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What is the process for approving the Association budget?

Pursuant to the North Carolina Planned Community Act (the “Act”) and the CC&Rs, each year the Association Board first adopts a budget.  The adopted budget is then transmitted to the members, with a notice of a meeting of members to consider ratification of the budget.  At the member meeting the adopted budget will be ratified and approved by the members, unless “disapproved” or “rejected” by at least 75% of the total Class A votes in the Association and by the Class B member in the Association.  It is not necessary that a quorum of members be present at a meeting to consider ratification of the budget.  In the event the adopted budget is rejected, the budget then in effect will continue until a new budget is adopted and ratified.

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