CT SB00144

Executive boards must annually adopt a proposed budget and provide unit owners with a summary within 30 days that includes the reserve amount, basis for calculating reserves, and the board's recommendation for reserve fund allocation.

Unit owners must be given 10-60 days to hold a meeting or vote by ballot to approve or reject the proposed budget, with approval occurring if a majority does not vote to reject (or for large associations established before July 3, 1991, if at least 33.3% vote to reject).

If a proposed budget is rejected, the previously approved budget continues until unit owners approve a new one; absence of a quorum does not affect budget approval or rejection.

Executive boards must conduct a comprehensive study of reserve funds by January 1, 2025, and annually thereafter to determine adequate reserve levels and make recommendations for fund allocation.

The act takes effect on October 1, 2024, and amends Connecticut General Statutes section 47-261e(a).