Definition
A required distribution of the upcoming year's budget to owners, often with reserve and assessment information.
An annual budget disclosure is the requirement, in many states, that the board distribute the coming year's budget to all owners within a set window before it takes effect. It often must include reserve funding information and any planned assessment changes.
The disclosure keeps owners informed about how their dues will be spent and what's coming, and it's frequently tied to the budget ratification process. Requirements vary by state and governing documents.