By Michael S. Weiner, Partner at Sachs Sax Caplan Florida’s condominium market is undergoing a seismic shift. As the financial realities of post-Surfside safety reforms set in, many condo associations (especially in aging buildings) find it increasingly difficult to comply with reserve mandates, structural repairs, and rising insurance premiums. For some, the costs are simply unsustainable. This growing affordability crisis is doing more than strain the budgets of individual owners — it’s reshaping the development landscape across the state. As older communities face hard financial choices, redevelopment pressure is building, and attention is shifting back to zoning, density, and the future of Florida’s urban and coastal neighborhoods. For condo boards and developers alike, now is the time to understand what’s coming and how best to prepare. Why land use comes first Before numbers are debated or offers considered, it’s essential to understand what can legally be built on a site today. Many legacy buildings are “nonconforming” under current codes; as a result, a replacement project might be required to be smaller unless a variance or rezoning is secured. A concise zoning and density memo — covering height, FAR, units, parking, nonconformities, and paths to relief — helps set realistic expectations for boards and bidders, anchoring any proposal in what is actually eligible for entitlements. What changed in Tallahassee — and why it matters on the ground Florida’s safety and governance updates are now embedded in planning timelines. HB 1021 (2024) adds requirements around training, records, and transparency, and ties board education to milestone inspections and structural integrity reserve studies. HB 913 (2025) clarifies that milestone inspections apply to buildings with three or more habitable stories, adjusts reporting expectations, and cleans up various procedural items. These statutes affect scheduling, required disclosures, and owner communications during any pre-termination period for associations weighing significant capital projects versus redevelopment. Live Local, in practice Qualifying rental projects that meet affordability thresholds under the Live Local Act can benefit from state preemptions that override certain local limits on use, height, density, and parking. In 2024, SB 328 (2024) amended the Act to add a key intensity protection:...

By Michael E. Chapnick, Partner at Sachs Sax Caplan  Florida’s condo landscape continues to evolve. Safety rules and reserve requirements are now fully in play, while insurance costs remain high. For some aging buildings, boards and owners are weighing whether continued special assessments make sense — or whether a structured termination and redevelopment is the better path.  What the law requires  Condominium terminations in Florida follow a strict statute. In most residential cases, a plan of termination must be approved by at least 80% of the total voting interests. The plan cannot proceed if 5% or more of the voting interests object in writing. The statute also addresses valuations, notices, trustee duties, liens, and dispute rights, and it limits re-submitting a rejected plan for 24 months.  Aligning with 2024–2025 safety timelines  The legal calendar for termination now sits alongside inspection and reserve deadlines. Lawmakers clarified that milestone inspections apply to buildings with three or more habitable stories, refined reporting, and kept the inspection/reserve framework moving. Boards should map those deadlines early and communicate them plainly so owners understand why timing matters.  In 2024, HB 1021 added transparency and governance provisions for associations, including official-records requirements, education and reporting elements, and distribution of structural integrity reserve studies. These duties continue during any pre-termination period and affect what information boards must share with owners.  A people-first process  Terminations are legal transactions — and they are personal. Owners have roots, plans, and budgets to consider. Clear, consistent communication (what inspections found, what reserves require, what alternatives exist, and how the plan protects rights) reduces anxiety and conflict, helping the community make informed choices. Documenting each step protects the association and demonstrates good faith.  Practical roadmap  Pre-feasibility: Review options such as repair, special assessment, or termination; assess owner and investor interest. Owner communications: Publish a simple summary, FAQs, key dates, and a central repository for notices and reports. Plan of termination: Coordinate with counsel to prepare the Plan of Termination; prepare for disputes, trust administration, and winding-down obligations. Regulatory alignment: Calendar milestone inspections, reserve-study distribution, and any agency reporting so the association stays compliant while decisions are made. ...

