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HomeMy WebLinkAbout1505 the amounts and due dates for each Assessment, the amounts paid upon such account and the balance due; and (c) an account indicating the Common Expenses allocated under the Budget and the Common Expenses actually incurred during the course of the fiscal year. 7.2 (a) The Board shall adopt a Budget of the Common Expenses of the Association for each forthcoming fiscal year at a special meeting of the Board ("Budget Meeting") called for that purpose during the first two (2) weeks of November of each year. Prior to the Budget Meeting a proposed Budget shall be prepared by or on behalf ~ of the Board, which Budget shall include, but not be limited to, the following items of expenses: (i) Administration of the Association (ii) Management fees (iii) Maintenance (iv) Rent for recreational and other commonly used facilities (v) Taxes upon Association property (vi) Taxes upon -leased areas (vii) Insurance (viii) Security provisions (ix) Other expenses (x) Operating capital (xi) Reserves (xii) Fees payable to the Division of Florida Land Sales and Condominiums Copies of the proposed Budget and notice of the exact time and place of the Budget Meeting shall be mailed to each Member at the Member's last known address as reflected on the books and records of the Association no less than thirty (30) days prior to said Budget Meeting, and the Budget Meeting shall be open to the Members . (b) The Board may also include in any such proposed Budget a sum of money as an Assessment for the making of betterments to the Condo- . minium Property or for the establishment of reserves for repair or replacement of the Condominium Property either annually or from time to time as the Board shall determine the same to be necessary. This sum of money so fixed may then be levied upon the Members by the Board as a special Assessment and shall be considered an "Excluded Expense" under Section 7.3(a) hereof . (c) No Board shall be required to anticipate revenue from Assess- ! ments or expend funds to pay -for Common Expenses not included in the j Budget or which exceed budgeted amounts, and no Board shall be required to ( engage in deficit spending . Should there exist any deficiency which results from there being greater Common Expenses than income from Assessments, then such deficits shall .be carried into the next succeeding year's. Budget as ~ a deficiency or shall be the subject of a special Assessment to be levied by the Board as otherwise provided in the Declaration . Notwithstanding any ~ provision herein to the contrary, in the event any such deficiency occurs or is reasonably anticipated to occur and the Board is unable as a matter of law or otherwise to obtain necessary funds by timely Assessment, the Board is authorized to borrow funds on behalf of the Association, the cost of prepay- ment of which, plus interest, shall be a Common Expense. (d) In administering the finances of the Association, .the following procedures shall govern: (i) the fiscal year shall be the calendar year; (ii) any income received by the Association in any calendar year may be used by the Association to pay expenses incurred by the Association in the same calendar year; (iii) there shall be apportioned between calendar years on a z 9 QR ~~aK304 ~A~f1503 _ ~ ~ .