Unless the association documents provide otherwise:
(a) the governing body must provide members of the association with the proposed budget of the association at least 30 days before the governing body votes on the budget; and
(b) the governing body must provide members of the association with any proposed amendment to the budget at least 30 days before the governing body votes on the amendment, if the amendment will result in an increase or decrease of more than 15 percent of the approved budget. This requirement does not apply to expenditures made to respond to an imminent threat to health or safety or of serious property damage, or to properly fund the most recent reserve study conducted for the association. (1990 L.M.C., ch. 33, § 1; 2023 L.M.C., ch. 7, §1.)