Proposed Budget to Homeowners

Started by ReneeD • 3 replies • 3428 views

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ReneeD (Illinois)
Posts: 201

Posted:

Would anyone know if it is mandatory for homeowners to know in advance proposed budget and how much advance notice should be given? Our CCR's are silent on this. -Reneé

LisaS (Illinois)
Posts: 341

Posted:

Depending on what state you live in and what type of Association, State law should provide some insight.

ReneeD (Illinois)
Posts: 201

Posted:

Thanks, Lisa. Where and what state law would I begin reading? We are an Illinois HOA. -reneé

hoatalk (California)
Posts: 603

Posted:

Have a look here:

http://www.ilga.gov/legislation/ilcs/ilcs2.asp?ChapterID=62

(Scroll down to CONDOMINIUMS,
then click on "765 ILCS 605/Condominium Property Act.")

The act is called the "Condominium Property Act." , but it seems to cover more than just condos:

Here's an excerpt:
Sec. 18. Contents of bylaws. The bylaws shall provide for at least the following:
...
(6) that each unit owner shall receive, at least 30
days prior to the adoption thereof by the board of managers, a copy of the proposed annual budget together with an indication of which portions are intended for reserves, capital expenditures or repairs or payment of real estate taxes;

Hope this helps,
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