Florida’s gun laws changed dramatically this fall. In September, a state appellate court struck down the long-standing ban on open carry as unconstitutional. Shortly after, the Attorney General advised law enforcement that open carry should be considered lawful statewide. Floridians may now openly carry firearms in many public places without the immediate threat of prohibition.  For homeowners’ associations (HOAs), country clubs, and condominium boards, the ruling raises urgent questions: Can residents show up to board meetings armed? Can communities prohibit firearms in clubhouses or common areas? And how can boards maintain safety while respecting individual rights?  Decoding Florida’s Open-Carry Shift  The ruling and Attorney General’s guidance suggest adults may lawfully possess and openly carry firearms in many everyday settings. This does not mean open carry is unrestricted. Firearms remain prohibited in specific places under state and federal law—such as government buildings, schools, courthouses, polling places, and bar areas primarily devoted to alcohol service. It also remains illegal to display a weapon in a threatening or angry manner.  Crucially, private property rights remain intact. Just as a restaurant can post a “No Firearms” sign and enforce it through trespass law, an association that owns private common areas may adopt and enforce rules restricting firearms in those spaces.  In our opinion, the Attorney General’s guidance and related case law apply primarily to public agencies and government property—not to private corporations such as HOAs, country clubs, or condominium associations. Therefore, associations may still adopt rules limiting or restricting weapons on their property, including the clubhouse, pool deck, or other common areas.  A common misconception is that Florida’s ban on firearms at “government meetings” applies to HOA or condo meetings. These associations are private entities, not governmental bodies, and those statutory restrictions do not automatically apply. If a board wishes its meetings to be firearm-free, it must adopt and enforce its own rule under its governing documents.  The Meeting Dilemma  Some associations are considering moving meetings online to avoid uncomfortable or unsafe encounters. While virtual access can help, relying on it exclusively risks alienating members and may conflict with Florida law or governing documents. In-person...

By Steven G. Rappaport, Partner at Sachs Sax Caplan Florida’s sweeping condo safety reforms, enacted after the Surfside tragedy, were designed to protect residents from another catastrophic collapse. Yet, as the dust settles, community leaders now face a sobering reality: skyrocketing fees and assessments are pushing many unit owners, especially seniors on fixed incomes, toward financial distress. Lawmakers have warned of a coming wave of homelessnessamong elderly condo owners. The question now is: How can boards fulfill their legal obligations and protect the residents they serve? What’s Driving the Squeeze? The state’s updated regulations require milestone structural inspections for buildings three stories or taller that are 30 years or older. Associations must also conduct ten‑year structural integrity reserve studies and fully fund the resulting reserve obligations—a marked shift from earlier rules that allowed reserves to be waived. The financial impact of these mandates has been significant, often requiring tens of thousands of dollars in sudden assessments or sharp increases in monthly fees. Many older buildings were already underfunded when these mandates landed. For residents who purchased condos thinking $250/month was “affordable,” the reality now feels anything but. New Flexibility: A Short-Term Relief Valve In response, the legislature passed reforms effective July 1, 2025, designed to give boards breathing room without sacrificing safety: Pause on Reserve ContributionsAssociations actively making required repairs can now pause reserve contributions for up to two years, relieving some near-term financial pressure.Access to FinancingBoards may take out lines of credit or loans to fund required repairs and reserves—though these must be carefully evaluated, as debt carries its own liabilities.Updated Cost Thresholds & ExtensionsThe threshold for “reportable” deferred maintenance items has been raised to $25,000 and indexed to inflation. Additionally, deadlines for reserve studies have been extended to year-end 2025, and the inspection mandate now applies only to buildings with three “habitable” stories.New Transparency RulesInspectors and engineers can no longer bid on repairsspurred by their own assessments, and any conflicts—including familial ties—must now be disclosed. These changes show the legislature’s awareness of the affordability crisis. They are a stopgap, not a solution. Where Boards Stand: Legal Risks and Ethical Dilemmas While these...

South Florida’s hurricane season is becoming more and more unpredictable. Take for example last year’s 2024 hurricane season, which started out relatively quiet before seeing back-to-back storms in late September and early October – Hurricanes Helene and Milton hitting just 13 days apart. Therefore, being proactive and prepared is the only way to protect your community. By developing a hurricane preparedness plan, ensuring proper maintenance, and fostering clear communication, condo and HOA associations can safeguard their residents and minimize damage to property.  To help you prepare, here’s a comprehensive guide to hurricane preparedness for condos and HOAs in South Florida: 1. Develop a Clear Hurricane Preparedness Plan A strong hurricane plan is the foundation of any effective response. It should include evacuation procedures, emergency contacts, and guidelines for securing common areas. Ensure that the plan is communicated to all residents well in advance and that it’s accessible to everyone. Evacuation Procedures: Create clear instructions for evacuating the building, including designated evacuation routes and shelters.Communication Channels: Keep residents informed through multiple channels – emails, text alerts, and community bulletin boards. Timely communication can save lives.Securing Common Areas: Ensure that amenities like pools and clubhouses are safely secured to minimize damage. Review and update the plan annually to account for new developments or changes in local regulations. 2. Conduct Routine Property Inspections Preventative maintenance is key to minimizing hurricane damage. Regularly inspect the property for areas that may need reinforcing, especially the roof, gutters, and trees. Roof and Gutter Maintenance: Check for leaks, loose tiles, or damaged shingles. Clean gutters and drains to prevent flooding during heavy rains.Tree Trimming: Regularly trim trees and remove dead branches that could become projectiles in strong winds.Backup Generators: Ensure that backup power systems, especially for elevators and common areas, are functioning properly. By identifying potential vulnerabilities ahead of time, you can avoid costly repairs and disruptions after the storm. 3. Encourage Residents to Prepare Personal Emergency Kits While you can’t control the individual actions of each resident, you can encourage them to be self-sufficient during a hurricane. Advise residents to prepare emergency kits that include essential supplies. Basic Supplies:...

