Utah Code 57-8a-215. Budget
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(1) At least annually the board shall prepare and adopt a budget for the association.
Terms Used In Utah Code 57-8a-215
- association: means a corporation or other legal entity, any member of which:(2)(a)(i) is an owner of a residential lot located within the jurisdiction of the association, as described in the governing documents; and(2)(a)(ii) by virtue of membership or ownership of a residential lot is obligated to pay:(2)(a)(ii)(A) real property taxes;(2)(a)(ii)(B) insurance premiums;(2)(a)(ii)(C) maintenance costs; or(2)(a)(ii)(D) for improvement of real property not owned by the member. See Utah Code 57-8a-102
- board: means the entity, regardless of name, with primary authority to manage the affairs of the association. See Utah Code 57-8a-102
- Lot: means :
(16)(a) a lot, parcel, plot, or other division of land:(16)(a)(i) designated for separate ownership or occupancy; and(16)(a)(ii)(16)(a)(ii)(A) shown on a recorded subdivision plat; or(16)(a)(ii)(B) the boundaries of which are described in a recorded governing document; or(16)(b)(16)(b)(i) a unit in a condominium association if the condominium association is a part of a development; or(16)(b)(ii) a unit in a real estate cooperative if the real estate cooperative is part of a development. See Utah Code 57-8a-102- Period of administrative control: means the period during which the person who filed the association's governing documents or the person's successor in interest retains authority to:
(20)(a) appoint or remove members of the association's board of directors; or(20)(b) exercise power or authority assigned to the association under the association's governing documents. See Utah Code 57-8a-102(2) The board shall present the adopted budget to association members at a meeting of the members.(3) A budget is disapproved if within 45 days after the date of the meeting under Subsection(2) at which the board presents the adopted budget:(3)(a) there is a vote of disapproval by at least 51% of all the allocated voting interests of the lot owners in the association; and(3)(b) the vote is taken at a special meeting called for that purpose by lot owners under the declaration, articles, or bylaws.(4) If a budget is disapproved under Subsection(3) , the budget that the board last adopted that was not disapproved by members continues as the budget until and unless the board presents another budget to members and that budget is not disapproved.(5) During the period of administrative control, association members may not disapprove a budget.