance sheet rather than the budget itself, and projects and proposals are more about future plans or initiatives than the present financial framework.