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 20^th day of October, 2007.

BLUE MESA RECREATION ASSOCIATION

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President