JohnA26 (New Jersey)
Posts: 43
Posts: 43
Posted:
Does anyone have a requirement or voluntarily distributes copies of the proposed HOA annual budget in advance of the annual meeting.
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Annual Budget
Started by JohnA26 • 11 replies • 363 views
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CathyA3 (Ohio)
Posts: 6,299
Posts: 6,299
Posted:
This will probably depend on your community's calendar.
Our bylaws require the annual meeting to take place during the first quarter of the year, but budget season won't happen until later in the year, usually in mid-fall. So such a requirement wouldn't make sense for us. Instead we hold a second general meeting after the new year's budget is done and we have a good idea of our planned spending.
Our bylaws require the annual meeting to take place during the first quarter of the year, but budget season won't happen until later in the year, usually in mid-fall. So such a requirement wouldn't make sense for us. Instead we hold a second general meeting after the new year's budget is done and we have a good idea of our planned spending.
TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
In my last Association and in this Association we provide a proposed budget at the annual meeting.
It justifies any increase in assessments.
It justifies any increase in assessments.
SheliaH (Indiana)
Posts: 6,964
Posts: 6,964
Posted:
We don't, but our documents require that the upcoming year's budget is sent to homeowners at least 30 days in advance (must arrive on or before Dec. 1 becsuse we have a calendar year fiscal year). We also announce the monthly assessment with that letter and explain the increase along with planned projects.
If the assessments have to increase by 6% or more, that has to be approved by homeowners, so they'd get the proposed budget in advance. We've never had to do that in the 20+ years I've lived here.
If the assessments have to increase by 6% or more, that has to be approved by homeowners, so they'd get the proposed budget in advance. We've never had to do that in the 20+ years I've lived here.
If it is not right do not do it; if it is not true do not say it. Marcus Aurelius
JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
Our BOD can raise annual dues any amount but there is a procedure. On or before 12/01 owners must receive a copy of the new budget showing the due increase and the increase begins on 01/01.
We always distribute and review a copy of the Annual Budget at the annual homeowner's meeting in April.
We always distribute and review a copy of the Annual Budget at the annual homeowner's meeting in April.
TerriS6 (California)
Posts: 3,284
Posts: 3,284
Posted:
Our law requires the budget be sent to owners min 30 days before assessments are due which for us is Jan 1. Max is either 60 or 90 days before, can’t remember
DeanJ
Posts: 1,786
Posts: 1,786
Posted:
In some HOAs. the only business that has to be conducted is the election of 1 trustee. To fill an agenda, the board may give an interim financial report and report on maintenance issues.
DeanJ
Posts: 1,786
Posts: 1,786
Posted:
In some HOAs. The members don’t even receive a budget proposal at the annual meeting, The only business that has to be conducted is the election of 1 trustee. To fill an agenda, the board may give an interim financial report and report on maintenance issues.
KellyM3 (North Carolina)
Posts: 2,239
Posts: 2,239
Posted:
Quote:
Posted By JohnA26 on 08/10/2024 4:14 AM
Does anyone have a requirement or voluntarily distributes copies of the proposed HOA annual budget in advance of the annual meeting.
Does anyone have a requirement or voluntarily distributes copies of the proposed HOA annual budget in advance of the annual meeting.
The HOA board should distribute a proposed budget to the dues payers since everyone is paying into that budget.
For the annual meeting, the budget - which is first approved by the board, then submitted at annual meetings for ratification - is included in our required information packet.
KerryL1 (California)
Posts: 14,550
Posts: 14,550
Posted:
Terri is correct in Calif. In our HOA, the proposed bridge is discussed and deliberated in an open meeting of the Board. Onwrs contribute the thought during the required open forum, but not vote by owners is required unless the Board wants to raise dues beyond what our declaration & Cali state laws permit.
As with some other, our Annul Meeting a is almost always solely the election of directors.
As with some other, our Annul Meeting a is almost always solely the election of directors.
DeanJ
Posts: 1,786
Posts: 1,786
Posted:
Not all, or many, HOAs require owner budget ratification. Those that do represent the majority of underfunded HOAs. The process is a matter of passing an increase that will get passed vs the increase that is required.
MarshallT (New York)
Posts: 414
Posts: 414
Posted:
I haven't heard of that requirement. I think most HOAs must receive the new budget at least 30 days before the annual meeting, and owners will need to vote if the increase exceed a certain %.
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