Level 2 Reserve Study...Draft. 1 Executive Summary – Hidden Creek HOA - ID # 18291 ... There is a misconception that a Reserve Study is good for an extended period of time since

Hidden Creek HOA

Level 2 Reserve Study

Report Period – 01/01/2021 – 12/31/2021

Report prepared on – Wednesday, June 24, 2020

TEL: (888) 356-3783 | Fax: (866) 279-9662 WWW.COMPLEXSOLUTIONSLTD.COM

Client Reference Number 18291 Property Type Condominium Number of Units 130 Fiscal Year End 12/31

Type of Study Update w/Site Visit Date of Property Inspection 6/17/2020 Prepared By Dale Gifford Analysis Method Cash Flow Funding Goal Full Funding

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Table of Contents

Introduction

Executive Summary page 1

Introduction page 2

General Information and Frequently Asked Questions page 3 - 4

Reserve Analysis

Funding Summary page 5

Percent Funded – Graph page 6

Component Inventory page 7 - 8

Significant Components page 9 - 10

Significant Components – Graph page 11

Yearly Summary page 12

Yearly Reserve Contributions – Graph page 13

Component Funding Information page 14 - 16

Yearly Cash Flow page 17

Yearly Reserve Expenditures – Graph page 18

Projected Reserve Expenditures by Year page 19 - 24

Component Evaluation

Component Evaluation page 1 - 75

Glossary of Commonly used Words and Phrases

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1

Executive Summary – Hidden Creek HOA - ID # 18291 Information to complete this Reserve Study was gathered by performing an on-site inspection of the common area elements. In addition, we also obtained information by contacting any vendors and/or contractors that have worked on the property recently, as well as communicating with the property representative (BOD Member and/or Community Manager). To the best of our knowledge, the conclusions and recommendations of this report are considered reliable and accurate insofar as the information obtained from these sources. Projected Starting Balance as of 01/01/2021 $116,000 Ideal Reserve Balance as of 01/01/2021 $2,454,852

Percent Funded as of 01/01/2021 5% Recommended Reserve Contribution (months 1 – 24 / 25 - 360) $76,500 / $25,600 Recommended Special Assessment $0

Hidden Creek HOA is a 130-unit Condominium community. The community offers a clubhouse, sauna, swimming pool, tennis court, and landscaped areas as amenities. Construction on the community was completed in 1979.

Currently Programmed Projects Projects programmed to occur this fiscal year (FY2021) include heat tape repair/replace (Comp# 121), doors repaint (Comp# 204), metal fencing repaint (Comp# 207), siding yearly touch-up repair/repaint (Comp# 215), asphalt seal coat (Comp# 402), HVAC furnace replace (Comp# 706), carpeting replace (Comp# 1501), interior light fixtures replace (Comp# 1061), bollard lights install (Comp# 1690), landscaping and irrigation system renovate (Comp# 1812), and water valves partial replace (Comp# 2002). We have programmed an estimated 591,000 in reserve expenditures toward the completion of these projects. (See page 19)

Significant Reserve Projects The association’s significant reserve projects are siding repair/repaint (Comp# 215), landscaping and irrigation system renovate (Comp# 1812), water valves partial replace (Comp# 2002), and heat tape repair/replace (Comp# 121). The fiscal significance of these components is approximately 31%, 13%, 7%, and 6% respectively (see page 11). A component’s significance is calculated by dividing its replacement cost by its useful life. In this way, not only is a component’s replacement cost considered but also the frequency of occurrence. These components most significantly contribute to the total monthly reserve contribution. As these components have a high level of fiscal significance the association should properly maintain them to ensure they reach their full useful lives. Reserve Funding In comparing the projected starting reserve balance of $116,000 versus the ideal reserve balance of $2,454,852 we find the association’s reserve fund to be approximately 5% funded. This indicates a weak reserve fund position. In order to continue to strengthen the account fund, we suggest adopting a monthly reserve contribution of $76,500 ($588.46/unit) per month for two years, and then $25,600 ($196.92/unit) per month for twenty-eight years. If the contribution falls below this rate, then the reserve fund may fall into a situation where special assessments, deferred maintenance, and lower property values are likely at some point in the future.

