I know that most boards and community association managers have the word ‘budget’ off of their radars and minds until later this year. However, there is a minor change to CCIOA’s provisions surrounding proposed budgets that you should be made aware of that will become effective on July 1.
Section 303 of the Common Interest Ownership Act (CCIOA) requires the board of directors, within 90 days of adopting a proposed budget, to deliver by U.S. mail a summary of the budget to all owners and also schedule a date for the owners to consider the budget. While these provisions will remain unchanged, the board will now be required, in addition to mailing a copy of the proposed budget summary to all owners, to also post a copy of the proposed budget on the association’s website. While budget season is still far away for most associations, now is a good time to start contemplating the technicalities of posting the document in a secure area of the association’s website.
Stay tuned for further legislative updates and updated provisions affecting common interest communities.