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Posts tagged ‘Budget Meetings’

November 10th Budget Meeting Will Shape Future Owner Monthly Costs

Annual Budget Meetings For Golden Lakes Village Coming In November

The amount that owners will pay monthly for next year is affected by the Annual Budget Meetings this time of year. These meetings give owners information and a voice in the budget making process, so owners benefit by attending and getting involved to control their monthly costs in the future.

When: for example, the Budget meeting for CONDO E in PHASE B is scheduled for November 10th –  at 10:30 a.m in the Clubhouse Auditorium Ask your Resident Director or the office about the date of your meeting and its location.

Attending this meeting is extremely important in order to fund the necessary maintenance of the community while also controlling increases in your future montly costs. 

Owner’s may decide, for example, if they wish to fully fund the reserves now and expect a larger increase in monthly costs to reside in Golden Lakes Village, or decide to stagger repairs, etc. over a few years to fix items as actually needed, thus seeing smaller increases in costs per month.

The CONDO E announcement from  Condo E Resident Director’s Email :

“I have already started the process to get us accurate information with which we can make an intelligent decision. The “Reserve Study” will tell us the following: The remaining life on our roofs, assuming that we continue with a maintenance program The remaining life of our asphalt (driveways and walkways). We need to know if we should let the association sealcoat our area or, if we are better off saving that money and getting new asphalt put down in a few years. The repairs that will be necessary to the pool and the pool house. We have the lesser of a split percentage with Condo F on any pool expenses. I don’t recall but we pay forty some percent. The remaining life of the painting of our buildings I don’t know whether the Reserve Study will tell us that we can reduce our maintenance from the figures we were given last year, which sent our condo into a frenzy and caused us to decide to contribute 1% to our reserves. That decision is going to cause us to pay more in the future. As I’ve already said, I supported that decision, and I was wrong in doing so. It is likely that we will have to increase the maintenance, but we will all be able to review the facts and develop the best solution for the residents of our Condo. We will all know this when the Reserve Study is done prior to our meeting on November 4. No emotional decisions. All facts. We will talk about the alternatives and options. We will discuss whatever we need to discuss to keep us Condo E(xcellent)! ”

Quick Overview Article with List of Key Words Used in Reserve Studes and How Reserve Studies are Prepared

A short introductory article describing key terms and concepts in Reserve Studies. Reserve Studes play an important role in the increases of your future monthly costs and keeping the condos in good condition.  Click the below link to see this short article by the Florida Community Association Journal:

http://www.flcaj.com/content.cfm?articleID=304

Legal Requirements for Florida Annual budget Meetings:

Click below link to the 2013 Condo Statute and search for words “budget meeting” , annual, Etc. it explains owner rights and association duties As to budget meeting and other topics.

http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0718/Sections/0718.112.html

An excerpt of part of the statute governing budget meetings is below.

(e) Budget meeting.— 1. Any meeting at which a proposed annual budget of an association will be considered by the board or unit owners shall be open to all unit owners. At least 14 days prior to such a meeting, the board shall hand deliver to each unit owner, mail to each unit owner at the address last furnished to the association by the unit owner, or electronically transmit to the location furnished by the unit owner for that purpose a notice of such meeting and a copy of the proposed annual budget. An officer or manager of the association, or other person providing notice of such meeting, shall execute an affidavit evidencing compliance with such notice requirement, and such affidavit shall be filed among the official records of the association.

2.a. If a board adopts in any fiscal year an annual budget which requires assessments against unit owners which exceed 115 percent of assessments for the preceding fiscal year, the board shall conduct a special meeting of the unit owners to consider a substitute budget if the board receives, within 21 days after adoption of the annual budget, a written request for a special meeting from at least 10 percent of all voting interests. The special meeting shall be conducted within 60 days after adoption of the annual budget.

At least 14 days prior to such special meeting, the board shall hand deliver to each unit owner, or mail to each unit owner at the address last furnished to the association, a notice of the meeting. An officer or manager of the association, or other person providing notice of such meeting shall execute an affidavit evidencing compliance with this notice requirement, and such affidavit shall be filed among the official records of the association.

Unit owners may consider and adopt a substitute budget at the special meeting. A substitute budget is adopted if approved by a majority of all voting interests unless the bylaws require adoption by a greater percentage of voting interests. If there is not a quorum at the special meeting or a substitute budget is not adopted, the annual budget previously adopted by the board shall take effect as scheduled.

b. Any determination of whether assessments exceed 115 percent of assessments for the prior fiscal year shall exclude any authorized provision for reasonable reserves for repair or replacement of the condominium property, anticipated expenses of the association which the board does not expect to be incurred on a regular or annual basis, or assessments for betterments to the condominium property. c. If the developer controls the board, assessments shall not exceed 115 percent of assessments for the prior fiscal year unless approved by a majority of all voting interests.

(f) Annual budget.— 1. The proposed annual budget of estimated revenues and expenses must be detailed and must show the amounts budgeted by accounts and expense classifications, including, if applicable, but not limited to, those expenses listed in s. 718.504(21). A multicondominium association shall adopt a separate budget of common expenses for each condominium the association operates and shall adopt a separate budget of common expenses for the association. In addition, if the association maintains limited common elements with the cost to be shared only by those entitled to use the limited common elements as provided for in s. 718.113(1), the budget or a schedule attached to it must show the amount budgeted for this maintenance. See above link for complete legal info on budget meeting requirements.

NOTE: “Phase B” of Golden Lakes Village is classed as a “multicondominium association”, as mentionioned in the above section of statute 718, F. S.

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