The budget is developed and adopted by the Board of Directors, subject to a veto by Unit owners, as set forth below. Unit owners have no power to establish a budget on their own.

Within 30 days after adoption of the budget by the Board of Directors, the Board must:

-Provide a summary of the budget to all unit owners

-Set a date for a meeting to consider ratification of the budget.

This date must be not less than 14 nor more than 30 days after mailing of the summary.

Unless at that meeting a majority of all the unit owners or any larger vote specified in the declaration reject the budget, the budget is ratified, whether or not a quorum is present.

If no one shows up at the meeting, the budget is ratified, since a majority of the unit owners have not rejected the budget. Note that a "majority of all unit owners" is not the same thing as a majority of the unit owners present at the meeting.

If the budget is rejected, the previous year's budget and assessments will remain in force until the Directors propose a new budget and it is ratified.

NOTE: THE RULES ARE DIFFERENT FOR CONDOMINIUMS FORMED PRIOR TO JANUARY 1, 1983