As Florida condominium associations gear up for the close of 2024, significant legislative deadlines and changes are on the horizon, especially regarding the Structural Integrity Reserve Study (SIRS). Here’s a brief overview of upcoming deadlines and new legal mandates for 2025.

Initial Structural Integrity Reserve Study (SIRS) Completion

By December 31, 2024, all condominium associations established on or before July 1, 2022, must complete their first SIRS for buildings three stories or higher. This visual inspection assesses the building's structural condition and outlines necessary repairs. Meeting this deadline is crucial to avoid penalties and maintain safety. Reports are to be submitted to the Florida Department of Business and Professional Regulation (DBPR) Division of Condominiums, Timeshares, and Mobile Homes (CTMH).

New Mandates for 2025

Annual Budget Requirements

From December 31, 2025, all association budgets must include SIRS reserve funds, which cannot be waived or used for unrelated purposes. This law emphasizes the importance of financial planning for future repairs and maintenance.

Milestone Inspections

Senate Bill 154 allows associations needing a milestone inspection by December 31, 2026, to complete their SIRS simultaneously. Both tasks must be finished by this deadline.

Budgeting Considerations

There’s ambiguity regarding the requirement to disclose SIRS reserves in budgets adopted before December 31, 2025. Associations should document their budgeting decisions and consult legal counsel. Additionally, non-structural integrity reserves can still be waived or reduced, allowing some flexibility in financial planning.

Florida condominium associations must proactively prepare for the upcoming SIRS deadline and the legal requirements starting in 2025. Staying informed and compliant will ensure the safety and structural integrity of the buildings while effectively managing budgets. Association leaders must educate their members and plan accordingly. The Florida Community Association Professionals (FCAP) is a valuable resource for condominium associations seeking to meet their SIRS reporting requirements.