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I am the President of our HOA. The Treasurer and I disagree…

Customer Question
I am the President...

I am the President of our HOA. The Treasurer and I disagree about the amounts for the proposed budget to be sent prior to our Budget Meeting. Ultimately the budget will be voted upon by the entire Board. However, does the President or Treasurer have the final say on what proposed budget will be sent out prior to the budget meeting?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No. This is in advance of the budget meeting.

Lawyer's Assistant: Where is the property located?

301 Lake Shore Dr. Lake Park, Florida, 33403.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not really. Just need to know if the President or the Treasurer decides on the proposed budget if we cannot agree.

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 12 minutes by:
11/14/2017
Real Estate Lawyer: KLAW, Arbitrator replied 8 months ago
KLAW
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Customer reply replied 8 months ago
Have you read the question?
Customer reply replied 8 months ago
Awaiting reply.
Real Estate Lawyer: KLAW, Arbitrator replied 8 months ago

Hello and welcome to Just Answer. No attorney-client relationship or privilege is formed by speaking to an expert on this site, the answers are for general information. By continuing, you confirm that you understand and agree to these terms.

A little background. The president of the Board leads the Board and is responsible for overseeing and handling many of its procedural duties. You serve as the authority on all association rules and governing documents, and appoints committees, as dictated by the bylaws. As the president you also lead community and association meetings, handling such responsibilities as calling the meeting to order, announcing the agenda and ensuring adherence, maintaining attendee order and decorum, proposing questions, calling for votes and announcing the results, and recognizing others to speak on the floor.

The Board treasurer is responsible for the association’s funds, securities and financial records. He or she oversees billing, collections and disbursement of funds, and coordinates the development of the association’s proposed annual operating budget and reserve allocations. In addition, the treasurer is responsible for monitoring the budget and reporting on the association’s financial status throughout the year, as well as for overseeing year-end reporting and any required audits.

Formulating a budget for the upcoming year is an annual duty for the HOA board, not just the Treasurer or the President. The responsibility for creating an annual budget generally falls to the association’s president, secretary, and treasurer, with input and assistance from the accountant The draft budget is then usually reviewed by the treasurer or the budget/finance committee if any. After any changes and adjustments are made, the board in almost all associations, will hold a budget meeting, with all of the Board members present, for additional fine-tuning, and then formally approve the draft budget in a final board meeting.

Remember, under Florida law the association is required to notify all members of when and where the budget meeting is being held and a copy of the proposed budget must be mailed 14 days in advance of the meeting. There is nothing in the statute about who has the final say on the budget, the associations governing documents usually state the hierarchy and process for budget approval. So look at your governing documents, if they are silent then it is the Board in general who must make the final decision.

I hope this helps.

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