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(a) Current expense, which shall include all
receipts a~d expenditures within the year for which the
budget is made including a reasonable allowance for
contingencies and working funde, except expenditures
chargeable to reserves, the additional improvementa or to
~ operationa. The balance in this fund at the end of the
year shall be applied to reduce the assessments for
current expense for the succeeding year. ~
(b) Reserve ~or deferred maintenance, which 8ha11
include funds for maintenance items that occur less
frequently than annu811y.
(c) Reserve for replacement, which shall include
funds for repair or replacement required because of
damage, depreciation or obaolescense.
~ (d) Betterments, which 8ha11 include the funds to be
~ used for capital expenditures for additional improvements
or additional personal property that will be part of the
common elements. .
(e) Operations, which shall include the gross
revenues from the use of the common element8. Only the
additional direct expense required by the revenue- .
producing operation wil-1 be charged to this account, and
any surplus from such operation shall be either .
distributed to the members in proportion to their
respective shares of the common e~ements, or used to
reduce the assessments for current expense in the year
following the year in which the surplus is realized.
Losses from operations shall be met by special assessments
~ against unit owners, which assessments may be made~in y
advance in order to provide a working fund.
6.3 The Board of Directors shall adopt a budget for each
calendar year that shall include the estimated funds required
to defray the common expense and to provide and maintain funds
~ for the foregoing accounts and reserves according to good
accounting practices as follows:
f _
, (a)_ Current expense, the amount for which shall not
~ exceed 115~ of the budget for this account for the prior
year.
~ (b) Reserve for deferred maintenance the amount f r
0
which shall not exceed 1I5~ of the budget for this account
for the prior year.
(c) Reserve for replacement, the amount for which
shal-1 not exceed 1157, of the budget for this account for
the prior year. -
. (d) Betterments, which shall include the funds to be
used for capital expenditures for additional improvements
or additional personal property that will be part of the
common elements, the amount for which shall not exceed
$1,000.00, provided however, that in the expenditures of
this fund no sum in excess of $1,000.00 shall be expended
for a single item or purpose without approval of the
members of the Association.
(e) Operations, the amount of which may be to
provide a working fund or to meet losses.
~
(f) Copies of the budget and proposed assessments ;
shall be transmitted to each member on or before December ~
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- -6- 985
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