The Plantations Board of Directors
18395 Plantations Blvd.
December 28, 2009
Dear Plantations Owner,
In an effort to be assured all owners are aware of the stipulations associated with Title 25 and Chapter 25 (Uniform Property Act) we are forwarding on to you a passage from 81-324 Adoption of Budget.
This paragraph states “The executive board shall, at least annually prepare a proposed budget for the common interest community”. (This was completed at the November Board meeting). “The proposed budget shall include a line item for any required funding of a repair and replacement reserve”. (The budget prepared by the board does this).
“Within 30 days after adoption of any proposed budget, the executive board shall provide to all unit owners a summary of the budget, including any reserves and a statement of the basis on which any reserves are calculated and funded”. (This was completed with the recent mailing). “Simultaneously, the executive board shall set a date for meeting of the unit owners to consider ratification of the budget not less than 14 nor more than 60 days after providing the summary”. (The recent newsletter included in the annual mailing noted the next meeting date is January 16th).
This paragraph (81-324 (a)) goes on to state; “Unless at that meeting a majority of all unit owners, or any larger vote specified in the declaration reject the budget, the budget is ratified, whether or not a quorum is present”.
Given this is the first year we will be operating under these new guidelines we wanted to be assured the owners were aware of the change.
Should you have additional questions please contact a Board member or the property manager.
The Plantations Owners Board of Directors
The Plantations Condominium Council