Following the devastating collapse of Champlain Towers South in 2021, Florida has undertaken the most sweeping condo safety reforms in the state’s history. These new regulations, while aimed at preventing another tragedy, have also placed significant financial burdens on condo associations and unit owners, raising concerns about affordability, property values, and legal exposure. The key changes revolve around mandatory structural inspections and reserve funding requirements. Under the new laws, any condo building over 30 years old (or 25 years if near the coast) must undergo a milestone inspection conducted by licensed engineers. These inspections assess the structural integrity of a building, identifying potential safety hazards before they become catastrophic. Additionally, the state now requires structural integrity reserve studies, forcing associations to fully fund reserves for critical repairs—a stark departure from previous practices where boards could waive or underfund reserves to keep costs low. While these measures undeniably enhance resident safety, they come with a hefty price tag. Many older condos are now facing massive special assessments to cover repair costs and reserve funding, leaving some unit owners unable to afford staying in their own homes. This has led to increased litigation as residents challenge assessments, question management decisions, and seek financial alternatives. Furthermore, the new laws are accelerating a shift in the Florida condo market. Some buildings that cannot afford to comply are being sold to developers, particularly in high-demand coastal areas where land values are skyrocketing. This is triggering a wave of condo terminations, where older buildings are demolished and replaced with new high-end developments—essentially displacing longtime residents who cannot afford to buy back in. The state now faces a difficult balancing act: ensuring building safety while preventing financial devastation for condo owners. While lawmakers have provided some funding assistance, it is not nearly enough to cover the full scope of the required repairs statewide. Moving forward, policymakers must explore additional financial relief options, such as state-backed low-interest loans or grants for struggling condo associations, to prevent widespread displacement. For Florida property owners, these reforms represent a new era of heightened accountability and cost management. Condo associations must now prioritize...

Florida’s homeowners’ associations (HOAs) and condominium boards are at the center of a legal transformation. Over the past few years, Tallahassee has enacted significant legislative changes aimed at increasing transparency, financial responsibility, and structural integrity within community associations. These new regulations, while designed to protect residents, also present new challenges for board members and property managers. One of the most impactful changes has been the mandatory structural inspections and financial reserve requirements for condominiums. After the tragic collapse of Champlain Towers South in Surfside, state lawmakers enacted strict rules requiring older buildings to undergo milestone inspections and structural integrity reserve studies. This means that many associations, which previously deferred maintenance due to cost concerns, are now required to set aside funds and make repairs – whether owners are financially prepared or not. The result? A wave of special assessments that have left many condo owners struggling to afford the increased costs of living in their own homes. Beyond safety, legislative efforts have also targeted HOA governance and financial accountability. New laws have imposed stricter reporting requirements, limited conflicts of interest, and increased penalties for mismanagement. While these measures aim to curb corruption and negligence, they also create administrative burdens for volunteer board members, many of whom lack legal or financial expertise. As a result, we are seeing a surge in professional management company contracts, which can drive up operational costs for associations. Moreover, Florida’s courts are now handling an increasing number of disputes between HOAs and homeowners, particularly over fee collections, election procedures, and architectural restrictions. With more legal scrutiny on association decisions, it is essential for board members to operate with transparency, seek legal guidance, and communicate clearly with residents. As these legal changes take full effect, the future of Florida’s community associations will likely depend on finding a balance between regulatory compliance and financial sustainability. The best-prepared HOAs will be those that proactively engage with legal professionals, update their governing documents, and implement best practices in financial planning. Otherwise, they risk legal disputes, financial shortfalls, and homeowner dissatisfaction – challenges that no association can afford to ignore. Peter S....

