Florida Administrative Code › 61 - DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION › 61B - Division of Florida Condominiums, Timeshares and Mobile Homes › Chapter 61B-22 - FINANCIAL AND ACCOUNTING REQUIREMENTS; BUDGETS, RESERVES, AND GUARANTEES › Section 61B-22.003 - Budgets

Current through Reg. 50, No. 138; July 16, 2024
(1) Required elements for estimated operating
				budgets. The budget for each association shall:
(a) State the estimated common expenses or
				expenditures on at least an annual basis;
(b) Disclose the beginning and ending dates
				of the period covered by the budget;
(c) Show the total assessment for each unit
				type according to proportion of ownership on a monthly basis, or for any other
				period for which assessments will be due;
(d) Include all estimated common expenses or
				expenditures of the association including the categories set forth in Section
				718.504(21)(c),
				Florida Statutes. Reserves for capital expenditures and deferred maintenance
				required by Section 718.112(2)(f),
				Florida Statutes, must be included in the proposed annual budget and shall not
				be waived or reduced prior to the mailing to unit owners of a proposed annual
				budget. If the estimated common expense for any category set forth in the
				statute is not applicable, the category shall be listed followed by an
				indication that the expense is not applicable;
(e) Unless the association maintains a pooled
				account for reserves required by Section 718.112(2)(f)2., Florida Statutes, the
				association shall include a schedule stating each reserve account for capital
				expenditures and deferred maintenance as a separate line item with the
				following minimum disclosures:
1. The total
				estimated useful life of the asset;
2. The estimated remaining useful life of the
				asset;
3. The estimated replacement
				cost or deferred maintenance expense of the asset;
4. The estimated fund balance as of the
				beginning of the period for which the budget will be in effect; and
5. The developer's total funding obligation,
				when all units are sold, for each converter reserve account established
				pursuant to Section 718.618, Florida Statutes, if
				applicable.
(f) If the
				association maintains a pooled account for reserves required by Section
				718.112(2)(f)2., Florida Statutes, the association shall include a separate
				schedule of any pooled reserves with the following minimum disclosures:
1. The total estimated useful life of each
				asset within the pooled analysis;
2. The estimated remaining useful life of
				each asset within the pooled analysis;
3. The estimated replacement cost or deferred
				maintenance expense of each asset within the pooled analysis; and
4. The estimated fund balance of the pooled
				reserve account as of the beginning of the period for which the budget will be
				in effect.
(g) Include a
				separate schedule of any other reserve funds to be restricted by the
				association as a separate line item with the following minimum disclosures:
1. The intended use of the restricted funds;
				and
2. The estimated fund balance
				of the item as of the beginning of the period for which the budget will be in
				effect.