Effective Date: July 1st, 2018
Key points:
Budget Reporting Compliance: Effective July 1, 2018, the executive boards of these pre-CCIOA communities must:
Distribute a summary of any proposed budget to all unit owners within 90 days of adoption.
Schedule a meeting for unit owners to discuss the proposed budget, with notice provided as specified in the community's bylaws.
Budget Approval Process: Unless the community's declaration states otherwise, the proposed budget is considered approved by default unless a majority of unit owners vote to veto it during the noticed meeting. If vetoed, the most recently approved budget remains in effect until a new budget is proposed and not vetoed.
Exemptions: Communities with declarations that set a maximum assessment amount or limit annual budget increases to a specific figure are exempt from these requirements, provided the proposed budget does not exceed these limits.
This legislation aims to enhance transparency and unit owner involvement in the financial decisions of older common interest communities.
