What are FL Developer HOA Funding Obligations?

I'm an HOA rookie in Florida. I live in a single-family community that is 30% built-out, seven years after the 1st lot was developed. As the housing bubble collapsed, so did extra developer funds, which led to decreased landscaping quality and upkeep of amenities.

Residents pay really high fees and rightly expect pristine amenities in this community. The build-out operating budget, controlled by developer through the board, is close to $1M. Currently, however, residents are covering $250K and the developer is pitching in another $100K (and dropping every year) even though nearly all amenities are completed and most lots are the developers.

My question: Is the minimum obligation of developer funding prior to turnover defined in Florida Statute 720?

720.308 states "While the developer is in control of the homeowners' association, it may be excused from payment of its share of the operating expenses and assessments related to its parcels for any period of time for which the developer has, in the declaration, obligated itself to pay any operating expenses incurred that exceed the assessments receivable from other members and other income of the association."

Is that the final answer? We get stuck with low returns for high dues due to stagnant economy? Developer gets a pass?

Thanks,
James

James,
I read the article a little differently than you do. I believe, it says: if the operating expenses exceed the assessments collected the developer is NOT obligated to pay the difference .. of course I do not know the developer put in the declaration.