Adopt an annual budget
The association must prepare an annual budget that sets out the annual operating expenses, reflecting estimated revenues and expenses for the year and the estimated surplus or deficit at year end. The budget must separately state all fees or charges paid by the association for recreational amenities, and each member must be provided a copy of the adopted annual budget.
What to keep on file
- Adopted annual budget
- Board meeting minutes adopting the budget
- Copy of the budget provided to members
The exact date depends on your association's facts, such as your building age, unit count, and board dates. Run the free assessment to see when this is due for your board, with the proof to keep.
When to bring in a professional
Ask your licensed community association manager or association accountant: When in our fiscal cycle should the board adopt next year's budget, and what amenity fees must be broken out separately?
General information, not legal advice. Confirm with association counsel.
Common questions
Who does the annual budget requirement apply to?
Every HOA prepares and adopts an annual budget. The association must prepare an annual budget that sets out the annual operating expenses, reflecting estimated revenues and expenses for the year and the estimated surplus or deficit at year end.
When is the annual budget due?
The exact date depends on your association's facts, such as your building's age, unit count, and key board dates. Run the free assessment to see the exact date for your board, with the proof to keep.
What should our board keep on file for the annual budget?
Keep Adopted annual budget, Board meeting minutes adopting the budget, and Copy of the budget provided to members. HOACompliant stores each in one binder, ready for a records request or a fine hearing.
Which Florida statute governs the annual budget?
Fla. Stat. 720.303(6)(a). We last verified this against the primary statute on 2026-08-03.
Should our board involve a professional?
Ask your licensed community association manager or association accountant: When in our fiscal cycle should the board adopt next year's budget, and what amenity fees must be broken out separately?
Does HOACompliant file this or confirm our board is compliant?
No. HOACompliant is record-keeping: it tracks what is due, when, and the proof to keep, each obligation cited to the governing Florida statute. It never files anything on a board's behalf, never states that a board is or is not compliant, and is not legal advice.
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