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Common Elements is not a law firm and does not provide legal services. Plain-English summaries, topic guides, and synced statutory text help you find the right citation faster — always confirm the current official version on the official leg.state.fl.us (statutes) or flrules.org (administrative rules) before relying on any citation.
Viewing Florida statutes
Reserve funding, Structural Integrity Reserve Studies, and what changed after Surfside for condos three stories and taller.
When this usually comes up
Budget season, special assessments, or when your engineer delivers a milestone or reserve study.
Topic guides are written for Florida law today. Use the state picker on statute pages when browsing other jurisdictions; linked sections below are from the Florida library.
Bylaws & reserves (718.112)
The most-cited section in Chapter 718. Mandates what the bylaws must contain: form of administration, board composition + terms, member meeting notice + quorum rules, election procedures, budget and assessment rules, reserves, fining procedures, recall elections, emergency powers, and (post-SB 4-D, 2022) Structural Integrity Reserve Studies. If you're a board member or CAM, this is where your meeting + voting procedures live.
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Budget disclosures (718.112(2)(f))
Common Elements summary — Section 718.112(2)(f) is the heart of condo financial governance. It requires the board to adopt an annual budget that includes estimated revenues, estimated operating expenses, AND fully funded reserves for roof, building painting, pavement resurfacing, AND any other item with a deferred maintenance or replacement cost over $10,000. The budget must be mailed to every owner with the meeting notice — 14 days minimum. For decades unit owners could vote each year to waive or partially fund reserves under 718.112(2)(f)(4). SB 4-D (2022) and its 2023 follow-ups eliminated the waiver for buildings three stories or taller starting with the 2024 budget — those reserves must now be fully funded based on a Structural Integrity Reserve Study (see 718.704). For non-SIRS items (paint, pavement, pool resurface, etc.) waiver is still possible by majority vote of those present at a noticed meeting. The trap for boards: failing to mail the budget on time invalidates the assessment. Re-noticing a meeting after the fiscal year starts is embarrassing and creates a billing gap.
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Milestone inspections (553.899)
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FAC accounting rule
Core rule on how condominium associations must prepare budgets and annual financial reports, including reserve disclosures and member distribution requirements.
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