Posted October 1, 2014

Where a residential condominium expenditure results in an assessment increase that exceeds 15% of the amount contained in the adopted budget, the expenditure must be approved in an amendment to the budget, except in cases where the expenditure is required to address a threat to health or safety, or a significant risk of damage to the condominium.  Under Section 11-109.2 of the Maryland Condominium Act, the council of unit owners is required to submit an annual budget to the unit owners at least 30 days prior to its adoption, and the adoption of the budget must then occur at an open meeting of the owners.  Thereafter, any expenditure that would result in an increase in the amount of assessments for the current fiscal year that is in excess of 15% of the budgeted amount must be approved in an amendment to the budget adopted at a special meeting of the owners.  Written notice of the special meeting must be given to the owners at least 10 days prior to the meeting date.     Read more