As a veteran real estate and community association attorney with decades of experience, I’ve witnessed the transformative impact of legislation on our housing markets. Florida’s recent condominium safety regulations, born from the tragic collapse of the Champlain Towers South, are well-intentioned measures aimed at ensuring structural integrity and protecting lives. However, their unintended consequences are creating a crisis that disproportionately impacts older residents in Palm Beach County—and the ripple effects could reshape the region’s economic landscape. The regulations mandate milestone inspections for older buildings and require full funding of reserves for critical repairs. While these measures are critical for safety, they come at a steep financial cost. For older condos, many of which were built decades ago with minimal available reserve funds, compliance often necessitates significant monthly or quarterly fee increases or hefty special assessments. For retirees living on fixed incomes, this new financial burden is untenable. In Palm Beach County, where many condominium residents are retirees who moved here for an affordable, sunny lifestyle, these new costs have forced a wave of sales—many under duress. Owners are being priced out of their own homes, unable to cover mounting repair bills. Economic and Community Impacts At first glance, one might assume this turnover presents opportunities for real estate developers to revitalize older buildings or construct new ones. But the forced displacement of older residents has economic and social consequences that extend beyond individual hardship. Loss of Affordable Housing: Many older condos serve as de facto affordable housing for middle-income retirees. As these properties are sold and redeveloped into high-end units to recoup costs, the county’s stock of affordable housing shrinks further, leaving few options for fixed-income residents.Disruption of Community Fabric: Long-term residents contribute stability and character to communities. Their forced departure erodes the sense of community, transforming once-tight-knit neighborhoods into transient spaces dominated by seasonal or investment buyers.Economic Displacement: Older residents, who support local businesses and services year-round, are being replaced by higher-income seasonal residents. While this shift may initially seem like an economic boon, the loss of steady, year-round consumers can harm small businesses and disrupt the local economy.Stagnant Redevelopment:...

As we usher in 2025, Florida's condominium landscape is undergoing significant transformation due to new safety regulations enacted in response to the tragic Champlain Towers South collapse in Surfside. These laws, designed to enhance building safety and ensure structural integrity, mandate that condominium associations maintain adequate reserves for major repairs and conduct regular structural inspections. While the intent is undeniably noble, the implementation has introduced substantial financial challenges for many condo owners and associations across the state. The legislation requires associations to conduct milestone structural inspections for buildings three stories or higher, with initial inspections having been due by December 31, 2024. Additionally, associations must perform Structural Integrity Reserve Studies (SIRS) to assess and fully fund reserves for critical structural components. These measures aim to prevent future tragedies by ensuring timely maintenance and repairs often lacking in the past.  However, the financial implications are profound. Many associations, particularly those managing older buildings, are facing the necessity of imposing significant monthly or quarterly fee increases or special assessments to comply with the new requirements. For instance, residents of Springbrook Gardens in Fort Lauderdale Beach were compelled to sell their units after being unable to meet a $4.5 million repair bill to shore up the building's foundation.  This scenario is not isolated. Condo owners statewide are grappling with rising maintenance fees, insurance premiums, and taxes, leading to a surge in older units being put up for sale. The increased financial burden is particularly strenuous for retirees and individuals on fixed incomes, raising concerns about affordability and the potential displacement of long-term residents.  While the safety of residents is paramount, it's crucial to recognize the economic strain these regulations impose. A more nuanced approach, considering the age, location, and financial capacity of each condominium association, might mitigate some of the adverse effects. Flexibility in implementation timelines and financial assistance programs may provide relief to those most affected. Moreover, transparency and communication between condo boards and unit owners are essential. Associations should engage owners in open dialogues about upcoming inspections, necessary repairs, and the financial strategies to address them. This collaborative approach can foster trust...

