703.161 Annual budget.
(1) Application. This section applies to any condominium that includes at least one unit that is restricted to residential use.
(2) Requirement. An association annually shall adopt and distribute to all unit owners an annual budget setting forth all of the following:
(a) All anticipated common expenses and any amounts to be allocated to a statutory reserve account under s. 703.163 and to any other funds for future expenditures.
(b) The amount and purpose of any other anticipated association expenditure.
(c) The amount in any statutory reserve account under s. 703.163 or any other funds held for future expenditures.
(d) Any common surpluses.
(e) The amount and source of any income, other than unit owner assessments.
(f) The aggregate amount of any assessment to be levied against unit owners and the purpose of the assessment.
History: 2003 a. 283.
NOTE: 2003 Wis. Act 283, which affected this section, contains extensive explanatory notes.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
703.01 - Condominium ownership act.
703.03 - Application of chapter.
703.06 - Alterations prohibited.
703.065 - Recording requirements; general.
703.07 - Establishment of condominium.
703.08 - Notice prior to conversion of residential property to condominium.
703.093 - Alternative procedure for amending declaration.
703.095 - Modification and correction of recorded condominium instruments, amendments, and addenda.
703.105 - Display of the United States flag and political signs.
703.115 - Local review of condominium instruments.
703.12 - Description of units.
703.13 - Percentage interests.
703.14 - Use of common elements.
703.15 - Association of unit owners.
703.155 - Master associations.
703.16 - Common expenses and common surpluses.
703.163 - Statutory reserve account.
703.165 - Lien for unpaid common expenses, unpaid damages, and unpaid penalties.
703.18 - Repair or reconstruction.
703.195 - Acquisition of common elements by condemnors.
703.20 - Association records; inspection by unit owners; financial audits.
703.202 - Access to records of association-controlled entity.
703.205 - Establishing fee amounts charged by association.
703.22 - Construction and suppliers' liens.
703.23 - Resident agent; exemption of unit owners from liability.
703.24 - Remedies for violations by unit owner or tenant of a unit owner.
703.245 - Association-unit owner dispute; notice required.
703.25 - Tort and contract liability.
703.26 - Expanding condominiums.
703.265 - Addendum to plat to reflect changes in building codes or zoning ordinances.
703.27 - Zoning and building regulations.
703.275 - Merger or consolidation of condominiums.
703.28 - Removal from provisions of this chapter.
703.29 - Removal no bar to subsequent resubmission.
703.30 - Rules of construction.
703.31 - Personal application.
703.315 - Lease or rental agreements for residential units.
703.32 - Easements and encroachments.
703.33 - Disclosure requirements in connection with sale of unit.
703.335 - Payoff statement for unpaid assessments and other obligations.
703.34 - Blanket mortgages and other blanket liens affecting a unit at time of first conveyance.
703.35 - Termination of contracts and leases.
703.36 - Provisions requiring employment of declarant or vendor to effect sale.