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Introduction Reserve Study Purpose The purpose of this Reserve Study is to provide the Association with a budgeting tool to help ensure that there are adequate reserve funds available to perform future reserve projects. The detailed schedules will serve as an advance warning that major projects will need to be addressed in the future. This will allow the Association to have ample time to obtain competitive bids for each project. It will also help to ensure the physical well-being of the property and ultimately enhance each owner’s investment, while limiting the possibility of unexpected major projects that may lead to special assessments. Preparer’s Credentials Mr. Gifford has been working in the community association industry for the last 16 years. Prior to taking a position, as the Regional Project Manager covering the Utah region, at Complex Solutions, he worked in community association management in Utah. While in community association management his positions included, Maintenance Supervisor, Senior Portfolio Manager and Vice President of Community Management. His work in community association management gave him extensive experience with; budget creation, reserves and reserve budgeting, community inspections and analyzing common area components.

Professional Reserve Analyst (PRA) designation from Association of Professional Reserve Analysts (APRA), PRA

#2320

Reserve Specialist (RS) designation from Community Associations Institute (CAI), RS# 231

Personally has prepared over 1,400 reserve studies in Salt Lake City Utah and surrounding areas

Bachelor of Science in Chemistry from Emporia State University

Certified Manager of Community Associations® (CMCA®) designation from the National Board of Certification for Community Association Managers (NBC-CAM)

Association Management Specialist® (AMS®) designation from Community Associations Institute (CAI)

Professional Community Association Manager® (PCAM®) designation from Community Associations Institute (CAI), PCAM# 1740,

Active member and former Board member and chapter President of the Utah Chapter of Community Associations

Institute (UCCAI)

Recipient of Community Associations Institute’s (CAI) annual award of Excellence in Chapter Leadership for service an achievement in 2010

Budget Breakdown Every association conducts their business within a budget. There are typically two main parts to this budget, the Operating budget and the Reserve budget. The operating budget includes all expenses that occur on an annual basis as well as general maintenance and repairs. Typical operating budget line items include management fees, maintenance expenses, utilities, etc. The reserve budget is primarily made up of replacement items such as roofing, fencing, mechanical equipment, etc., that do not normally occur on an annual basis.

Report Sections Reserve Analysis: this section contains the evaluation of the association’s reserve balance, income, and expenses. It includes a finding of the client’s current reserve fund status (measured as percent funded) and a recommendation for an appropriate reserve allocation rate (also known as the funding plan). Component Evaluation: this section contains information regarding the physical status and replacement cost of reserve components the association is responsible to maintain. It is important to understand that while the component inventory will remain relatively “stable” from year to year, the condition assessment and life estimates will most likely vary from year to year.

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General Information and Frequently Asked Questions Is it the law to have a Reserve Study conducted? The Government requires a reserve study in approximately 20 states. Also, the Association’s governing documents may require a reserve fund be established. This does not mean a Reserve Study is required, but how are you going to know if you have enough money in the reserve fund if you do not have the proper information? Why is it important to perform a Reserve Study? This report provides the essential information that is needed to guide the Association in establishing the reserve portion of the total monthly assessment. The reserve fund is critical to the future of the association because it helps ensure that reserve projects can be completed on time. When projects are completed on time, deferred maintenance and the lower property values that typically accompany it can be avoided. It is suggested that a third party professionally prepare the Reserve Analysis Study since there is no vested interest in the property. After we have a Reserve Study, what do we do with it? Please take the time to review the report carefully and make sure the component information is complete and accurate. If there are any inaccuracies, or changes such as a component that the association feels should be added, removed, or altered, please inform us immediately so we may revise the report. Use the report to help establish your budget for the upcoming fiscal year. How often do we review and update our Reserve Study? There is a misconception that a Reserve Study is good for an extended period of time since the report has projections for a thirty year period. The assumptions, interest rates, inflation rates and other information used to create this report change each year. Scheduled events may not happen, unpredictable circumstances could occur, deterioration rates can be unpredictable and repair/replacement costs will vary from causes that are unforeseen. These variations alter the results of the Reserve Study. The Reserve Study should be professionally reviewed each year by having a Level III “no site visit” update reserve study performed. The Reserve Study should be professionally updated every three years by having a Level II “site visit” update reserve study performed. What is a “Reserve Component” versus an “Operating Component”? A “Reserve” component is an item that is the responsibility of the association to maintain, has a limited useful life, predictable remaining useful life, typically occurs on a cyclical basis that exceeds one year, and costs above a minimum threshold amount. An “Operating” component is typically a fixed expense that occurs on an annual basis. What are the GREY areas of “maintenance” items that are often seen in a Reserve Study? One of the most popular questions revolves around major “maintenance” items, such as painting the buildings or seal coating the asphalt. You may hear from your accountant that since painting or seal coating is not replacing a “capital” item, it cannot be considered a reserve component. However, it is the opinion of several major Reserve Study providers, including Complex Solutions, that these components meet the criteria of a reserve component. Information and Data Gathered: The information contained in this report is based on estimates and assumptions gathered from various sources. Estimated life expectancies are based upon conditions that were readily visible and accessible at the time of the site visit. While every effort has been made to ensure accurate results, this report reflects the judgment of Complex Solutions, Ltd. and should not be construed as a guarantee or assurance of predicting future events. What happens during the Site Visit? During the site visit we identify the common area components that we have determined require reserve funding. These components are quantified and a physical condition is observed. The site visit is conducted on the common areas as reported by client. What is the Financial Analysis? We project the starting balance by taking the most recent reserve fund balance as stated by the client and add expected reserve contributions to the end of the fiscal year. We then subtract the expenses of any pending projects. We compare this number to the Fully Funded Balance and arrive at the Percent Funded level. Based on that level of funding we then recommend a Funding Plan to help ensure the adequacy of funding in the future.