We recently wrote an article discussing the need for individual homeowners’ insurance even if you have paid off your mortgage. The prior article was specifically focused on single family homes. This article discusses the specific, detailed statutory requirement for condominium association required insurance, leaving for owners of condominium units the option to insure anything in the individual unit. In many ways, the obligations for insuring condominium units are very clear, as the Condominium Act, Chapter 718, outlines the insurance requirements of the condominium association thereby leaving property outside of the association requirements for the individual condo owner to insure. Specifically, Florida Statute 718.111(11) provides that a condominium association must obtain and maintain “[a]dequate property insurance, regardless of any requirement in the declaration of condominium for coverage by the association for full insurable value, replacement cost, or similar coverage[…]”  The computation of the amount of coverage “[…]must be based on the replacement cost of the property to be insured as determined by an independent insurance appraisal or update of a prior appraisal. The replacement cost must be determined at least once every 36 months.” While the Board of Directors has flexibility in determining items like premiums and deductibles, the statute goes on to state that the coverage must include: 1. All portions of the condominium property as originally installed or replacement of like kind and quality, in accordance with the original plans and specifications.  2. All alterations or additions made to the condominium property or association property pursuant to s. 718.113(2). Interestingly, the statute further goes on to list the items of property that the association’s insurance coverage MAY NOT include:  The coverage must exclude all personal property within the unit or limited common elements, and floor, wall, and ceiling coverings, electrical fixtures, appliances, water heaters, water filters, built-in cabinets and countertops, and window treatments, including curtains, drapes, blinds, hardware, and similar window treatment components, or replacements of any of the foregoing which are located within the boundaries of the unit and serve only such unit. Such property and any insurance thereupon is the responsibility of the unit owner. As a result, each unit owner...

Whether you’re an existing board member or a new board member this year, as Community Association Law attorneys, we’d like to remind you of some top tips for community association board members.  1. Know Your Governing Documents  Whether you're a Condominium Association under Chapter 718 or a Homeowners Association under Chapter 720, your Community Association has a set of governing documents, and the law imposes upon you a duty to know what those documents are as well as their function and purpose.  Both HOAs and condo associations have declarations of covenants and restrictions that impose a set of obligations or stipulations on owners (i.e. use restrictions, ownership restrictions, occupancy restrictions, etc.). Under the law, there is a certain hierarchy in governing documents in which the Declaration is the most important. The other two types of governing documents, the Articles of Incorporation and Bylaws, determine how your corporation runs i.e. eligibility requirements for the board, elections, annual meetings, etc.  Under law, a new board member of a community association – both in condos and HOAs – have an obligation within 90 days of commencing service on the board to certify in writing that they have read and understand all governing documents and agreed to, to the best of their ability, enforce those governing documents according to their provisions.  As community association law attorneys, we also recommend that you take a board certification course, especially if you have never served as a board member before. Along with a Certificate of Completion, you’ll receive valuable information and tips for being a successful board member. Our Community Association Attorneys at Sachs Sax Caplan frequently teach board member certification courses as well as continuing education courses for Florida Community Association Managers. To learn more and find out when our next class is, call 561-994-4499. 2. Treat Your Community Like a Business  As a board member, you have a fiduciary obligation to other members and owners in your community to serve objectively, responsibly, honestly and efficiently. I believe the best way to do that is to treat your community like a business and run your board as...

There are many common misconceptions regarding estate planning. People sometimes assume they only need a plan if they're wealthy or that everything will automatically go to their children or spouse. As experienced estate planning attorneys, we recommend that everyone – regardless of age, wealth, and family status – have an estate plan.  Some estate plans are simple and require only a couple of documents, while other plans are more complex. The plan that is right for you should be determined by an experienced estate planning attorney and would be formulated during your consultation process. Oftentimes, there are multiple ways to achieve the results you desire. The main goals of estate planning include: Designating people to make your medical and financial decisions for you while you are alive;Ensuring your property passes to the people you want in the percentages you want, and;Avoiding probate. Clients with minor children are also concerned with designating someone to care for their children should something happen to them. While the Florida law and statutes provide for default answers to all of these situations, having estate planning documents in place can ensure that those responsible for making decisions on your behalf have an easier time doing so. Further, depending on your life’s circumstances, you may not want the default people acting for you or inheriting from you in the way the law outlines. Having a plan really keeps you in control. It allows you to dictate and influence how your own wellbeing is cared for as well as how your family is taken care of after you pass. Schedule a complimentary consultation to learn more about the options and planning tools that are right for you.  

