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  providing the budget. Unless at that meeting the owners of units to which a majority of the votes in the association are allocated or any larger percentage  the budget and the assessments against the units  


2.   by the unit owners continues until the unit owners 


3. The budget must include: 





The projected income to the association by category;


The projected common expenses and those specially allocated expenses that are subject to being budgeted, both by category;


  


The amount of the assessments per unit and the date the assessments are due;


The current amount of regular assessments budgeted for contribution to the reserve account;


A statement of whether the association has   which the budget meets or deviates from the recommendations of that reserve study; and





 funding expressed on a per unit basis.


WHY is a Supplemental Budget Needed?


1.  the association does not have enough money to pay the operating expenses or to fund the   exceeds the operating budget, or there are too many 


2. Unplanned Reserve Expense – the unplanned reserve expense cannot be absorbed using the existing reserves.


3. Capital Addition – i.e. adding a sports court or swimming pool. In this case refer to the Declaration because a higher level of approval is often needed by  approval process outlined above.


4. Underfunded Reserves – the association has not funded reserves and they don’t have enough money to pay for 


Steps to Reduce the Need for a Supplemental Budgets


1. Fund the Reserves per the Reserve Study – enough said on this topic.


2. Adopt a Realistic Budget – include increases in rates to 


3. Add a Contingency Line Item in the Budget – account for unexpected operating expenses.


4.  year into next year’s budget.


The RCW’s allow the board to adopt and amend budgets for revenues, expenditures, reserves, and also to impose and collect assessments for common expenses from  followed.


WUCIOA States:


      


The association’s Declarations may have stricter requirements for supplemental budgets. Always refer to the Declaration for additional restrictions and consult with the association’s attorney if there is any doubt that the board can adopt a supplemental budget.


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