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Measures of reserve fund financial strength are as follows: 0% - 30% Funded is considered a “weak” financial position. Associations that fall into this category are more likely to have

special assessments and deferred maintenance. Action should be taken to improve the financial strength of the reserve fund.

31% - 69% Funded is considered a “fair” financial position. Associations that fall into this category are less likely to experience special assessments and deferred maintenance than being in a weak financial position. Action should be taken to improve the financial strength of the reserve fund.

70% - 99% Funded is considered a “strong” financial position. Associations that fall into this category are less likely to experience special assessments and deferred maintenance than being in a fair financial position. Action should be taken to improve the financial strength of the reserve fund.

100% Funded is considered an “ideal” financial position. Action should be taken to maintain the financial strength of the reserve fund.

Disclosures: Information provided to the preparer of a reserve study by an official representative of the association regarding financial, historical, physical, quantitative or reserve project issues will be deemed reliable by the preparer. A reserve study will be a reflection of information provided to the preparer of the reserve study. The total of actual or projected reserves required as presented in the reserve study is based upon information provided that was not audited. A reserve study is not intended to be used to perform an audit, an analysis of quality, a forensic study or a background check of historical records. An on-site inspection conducted in conjunction with a reserve study should not be deemed to be a project audit or quality inspection. The results of this study are based on the independent opinion of the preparer and his experience and research during the course of his career in preparing Reserve Studies. In addition the opinions of experts on certain components have been gathered through research within their industry and with client’s actual vendors. There is no implied warrantee or guarantee regarding our life and cost estimates/predictions. There is no implied warrantee or guarantee in any of our work product. Our results and findings will vary from another preparer’s results and findings. A Reserve Study is necessarily a work in progress and subsequent Reserve Studies will vary from prior studies. The projected life expectancy of the reserve components and the funding needs of the reserves of the association are based upon the association performing appropriate routine and preventative maintenance for each component. Failure to perform such maintenance can negatively impact the remaining useful life of the component and dramatically increase the funding needs of the reserves of the association. This Reserve Study assumes that all construction assemblies and components identified herein are built properly and are free from defects in materials and/or workmanship. Defects can lead to reduced useful life and premature failure. It was not the intent of this Reserve Study to inspect for or to identify defects. If defects exist, repairs should be made so that the construction components and assemblies at the community reach the full and expected useful lives. Site Visits: Should a site visit have been performed during the preparation of this reserve study no invasive testing was performed. The physical analysis performed during the site visit was not intended to be exhaustive in nature and may have included representative sampling. Estimated life expectancies and life cycles are based upon conditions that were readily accessible and visible at the time of the site visit. We have assumed any and all components have been properly built and will reach normal, typical life expectancies. A reserve study is not intended to identify or fund for construction defects. We did not and will not look for or identify construction defects during our site visit. In addition, environmental hazards (such as lead paint, asbestos, radon, etc.), have been excluded from this report. Update Reserve Studies: Level II Studies: Quantities of major components as reported in previous reserve studies are deemed to be accurate and reliable. The reserve study relies upon the validity of previous reserve studies. Level III Studies: In addition to the above we have not visited the property when completing a Level III “No Site Visit” study. Therefore we have not verified the current condition of the components. Insurance: We carry general and professional liability insurance as well as workers’ compensation insurance. Actual or Perceived Conflicts of Interest: There are no potential actual or perceived conflicts of interest that we are aware of. Inflation and Interest Rates: The after tax interest rate used in the financial analysis may or may not be based on the clients reported after tax interest rate. If it is, we have not verified or audited the reported rate. The inflation rate may also be based on an amount we believe appropriate given the 30-year horizon of this study and may or may not reflect current or historical inflation rates.

