NRS 116.31151
Annual distribution to units� owners of operating and reserve budgets or summaries of such budgets and policy for collection of fees, fines, assessments or costs; ratification of budget.
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Statutory text
����� 1. Except as otherwise provided in
subsection 2 and unless the declaration of a common-interest community imposes
more stringent standards, the executive board shall, not less than 30 days or
more than 60 days before the beginning of the fiscal year of the association,
prepare and distribute to each unit�s owner a copy of:
����� (a) The budget for the daily operation of the
association. The budget must include, without limitation, the estimated annual
revenue and expenditures of the association and any contributions to be made to
the reserve account of the association.
����� (b) The budget to provide adequate funding for
the reserves required by paragraph (b) of subsection 2 of NRS 116.3115 . The budget must include,
without limitation:
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The current estimated replacement
cost, estimated remaining life and estimated useful life of each major
component of the common elements and any other portion of the common-interest
community that the association is obligated to maintain, repair, replace or
restore;
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As of the end of the fiscal year for
which the budget is prepared, the current estimate of the amount of cash
reserves that are necessary, and the current amount of accumulated cash
reserves that are set aside, to repair, replace or restore the major components
of the common elements and any other portion of the common-interest community
that the association is obligated to maintain, repair, replace or restore;
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A statement as to whether the
executive board has determined or anticipates that the levy of one or more
special assessments will be necessary to repair, replace or restore any major
component of the common elements or any other portion of the common-interest
community that the association is obligated to maintain, repair, replace or
restore or to provide adequate funding for the reserves designated for that
purpose; and
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A general statement describing the
procedures used for the estimation and accumulation of cash reserves pursuant
to subparagraph (2), including, without limitation, the qualifications of the
person responsible for the preparation of the study of the reserves required by
NRS 116.31152 .
����� 2. In lieu of distributing copies of the
budgets of the association required by subsection 1, the executive board may
distribute to each unit�s owner a summary of those budgets, accompanied by a
written notice that:
����� (a) The budgets are available for review at the
business office of the association or some other suitable location within the
county where the common-interest community is situated or, if it is situated in
more than one county, within one of those counties but not to exceed 60 miles
from the physical location of the common-interest community; and
����� (b) Copies of the budgets will be provided upon
request.
����� 3. Within 60 days after adoption of any
proposed budget for the common-interest community, the executive board shall
provide a summary of the proposed budget to each unit�s owner and shall set a
date for a meeting of the units� owners to consider ratification of the
proposed budget not less than 14 days or more than 30 days after the mailing of
the summaries. Unless at that meeting a majority of all units� owners, or any
larger vote specified in the declaration, reject the proposed budget, the
proposed budget is ratified, whether or not a quorum is present. If the
proposed budget is rejected, the periodic budget last ratified by the units�
owners must be continued until such time as the units� owners ratify a
subsequent budget proposed by the executive board.
����� 4. The executive board shall, at the same
time and in the same manner that the executive board makes the budget available
to a unit�s owner pursuant to this section, make available to each unit�s owner
the policy established for the association concerning the collection of any
fees, fines, assessments or costs imposed against a unit�s owner pursuant to
this chapter. The policy must include, without limitation:
����� (a) The responsibility of the unit�s owner to pay
any such fees, fines, assessments or costs in a timely manner; and
����� (b) The association�s rights concerning the
collection of such fees, fines, assessments or costs if the unit�s owner fails
to pay the fees, fines, assessments or costs in a timely manner.
Synced from the Florida Legislature’s official site. Verify the current version before citing.
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Reference only. Not legal advice. Verify current text at the official state legislature website before citing. Printed from Common Elements (September 20, 2026).