Mandatory Requirements for Adoption of an Annual Budget (MD)

The Maryland Condominium Act, at Section 11?109.2, makes mandatory an annual budget, and requires that the proposed budget be submitted to the unit owner membership at least 30 days before it is adopted. It is also required that the budget contain seven specific line items. These line items — income, administration, maintenance, utilities, general expenses, reserves, and capital items — must be set forth in the budget without exception and without to regard to any other line items that may be included. The adoption of the budget is required to take place at an open meeting of the owners. Here is the complete test of Section 11-109.2:    Read the article………….