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§ 11-109.2. Preparation of annual budget

West's Annotated Code of MarylandReal Property

West's Annotated Code of Maryland
Real Property (Refs & Annos)
Title 11. Maryland Condominium Act (Refs & Annos)
MD Code, Real Property, § 11-109.2
§ 11-109.2. Preparation of annual budget
Submission of budget to unit owners
(a) The council of unit owners shall cause to be prepared and submitted to the unit owners an annual proposed budget at least 30 days before its adoption.
Contents of budget
(b) The annual budget shall provide for at least the following items:
(1) Income;
(2) Administration;
(3) Maintenance;
(4) Utilities;
(5) General expenses;
(6) Reserves; and
(7) Capital items.
Adoption of budget by council of unit owners
(c) The budget shall be adopted at an open meeting of the council of unit owners or any other body to which the council of unit owners delegates responsibilities for preparing and adopting the budget.
Expenditures resulting in increase of assessments
(d) Any expenditure made other than those made because of conditions which, if not corrected, could reasonably result in a threat to the health or safety of the unit owners or a significant risk of damage to the condominium, that would result in an increase in an amount of assessments for the current fiscal year of the condominium in excess of 15 percent of the budgeted amount previously adopted, shall be approved by an amendment to the budget adopted at a special meeting, upon not less than 10 days written notice to the council of unit owners.
Authority of council
(e) The adoption of a budget shall not impair the authority of the council of unit owners to obligate the council of unit owners for expenditures for any purpose consistent with any provision of this title.
Condominiums for nonresidential purposes
(f) The provisions of this section do not apply to a condominium that is occupied and used solely for nonresidential purposes.

Credits

Added by Acts 1983, c. 562, § 2, eff. July 1, 1983. Amended by Acts 1986, c. 572.
MD Code, Real Property, § 11-109.2, MD REAL PROP § 11-109.2
Current through all legislation from the 2017 Regular Session of the General Assembly
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