Repair costs exceeded $10 million last year. But the Champlain Towers South condo association lacked enough funds for them, a 2020 report found.
An independent budget review warned the Champlain Towers South condo association that its financial reserves were critically underfunded in the face of urgently needed structural repairs a little over a year before the building collapsed, a document obtained by CNN shows.
The condo association only had 6.9% of the recommended level of money to complete repair and replacement projects and stay financially secure, according to a March 2020 report from Association Reserves, a company that analyzes housing association finances. The report said that various components of the Surfside, Florida, building had zero years of"remaining useful life.
Video shows demolition of remainder of Surfside building 02:47 The board had never previously received a reserve budget study, according to a separate PowerPoint presentation to residents from November 2020. The presentation alluded to the contentious debates among owners about the big-ticket items."Complaining Or Shouting At Each Other Doesn't Work!" one slide of the presentation said, underlining the statement.