Who prepares the annual budget?
The budget may be prepared by a budget/finance committee designated by the Board or, in the absence of such a committee, the budget may be prepared by management. The budget is then reviewed and adopted by the Board. All associations subject to CCIOA, a Colorado state statute governing common-interest developments, are required to hold a meeting of the membership to ratify the annual budget. This meeting provides an opportunity for members to give input into the budget. There is no quorum requirement at this meeting, and the budget is deemed ratify unless defeated by the required percentage of Owners.