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Beginning Assumptions

# of units 130Fiscal Year End 31-DecBudgeted Monthly Reserve Allocation $17,800Projected Starting Reserve Balance $116,000Ideal Starting Reserve Balance $2,454,852

Economic Assumptions

Projected Inflation Rate 3.00%Reported After-Tax Interest Rate 0.10%

Current Reserve Status

Current Balance as a % of Ideal Balance 5%

Recommendations (FY 2021-2022)

Recommended Monthly Reserve Allocation $76,500Per Unit $588.46

Future Annual Increases 3.00%For number of years: 2

Recommendations (FY 2023-2050)

Recommended Monthly Reserve Allocation $25,600Per Unit $196.92


70% Funded Monthly Reserve Allocation Reference $23,550Per Unit $181.15


Funding Summary

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Percent Funded - Graph

0%

20%

40%

60%

80%

100%

120%

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

2051

% L

evel

of

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Recommended Current Minimum

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Component Inventory

Category ID # Component NameUseful

Life (yrs.)

RemainingUseful Life

(yrs.)

Best Cost

Worst Cost

Roofing 105 Roofs - 2010 - Replace 25 14 $25,000 $27,000105 Roofs - 2011 - Replace 25 15 $44,000 $46,000105 Roofs - 2012 - Replace 25 16 $20,000 $22,000105 Roofs - 2013 - Replace 25 17 $11,000 $13,000105 Roofs - 2014 - Replace 25 18 $130,000 $132,000105 Roofs - 2015 - Replace 25 19 $82,000 $84,000105 Roofs - 2016 - Replace 25 20 $58,000 $59,000105 Roofs - 2018 - Replace 25 22 $32,000 $34,000105 Roofs - 2019 - Replace 25 23 $76,000 $78,000105 Roofs - 2022 - Replace 25 1 $248,000 $249,000120 Rain Gutters/Downspouts - Repair/Repla 30 18 $92,000 $106,000121 Heat Tape - Repair/Replace 1 0 $12,000 $14,000190 Insulation - 2011 - Install 99 15 $32,000 $34,000190 Insulation - 2012 - Install 99 16 $25,000 $27,000190 Insulation - 2013 - Install 99 17 $14,000 $16,000190 Insulation - 2014 - Install 99 18 $147,000 $149,000190 Insulation - 2015 - Install 99 19 $105,000 $107,000190 Insulation - 2016 - Install 99 20 $25,000 $27,000190 Insulation - 2018 - Install 99 22 $40,000 $42,000190 Insulation - 2019 - Install 99 23 $96,000 $98,000190 Insulation - 2022 - Install N/A $0 $0

Painted Surfaces 204 Doors - Repaint 8 0 $14,000 $18,000207 Metal Fencing - Repaint 6 0 $4,000 $6,000215 Siding - Repair/Repaint 10 1 $654,000 $659,000215 Siding - Yearly Touch-up - Repair/Repain 1 0 $5,000 $6,000216 Interior Surfaces - Repaint 10 2 $5,000 $7,000

Drive Materials 401 Asphalt - Major Rehab 30 29 $178,000 $237,000402 Asphalt - Seal Coat 4 0 $28,000 $32,000403 Concrete - Partial Repair/Replace 10 9 $9,000 $11,000

Property Access 502 Garage Doors - 2022 - Replace 20 1 $53,000 $64,000

Decking 607 Entrance Landings - 1st Floor - Replace 30 11 $63,000 $74,000609 Entrance Landings - 2nd Floor - Replace 30 28 $55,000 $60,000690 Entrance Landing Steps - Replace 30 28 $30,000 $35,000

Mechanical Equip. 703 Water Heater - Replace 12 10 $3,000 $3,500706 HVAC Furnace - Replace 20 0 $3,000 $4,000717 Suspended Heater - Replace N/A $0 $0

Prop. Identification 801 Community Sign - Stone - Replace N/A $0 $0801 Community Signs - Wood - Replace N/A $0 $0

Life / Safety 903 Security Camera System - Replace N/A $0 $0

Fencing 1002 Metal Fencing - Replace 40 22 $20,000 $25,000

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Category ID # Component NameUseful

Life (yrs.)

