ORS 94.645
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Adoption of annual budget
Requires the board of directors to adopt an annual operating budget. Establishes notice and approval procedures for the budget that funds common-expense assessments. Core financial-governance provision.
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Statutory Text
Verified May 20, 2026 · OREGON_LAWS
ORS 94.645 Adoption of annual budget (1) The board of directors at least annually shall adopt a budget for the planned community. (2) The budget shall include moneys to be allocated to the reserve account under ORS 94.595 (Reserve account for maintaining, repairing and replacing common property) . (3) Within 30 days after adopting the annual budget for the planned community, the board of directors shall provide a summary of the budget to all owners. (4) If the board fails to adopt a budget, the last adopted annual budget shall continue in effect. [1981 c.782 §39; 1999 c.677 §16; 2007 c.409 §8a] Source: Section 94.645 — Adoption of annual budget , (accessed May 26, 2025).
Other sections in this chapter
- ORS 94.550 — Definitions for ORS 94.550 to 94.783
- ORS 94.575 — Applicability of subdivision law
- ORS 94.580 — Declaration
- ORS 94.595 — Reserve account for maintaining, repairing and replacing common property
- ORS 94.600 — Declarant control of association
- ORS 94.625 — Formation of homeowners association
- ORS 94.630 — Powers of association
- ORS 94.635 — Association bylaws
- ORS 94.640 — Association board of directors
- ORS 94.650 — Meetings of lot owners
- ORS 94.655 — Quorum for association meetings
- ORS 94.660 — Method of voting or consenting
Legal Topics
Legal references last verified May 19, 2026.
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