The Board of Directors of Michael’s Condominium approved a budget for 2016 for $125,000.  The budget included installing a gym for $20,000.  Last year’s budget was $95,000.  Which of the following statements is true?

The Board of Directors of Michael’s Condominium approved a budget for 2016 for $125,000.  The budget included installing a gym for $20,000.  Last year’s budget was $95,000.  Which of the following statements is true?