The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 27A V.S.A. § 3-123)
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§ 3-123. Adoption of budgets; special assessments
(a) The executive board, at least annually, shall adopt a proposed budget for the common
interest community for consideration by the unit owners. Not later than 30 days after
adoption of a proposed budget, the executive board shall provide to all the unit owners
a summary of the budget, including any reserves, and a statement of the basis on which
any reserves are calculated and funded. Simultaneously, the board shall set a date
not less than 10 days or more than 60 days after providing the summary for a meeting
of the unit owners to consider ratification of the budget. Unless at that meeting
a majority of all unit owners or any larger number specified in the declaration reject
the budget, the budget is ratified, whether or not a quorum is present. If a proposed
budget is rejected, the budget last ratified by the unit owners continues until unit
owners ratify a subsequent budget.
(b) The executive board, at any time, may propose a special assessment. Except as otherwise
provided in subsection (c) of this section, the assessment is effective only if the
executive board follows the procedures for ratification of a budget described in subsection
(a) and the unit owners do not reject the proposed assessment.
(c) If the executive board determines by a two-thirds vote that a special assessment is
necessary to respond to an emergency:
(1) the special assessment becomes effective immediately in accordance with the terms
of the vote;
(2) notice of the emergency assessment must be provided promptly to all unit owners; and
(3) the executive board may spend the funds paid on account of the emergency assessment
only for the purposes described in the vote. (Added 2009, No. 155 (Adj. Sess.), § 41, eff. Jan. 1, 2012.)