5621264, 61B-76.003 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 5621264

Notice of Proposed Rule

Department:

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Division:

Division of Florida Condominiums, Timeshares and Mobile Homes

Chapter:

ACCOUNTING AND FINANCIAL REPORTING REQUIREMENTS; BUDGETS, GUARANTEES, AND RESERVES; FINANCIAL STATEMENTS AND REPORTS

Overview

RULE:

61B-76.003	Budgets
61B-76.005	Reserves

PURPOSE:

This proposed rule amendment is for the purpose of allowing cooperative associations to use the pooling method for funding reserves for capital expenditures and deferred maintenance. The pooling method is a funding formula that utilizes a combined analysis and common source of money to pay for the maintenance or repair of assets within the pooled reserve account. The pooling method provides associations with more flexibility and meets the statutory requirement that reserve funding be based on the estimated deferred maintenance or replacement cost and funded over the lives of the assets to be reserved. This change is recommended to provide cooperative associations the same regulatory requirements that exist for condominium associations. The proposed rule amendment also conforms the language to the same terminology used for condominiums.

SUMMARY:

This rule amendment addresses the funding of reserves for capital expenditures and deferred maintenance in cooperatives regulated under Chapter 719, Florida Statutes.

RULEMAKING AUTHORITY:

719.501(1)(f), (j) FS.

LAW:

719.106(1)(e), (j), 719.107(2), 719.501(1)(j), 719.618(1) FS.

PRINT PUBLISH DATE:

5/16/2008 Vol. 34/20

COMMENTS:

From 5/16/2008 To 6/6/2008 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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