Payment of fees and assessments is the responsibility of every unit owner. These payments are used for operating, maintaining, repairing, replacing and modernizing our various association buildings and community and recreation properties. Also, covered are services like landscaping, janitorial, transportation, lighting, security, trash removal, cable, etc. The Florida Statute discusses this payment responsibility and can be found by clicking on the address below. Click here to read the statute.
Associations, Master Management and Bay Management all have budgets that must be funded for running day-to-day operations. Associations/buildings are the only ones mandated under the Florida Statute 718, to budget adequate “reserves” for capital expenditures and deferred maintenance, as in future replacement of roofs, parking areas, painting and many now include elevators and lifts as well.
Both Master Management and Bay Management would likely use a special assessment as their way to fund a major capital expenditure. Unlike associations, these two bodies do not have a “reserve” requirement, so instead of just building savings that can be spent any way who ever is voted into office each year decides, the special assessment is a safeguard tool intended to ensure funds are collected separately for and spent only on a specific, defined project. This is a way of protecting the owners’ investment in getting major projects done.
Fortunately, we are a large community, with many unit owners. Unlike association special assessments that are spread out over the number of units in the building, a special assessment levied by Master Management or Bay Management is spread out over 8,508 unit owners in the village. Our size is an advantage. It strengthens our buying power when we purchase as a community and spreads out costs over a large number of owners.