The purpose of our Budget meeting held on Wednesday, August 31, 2016, was to obtain membership approval to PARTIALLY FUND OR WAIVE RESERVES, to include with the operational budget for 2016. Florida Statute requires condominium budgets to include Fully Funded Reserves. The Board of Directors has an option to offer a Partially Funded Reserves, or Waived Reserves option, to the membership for approval. IF THE PARTIALLY FUNDED, OR WAIVED, RESERVES IS NOT APPROVED BY THE UNIT OWNERS, then, the Board of Directors MUST approve a Budget with a Fully Funded Reserve.
The Budget with FULLY funded Reserves: $332 Monthly Assessment per Unit. This increase will apply to the remainder of 2016 (October, November and December). It represents a total of $204 in total per unit that will go into our Reserve account to cover the costs of capital improvements such as painting, roofs maintenance and Sealcoating Driveways. We will hold a Budget Meeting for 2017 in December to approve the Budget for next year and again give the membership the opportunity to partially fund or waive reserves. You can either pay the $204 in full with a notation on the check “Reserves” — which will greatly reduce our accounting burden, or you can pay $332 a month for October, November and December.