Budget Questions
If you have questions about the budget process or budgeting for a condominium or HOA (Home Owners Association we will be happy to answer them for you. Simply submit your questions here and we will do our best to respond.
Anonymous Owner
Who gets to vote to approve the budget, in my association the board sends out a copy of the proposed budget and has a budget meeting but only the board members are allowed to vote. As owners should we all get to vote?
Steve J Weil, PhD, EA, LCAM
Unless your association documents make other provisions the budget is a responsibility of the board of directors, while Florida requires a copy of the proposed budget along with a notice of the budget meeting be provided to owners at least 14 days before the budget meeting it is left to the board of directors to approve a final budget. At the budget meeting the board can make changes to the proposed budget and owners should be allowed to speak and ask questions, but in the end the board of directors is responsible for the operations, common area maintenance and supervision of the association this includes collecting and spending assessments.
It should be noted that everyone one cannot be an expert on all matters, and there is more involved in budgeting then just taking last year’s numbers. Many board members and treasures working long hours not only reviewing past expenses but also researching projected cost increases, necessary maintenance and repairs and trying to determine what the future holds and how this will affect the financial needs of the association.
The owners elect the board members to represent them and to see that the association maintains or increases in value while being a good place to live and safe for owners, guests, tenants and visitors. If owners are unhappy with the budget or other actions of directors they are free to run for the board and or elect other at the next board meeting.
