General Assembly Raised Bill No. 144, introduced in the February Session of 2024 and referred to the Committee on Housing, proposes amendments to section 47-261e(a) of the general statutes, effective October 1, 2024. The bill requires the executive board of a common interest community to annually adopt a proposed budget for consideration by the unit owners. The board must provide a summary of the proposed budget to all unit owners within thirty days of adoption, including a statement of the amount of any reserves, the basis on which these reserves are calculated and funded, and the board's recommendations concerning the allocation of funds necessary to maintain an adequate amount of such reserves as determined by the board. This is a change from the current law, which does not require the board's recommendation on the allocation of funds for reserves.

Additionally, the bill sets forth the process for approval or rejection of the proposed budget by the unit owners, either through a meeting or a vote by ballot. If the proposed budget is rejected by a majority vote, the last approved budget continues until a new one is approved. If not rejected, the proposed budget is deemed approved. The bill also introduces a new requirement for the executive board to conduct an annual study, starting no later than January 1, 2025, to determine the necessary amount of reserve funds and to make recommendations on the allocation of funds to maintain an adequate reserve level. The bill amends section 47-261e(a) and is scheduled to take effect on October 1, 2024.