What is excluded from the annual budget mailing?

The correct answer highlights that the complete reserve study is excluded from the annual budget mailing. In community management, the annual budget mailing typically includes crucial financial information necessary for homeowners to understand how funds will be allocated for the coming year, including details on daily operations, reserve contributions, and any anticipated special assessments.

The complete reserve study, however, is a separate, comprehensive document that provides in-depth analysis regarding the long-term maintenance and capital needs of the community's assets. It often involves projections related to future repairs and replacements which may not be vital for immediate budgetary considerations. Because the budget mailing focuses more on the actual budgetary allocations for the next fiscal year, the detailed reserve study does not need to be included as part of that communication, saving space and keeping the information concise for homeowners.

The other choices, while integral parts of community financial management, are generally included in the annual budget mailing or are related to communication with homeowners regarding their financial responsibilities and community operations.