RemainingUseful Life

(yrs.)

Best Cost

Worst Cost

Pool / Spa 1101 Pool - Resurface 12 8 $15,000 $16,0001102 Spa - Resurface 10 6 $6,500 $7,5001104 Pool Heater - Replace 12 6 $5,000 $6,0001105 Spa Heater - Replace 12 6 $4,000 $5,0001107 Pool Filter - Replace 15 2 $2,000 $3,0001108 Spa Filter - Replace N/A $0 $01110 Pools & Spa Pumps - Replace N/A $0 $01111 Pool Chemical Controller System - Repla 12 8 $2,000 $2,5001111 Spa Chemical Controller System - Repla 12 8 $2,000 $2,5001112 Pool Cover - Replace 10 2 $4,000 $5,0001121 Pool Furniture - Replace 6 1 $1,500 $2,5001190 Vacuum Release Systems - Replace 15 2 $4,500 $5,500

Courts 1201 Tennis Courts - Resurface 10 3 $10,000 $14,0001202 Tennis Court Windscreens - Replace N/A $0 $01203 Tennis Courts - Replace 40 26 $100,000 $120,0001290 Tennis Court Fencing - Replace 40 26 $50,000 $70,000

Interiors 1405 Furniture - Replace 10 2 $4,000 $5,0001409 Sauna Room - Refurbish 20 18 $2,400 $2,9001410 Sauna Heater - Replace 12 10 $3,100 $3,6001413 Restrooms - Remodel 20 7 $16,000 $20,0001417 Kitchen - Remodel 20 3 $8,000 $10,000

Flooring 1501 Carpeting - Replace 10 0 $5,000 $6,0001502 Vinyl Flooring - Replace N/A $0 $01503 Tile Flooring - Replace 30 7 $8,000 $10,000

Light Fixtures 1601 Interior Light Fixtures - Replace 25 0 $4,000 $5,0001602 Exterior Light Fixtures - Replace 20 1 $28,000 $33,0001605 Bollard Lights - Replace 20 22 $50,000 $60,0001690 Bollard Lights - Install 99 0 $460,000 $470,000

Landscaping 1812 Landscaping & Irrigation System - Renov 1 0 $25,000 $30,000

Vehicles / Equipm 1902 Mule - Replace 10 3 $13,000 $17,000

Utility Systems 2002 Water Valves - Partial Replace 1 0 $15,000 $16,000

Lakes / Water Fea 2201 Pond - Partial Dredging 5 4 $5,000 $6,0002203 Pond Aeration System - Replace 15 8 $6,000 $8,000

Buildings / Structu 2304 Unit Doors - Replace 40 1 $180,000 $185,0002306 Dumpster Enclosures - Replace 30 25 $25,000 $30,000

