Florida HOA Lawyer Blog
The firm’s latest Miami Herald “Real Estate Counselor” column was authored by Christyne D. Santisteban and appears in today’s edition of the newspaper. The article, which is titled “Growing Condo Association Budgets Require Deft Touch by Directors, Property Managers,” focuses on how condominium associations should respond to the increased costs and financial pressures they are now facing. Her article reads:
. . . [M]any condominium associations are being forced to increase their annual budgets and augment their monthly dues, and/or to implement special assessments to pay for specific unexpected shortfalls.
Needless to say, anytime costs and collections go up dramatically, questions will arise from concerned owners over how their associations’ funds are being spent. That is why transparency and communications will play a key role for associations that are increasing their budgets and assessments.
The best approach for associations and their directors to adopt will be that of full disclosure and complete transparency, which actually begins by determining where cost-cutting adjustments could possibly be made. This may entail meetings and negotiations with key vendors.
Association directors should also schedule and hold discussions over such budgetary and collections increases at all the necessary board meetings that it takes to address owners’ questions and concerns.
