At the STMA Board Meeting on September 18, 2019, The Board was unable to adopt a budget and annual property owner assessment for 2020. The Declarant (Sunrise Corporate Development Holdings LLC) recently has taken the position that the residential property owners (STMA) are responsible under the Master Declaration for the maintenance and repair of all storm water infrastructure in Sea Trail, much of which has not been properly maintained and is in a deteriorating condition. The budget and annual assessment recommended by the Finance Committee was prepared prior to STMA being made aware of this position and did not contemplate the costs, which although unknown, are believed to be substantial. As a result of the position taken by the Declarant regarding responsibility for storm water infrastructure, STMA is not presently in a position to estimate the Common Expenses for 2020 required to fix a budget and annual assessment. A majority of the members of the Board have rejected the position of the Declarant and are pursuing legal counsel regarding the same.
STMA is required to have a budget in place for 2020 by the end of this calendar year. A budget must be adopted by the Board and presented to the membership of STMA 30 days before a general meeting of the membership. The current membership meeting is scheduled for November 9, 2019, and the Board will endeavor to adopt a budget in sufficient time for that meeting.
Following legal consultation and further discussion, the Board will meet its requirement and adopt a budget and annual assessment which will be presented to membership before the end of 2019. We will continue to keep the membership informed as events progress.