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As $ As %

105 Roofs - 2010 - Replace 25 14 $26,000 $1,040 0.4862%105 Roofs - 2011 - Replace 25 15 $45,000 $1,800 0.8415%105 Roofs - 2012 - Replace 25 16 $21,000 $840 0.3927%105 Roofs - 2013 - Replace 25 17 $12,000 $480 0.2244%105 Roofs - 2014 - Replace 25 18 $131,000 $5,240 2.4496%105 Roofs - 2015 - Replace 25 19 $83,000 $3,320 1.5520%105 Roofs - 2016 - Replace 25 20 $58,500 $2,340 1.0939%105 Roofs - 2018 - Replace 25 22 $33,000 $1,320 0.6171%105 Roofs - 2019 - Replace 25 23 $77,000 $3,080 1.4398%105 Roofs - 2022 - Replace 25 1 $248,500 $9,940 4.6468%120 Rain Gutters/Downspouts - Repair/Repl 30 18 $99,000 $3,300 1.5427%121 Heat Tape - Repair/Replace 1 0 $13,000 $13,000 6.0773%190 Insulation - 2011 - Install 99 15 $33,000 $0 0.0000%190 Insulation - 2012 - Install 99 16 $26,000 $0 0.0000%190 Insulation - 2013 - Install 99 17 $15,000 $0 0.0000%190 Insulation - 2014 - Install 99 18 $148,000 $0 0.0000%190 Insulation - 2015 - Install 99 19 $106,000 $0 0.0000%190 Insulation - 2016 - Install 99 20 $26,000 $0 0.0000%190 Insulation - 2018 - Install 99 22 $41,000 $0 0.0000%190 Insulation - 2019 - Install 99 23 $97,000 $0 0.0000%204 Doors - Repaint 8 0 $16,000 $2,000 0.9350%207 Metal Fencing - Repaint 6 0 $5,000 $833 0.3896%215 Siding - Repair/Repaint 10 1 $656,500 $65,650 30.6901%215 Siding - Yearly Touch-up - Repair/Repa 1 0 $5,500 $5,500 2.5711%216 Interior Surfaces - Repaint 10 2 $6,000 $600 0.2805%401 Asphalt - Major Rehab 30 29 $207,500 $6,917 3.2334%402 Asphalt - Seal Coat 4 0 $30,000 $7,500 3.5061%403 Concrete - Partial Repair/Replace 10 9 $10,000 $1,000 0.4675%502 Garage Doors - 2022 - Replace 20 1 $58,500 $2,925 1.3674%607 Entrance Landings - 1st Floor - Replace 30 11 $68,500 $2,283 1.0674%609 Entrance Landings - 2nd Floor - Replac 30 28 $57,500 $1,917 0.8960%690 Entrance Landing Steps - Replace 30 28 $32,500 $1,083 0.5064%703 Water Heater - Replace 12 10 $3,250 $271 0.1266%706 HVAC Furnace - Replace 20 0 $3,500 $175 0.0818%

1002 Metal Fencing - Replace 40 22 $22,500 $563 0.2630%1101 Pool - Resurface 12 8 $15,500 $1,292 0.6038%1102 Spa - Resurface 10 6 $7,000 $700 0.3272%1104 Pool Heater - Replace 12 6 $5,500 $458 0.2143%1105 Spa Heater - Replace 12 6 $4,500 $375 0.1753%

Component NameID #

Significant Components

Significance: (Curr Cost/UL)

Average Current

Cost

Remaining Useful Life

(yrs.)

Useful Life

(yrs.)

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As $ As %

1107 Pool Filter - Replace 15 2 $2,500 $167 0.0779%1111 Pool Chemical Controller System - Repl 12 8 $2,250 $188 0.0877%1111 Spa Chemical Controller System - Repla 12 8 $2,250 $188 0.0877%1112 Pool Cover - Replace 10 2 $4,500 $450 0.2104%1121 Pool Furniture - Replace 6 1 $2,000 $333 0.1558%1190 Vacuum Release Systems - Replace 15 2 $5,000 $333 0.1558%1201 Tennis Courts - Resurface 10 3 $12,000 $1,200 0.5610%1203 Tennis Courts - Replace 40 26 $110,000 $2,750 1.2856%1290 Tennis Court Fencing - Replace 40 26 $60,000 $1,500 0.7012%1405 Furniture - Replace 10 2 $4,500 $450 0.2104%1409 Sauna Room - Refurbish 20 18 $2,650 $133 0.0619%1410 Sauna Heater - Replace 12 10 $3,350 $279 0.1305%1413 Restrooms - Remodel 20 7 $18,000 $900 0.4207%1417 Kitchen - Remodel 20 3 $9,000 $450 0.2104%1501 Carpeting - Replace 10 0 $5,500 $550 0.2571%1503 Tile Flooring - Replace 30 7 $9,000 $300 0.1402%1601 Interior Light Fixtures - Replace 25 0 $4,500 $180 0.0841%1602 Exterior Light Fixtures - Replace 20 1 $30,500 $1,525 0.7129%1605 Bollard Lights - Replace 20 22 $55,000 $2,750 1.2856%1690 Bollard Lights - Install 99 0 $465,000 $0 0.0000%1812 Landscaping & Irrigation System - Reno 1 0 $27,500 $27,500 12.8557%1902 Mule - Replace 10 3 $15,000 $1,500 0.7012%2002 Water Valves - Partial Replace 1 0 $15,500 $15,500 7.2460%2201 Pond - Partial Dredging 5 4 $5,500 $1,100 0.5142%2203 Pond Aeration System - Replace 15 8 $7,000 $467 0.2182%2304 Unit Doors - Replace 40 1 $182,500 $4,563 2.1329%2306 Dumpster Enclosures - Replace 30 25 $27,500 $917 0.4285%

Useful Life

(yrs.)

