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BLUE MESA RECREATION ASSOCIATION

POLICIES & PROCEDURES

RESPONSIBLE GOVERNANCE

BUDGET

Per Senate Bill 05-100, 2005


SECTION 13, 38-33.3-303

VIII Budget

NOTICE:

Within ninety days after adoption of any proposed budget for the Association, the Board of Directors shall mail, by ordinary first-class mail, or otherwise deliver a summary of the budget to all the owners and shall set a date for a meeting of the owners to consider the budget. Such a meeting shall occur within a reasonable time after mailing of the budget. The Board of Directors shall give notice to the owners of the meeting as allowed for in the bylaws.

APPROVAL:

The budget proposed by the Board of Directors does not require approval from the owners and it will be deemed approved by the owners in the absence of a veto at the noticed meeting by a majority of all owners, whether or not a quorum is present.

VETOED BUDGET:

In the event the proposed budget is vetoed, the budget last proposed by the Board of Directors and not vetoed by the owners must be continued until a subsequent budget proposed by the Board of Directors is not vetoed by the owners.

In witness hereof, the undersigned has executed this Budget Policy the 20th day of October, 2007.


BLUE MESA RECREATION ASSOCIATION


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President