Today we'll discuss an important topic that seems to be inquired about often regarding community associations governance in Florida - and that topic is closed board of directors’ meetings. An important aspect of the board of directors’ role in governing an association—whether it is a condominium association or homeowners association—is transparency.  The residents of an association want to be able to trust the actions of the board and have a system that ensures accountability.  Accordingly, board meetings are, for the most part, open to members of the association.  However, there are circumstances where closed board meetings, which are not open to the members, are required.  Closed board meetings are a common practice in community associations, but when are they appropriate? Closed board meetings are gatherings of the directors where only board members are present to discuss sensitive or confidential matters affecting the association. In Florida, the law provides when an association’s board can close its meetings to homeowners.  Generally closed meetings are allowed in two situations: those involving legal matters and personnel issues.  The reasons for these particular two subjects to be addressed in closed meetings make sense. Legal matters include items such as pending litigation or consultation with attorneys.  When these matters are discussed at a meeting, the association’s counsel should be present.  Consultations with attorneys often involve the exchange of privileged and confidential information to protect the association’s interests.  Allowing access to others outside the board could result in the inappropriate disclosure of protected information, for example, if such meetings were open that information could be disclosed to those whose interests are potentially adverse to the association. The second subject appropriate for closed meetings is personnel matters. This is logical because discussions concerning an association’s employee’s performance or the need for disciplinary actions should be held in closed sessions in the interests of privacy and fairness. While closed meetings are necessary at times, transparency and accountability are still vital. Even in closed meetings, proper notice under Florida law that there will be a meeting must be provided to the membership and the decisions made in closed sessions should be...

My firm receives roughly three phone calls a month from people that have bought or sold homes without the help of a professional real estate attorney and experience post-closing issues. As real estate lawyers, we're here to help avoid having to make those phone calls in the first place.  In the State of Florida, it's not required to have an attorney for your closing transactions – but it is highly recommended. Buying a home is a significant investment, and similarly selling a home is a significant transaction.  Whether buying or selling, you need an attorney on your side, representing your best interests. A real estate agent plays a very important role, but they're not attorneys, nor do they render legal advice. Similarly, in Florida, a title agency serves a role, but they're an independent third party. They do not “represent” you.  However, a board certified real estate attorney can represent you and look out for your best interests. So, why exactly do you need an attorney on a real estate transaction? Following are important issues that an experienced real estate attorney will assist with: Taking Title - An attorney will help you avoid post-closing issues by clarifying important issues at the outset.  Firstly, how do you want to take the title – individually? Jointly? Perhaps you are better suited with a life estate, trust or other type of planning mechanism.  It is far better and more cost-effective to address these issues prior to closing. Tax Planning - Tax planning, including transfer taxes at closing, real estate taxes and potential income taxes, are issues that can be addressed and planned before closing takes place if you discuss it with an experienced real estate attorney beforehand.  Surveys - An attorney will help you raise and review important survey and title issues that a title agent may not share with you – or may not know to. In fact, some title agents close without a survey. However, we always recommend closing with a survey reviewed and commented on by an attorney.  Title Objections - Your attorney will also raise title objections that a title...

Creating a budget is one of the primary and most important functions that any community association board does during its tenure. The budget will serve as the guideline to determine the dollar amount owners are charged to live in their communities. There are differing obligations to consider when budgeting for a Homeowners Association (HOA) versus a Condominium Association. Today, we will discuss the differences and offer tips when creating your own community association budget. Let’s start with HOAs. HOA budgets are often a bit simpler than those for condominium associations. That is because HOA budgets normally do not require reserves. Reserves refer to funds set aside for future capital expenses and major repairs or replacements of common property or assets within the community.  Unless members of the association have voted to create reserve accounts, or the original developer of the property put reserves in the HOA’s Declaration of Covenants, Conditions, and Restrictions (CC&R) – commonly referred to as simply the “declaration” – reserves are not mandatory for HOAs. However, if the HOA votes to put money away for future capital expenses, or defer line items (like maintenance), they have that option. Unlike condominium associations, HOAs are not limited or hamstrung by Florida’s Reserve Statutes, which require specific line items in the condo’s budget. For HOAs, the reserves are more like a savings account to use at the board's discretion. One of the misconceptions of the budgeting process is going into it with the intention of trying to hit a target assessment mark. Members may get in the mindset of trying to raise or lower assessments or reach a specific number, like deciding we want $400 a month assessments, then trying to figure out how to get there. Whether for HOAs or condominium association, that's really not how budgets are supposed to work.  Budgets are estimations of expected expenses for the upcoming year that are created in order to derive a necessary revenue stream. The idea is to put all of your expected expenses into a basket, itemize them through your budget, the sum of which the necessary amount of revenue you...