(1) Required elements for estimated operating budgets. The budget for each association shall:
    (a) State the estimated common expenses or expenditures on at least an annual basis;
    (b) Disclose the beginning and ending dates of the period covered by the budget;
    (c) Show the total assessment for each unit type in the proportions or percentages of sharing common expenses provided in the cooperative documents on a monthly basis, or for any other period for which assessments will be due;
    (d) Include all estimated common expenses or expenditures of the association including the categories set forth in Section 719.504(20)(c), Florida Statutes. If the estimated common expense for any category set forth in the statute is not applicable, the category shall be listed followed by an indication that the expense is not applicable;
    (e) Unless the association maintains a pooled account for reserves required by Section 719.106(1)(j), F.S., the association shall include a schedule stating each reserve account for capital expenditures and deferred maintenance as a separate line item with the following minimum disclosures:
    1. The total estimated useful life of the asset;
    2. The estimated remaining useful life of the asset;
    3. The estimated replacement cost or deferred maintenance expense of the asset;
    4. The estimated fund balance as of the beginning of the period for which the budget will be in effect; and
    5. The developer’s total funding obligation, when all units are sold, for each converter reserve account established pursuant to Florida Statutes § 719.618, if applicable.
    (f) If the association maintains a pooled account for reserves required by Section 719.106(1)(j), F.S., the association shall include a separate schedule of any pooled reserves with the following minimum disclosures:
    1. The total estimated useful life of each asset within the pooled analysis;
    2. The estimated remaining useful life of each asset within the pooled analysis;
    3. The estimated replacement cost or deferred maintenance expense of each asset within the pooled analysis; and
    4. The estimated fund balance of the pooled reserve account as of the beginning of the period for which the budget will be in effect.
    (g) Include a separate schedule of any other reserve funds to be restricted by the association as a separate line item with the following minimum disclosures:
    1. The intended use of the restricted funds; and
    2. The estimated fund balance of the item as of the beginning of the period for which the budget will be in effect.
    (2) Unrestricted expense categories. Expense categories that are not restricted as to use shall be stated in the operating portion of the budget rather than the reserve portion of the budget.
    (3) Record keeping requirements for budgets. The minutes of the association shall reflect the adoption of the budget and a copy of the proposed and adopted budgets shall be maintained as part of the financial records of the association.
Specific Authority 719.501(1)(f), (j) FS. Law Implemented 719.106(1)(e), (j), 719.107(2), 719.501(1)(j) FS. History-New 12-20-95, Amended 7-29-08.