Virginia § 55.1-1965 - Annual budget; reserve study; reserves for capital components
Full text of Virginia Code of Virginia § 55.1-1965 — Annual budget; reserve study; reserves for capital components, with citation guidance and answers to common questions.
§ 55.1-1965. Annual budget; reserve study; reserves for capital components
A. Except to the extent provided in the condominium instruments, the executive board shall, prior to the commencement of the fiscal year, make available to unit owners either (i) the annual budget of the unit owners' association or (ii) a summary of such annual budget.
B. Except to the extent otherwise provided in the condominium instruments, the executive board shall:
1. Conduct a study at least once every five years to determine the necessity and amount of reserves required to repair, replace, and restore the capital components as defined in § 55.1-1900;
2. Review the results of that study at least annually to determine if reserves are sufficient; and
3. Make any adjustments to the annual budget and annual assessment the executive board deems necessary to maintain reserves, as appropriate.
C. To the extent that the reserve study conducted in accordance with this section indicates a need to budget for reserves, the unit owners' association budget shall include:
1. The current estimated replacement cost, estimated remaining life, and estimated useful life of the capital components as defined in § 55.1-1900;
2. As of the beginning of the fiscal year for which the budget is prepared, the current amount of accumulated cash reserves set aside to repair, replace, or restore the capital components and the amount of the expected contribution to the reserve fund for that fiscal year;
3. A statement describing the procedures used for estimation and accumulation of cash reserves pursuant to this section; and
4. A statement of the amount of reserves recommended in the study and the amount of current cash for replacement reserves.
D. The executive board shall have the discretion to meet repair and replacement requirements through replacement reserves, additional assessments, or borrowed funds.
2002, c. 459, § 55-79.83:1; 2019, cc. 33, 44, 712; 2024, c. 324.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 55.1-1965
What does Code of Virginia § 55.1-1965 cover?
Section 55.1-1965 ("Annual budget; reserve study; reserves for capital components") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 55.1-1965?
A common citation format is "Code of Virginia § 55.1-1965" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 55.1-1965 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.