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2019 SESSION
HB 2030 Common interest communities; dissemination of annual budget, reserve for capital components.
Introduced by: David L. Bulova | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Common interest communities; dissemination of annual budget; reserve for capital components. Requires common interest communities under the Condominium Act, the Property Owners' Association Act, and the Virginia Real Estate Cooperative Act (the Acts) to make available to members either the common interest community's annual budget or a summary of the annual budget prior to the beginning of each fiscal year. The bill requires that the five-year cash reserve study required under the Acts include a statement that outlines the amount of the reserves recommended in such study as well as the amount of current cash available for replacement of the reserves. The bill also requires the Common Interest Community Board to prepare guidelines for the development of reserve studies for capital components. This bill is identical to SB 1538.
SUMMARY AS INTRODUCED:
Common interest communities; reserves for capital components; budget. Requires the annual association budget, or summary of the budget, to be available to the owners prior to the end of the fiscal year. As part of the five-year cash-reserve study to repair, replace and restore capital components, a statement must be included outlining the amount of the reserves recommended in the study and the amount of current cash available for replacement of the reserves.