Duties & Responsibilities
Annually a Governing Board prepares a common expense budget which reflects the Association’s anticipated operating expenditures and repair and replacement reserve requirements for the ensuing fiscal year of the Association. Common expenses include, but are not limited to, the estimated cost for the operation, repair and maintenance of the common elements, the estimated cost for the operation of the Association, and any reserves for deferred maintenance, replacement or capital improvements of the common elements. The amount of monies for annual common expenses deems necessary by the Board and the manner in which those expenses are expended is typically a matter for the sole discretion of the Board. Responsible budgeting is a prerequisite for a successful Board and Community. Throughout the years, Giaimo & Associate’s Lawyers have provided sound legal counsel to Governing Boards and Community Managing Agents to assist in preparing comprehensive, factual, and responsible Association budgets. In addition, we have provided sound opinions to Boards with respect to the expenditure of Association funds with respect to comprehensive site wide exterior rehabilitation projects as well as capital improvement projects.