MarlysL (Colorado)
Posts: 1
Posts: 1
Posted:
If your budget was prepared incorrectly, can you redo it in mid year
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budget
Started by MarlysL • 6 replies • 228 views
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JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
I say yes but you must send a copy of it to each owner.
KerryL1 (California)
Posts: 14,550
Posts: 14,550
Posted:
We can and did (2017) in Calif. I don't think there was anything in our CC&Rs or Bylaws to help. So, after you check your own governing documents--(Bylaws; CC&Rs)-- you need to review Colo statutes to find out what the requirements are.
You may, for instance, be legally limited as to the amount to raise assessments, if that's what the issue is. It's possible you'll need the advice of your HOA attorney.
You may, for instance, be legally limited as to the amount to raise assessments, if that's what the issue is. It's possible you'll need the advice of your HOA attorney.
ElleN (Idaho)
Posts: 4,420
Posts: 4,420
Posted:
Is this a condominium?
In what way was it prepared incorrectly?
Budgets are guides. Predicting all income and expenses exactly is not possible.
Colorado statutes might place some limitations on major changes to the budget.
Do your bylaws or declaration say anything about changing the budget mid-year?
In what way was it prepared incorrectly?
Budgets are guides. Predicting all income and expenses exactly is not possible.
Colorado statutes might place some limitations on major changes to the budget.
Do your bylaws or declaration say anything about changing the budget mid-year?
MarkB28 (New York)
Posts: 40
Posts: 40
Posted:
Over budgeting or under budgeting doesn't require a redo. The HOA dues are determined by what is budgeted and changing dues mid year to fit a new budget would be unwise.
JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
Quote:
Posted By MarkB28 on 08/05/2023 3:36 AM
Over budgeting or under budgeting doesn't require a redo. The HOA dues are determined by what is budgeted and changing dues mid year to fit a new budget would be unwise.
Over budgeting or under budgeting doesn't require a redo. The HOA dues are determined by what is budgeted and changing dues mid year to fit a new budget would be unwise.
Would it be wiser to go negative?
KerryL1 (California)
Posts: 14,550
Posts: 14,550
Posted:
We don't know, Mark, what the errors are. Could be other possibilities. We can hope Marlys will enlighten us.
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