Significance: (Curr Cost/UL)ID # Component Name

Average Current

Cost


(yrs.)

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As $ As %215 Siding - Repair/Repaint 10 1 $656,500 $65,650 31%1812 Landscaping & Irrigation System - Ren 1 0 $27,500 $27,500 13%2002 Water Valves - Partial Replace 1 0 $15,500 $15,500 7%121 Heat Tape - Repair/Replace 1 0 $13,000 $13,000 6%

All Other See Expanded Table For Breakdown $92,263 43%

ID #Significance:

(Curr Cost/UL)

Significant Components - Graph

Average Current

Cost


(yrs.)

Useful Life

(yrs.)Component Name

31%

13%7%6%

43%

215 Siding - Repair/Repaint

1812 Landscaping & Irrigation System - Renovate

2002 Water Valves - Partial Replace

121 Heat Tape - Repair/Replace

All Other

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YearFully

Funded Balance

Starting Reserve Balance

% Funded

Reserve Contributions

Interest Income

Reserve Expenses

Ending Reserve Balance

2021 $2,454,852 $116,000 5% $918,000 $280 $591,000 $443,2802022 $2,142,383 $443,280 21% $945,540 $278 $1,277,200 $111,8972023 $1,120,433 $111,897 10% $307,200 $221 $89,116 $330,2032024 $1,301,436 $330,203 25% $316,416 $435 $106,541 $540,5132025 $1,477,096 $540,513 37% $325,908 $649 $109,174 $757,8962026 $1,662,703 $757,896 46% $335,686 $890 $71,295 $1,023,1772027 $1,900,507 $1,023,177 54% $345,756 $1,147 $99,703 $1,270,3772028 $2,124,025 $1,270,377 60% $356,129 $1,393 $111,304 $1,516,5962029 $2,350,377 $1,516,596 65% $366,813 $1,616 $170,381 $1,714,6442030 $2,530,988 $1,714,644 68% $377,817 $1,854 $100,468 $1,993,8482031 $2,797,595 $1,993,848 71% $389,152 $2,140 $98,912 $2,286,2272032 $3,082,628 $2,286,227 74% $400,826 $1,943 $1,088,700 $1,600,2972033 $2,365,819 $1,600,297 68% $412,851 $1,728 $158,972 $1,855,9032034 $2,594,488 $1,855,903 72% $425,237 $2,003 $132,902 $2,150,2412035 $2,866,512 $2,150,241 75% $437,994 $2,300 $140,671 $2,449,8642036 $3,148,628 $2,449,864 78% $451,134 $2,568 $217,336 $2,686,2292037 $3,369,937 $2,686,229 80% $464,668 $2,790 $259,160 $2,894,5262038 $3,564,894 $2,894,526 81% $478,608 $3,056 $158,673 $3,217,5162039 $3,879,767 $3,217,516 83% $492,966 $3,076 $778,267 $2,935,2912040 $3,574,424 $2,935,291 82% $507,755 $2,956 $469,940 $2,976,0622041 $3,586,961 $2,976,062 83% $522,987 $3,054 $370,253 $3,131,8502042 $3,713,743 $3,131,850 84% $538,677 $2,652 $1,501,258 $2,171,9222043 $2,691,409 $2,171,922 81% $554,837 $2,226 $449,518 $2,279,4672044 $2,733,256 $2,279,467 83% $571,482 $2,291 $549,644 $2,303,5972045 $2,683,961 $2,303,597 86% $588,627 $2,479 $239,870 $2,654,8332046 $2,965,299 $2,654,833 90% $606,286 $2,859 $199,956 $3,064,0222047 $3,309,625 $3,064,022 93% $624,474 $2,852 $1,050,260 $2,641,0892048 $2,802,308 $2,641,089 94% $643,209 $2,876 $176,592 $3,110,5812049 $3,193,903 $3,110,581 97% $662,505 $3,236 $415,259 $3,361,0632050 $3,366,102 $3,361,063 100% $682,380 $3,369 $670,443 $3,376,368

Yearly Summary

12Draft

Reserve Contributions - Graph

$-

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

2051

Year

Monthly Reserve Contributions

Recommended Current Minimum

13Draft

ID Component Name UL

RU

L

QuantityAverage Current

Cost

Ideal Balance

Current Fund

BalanceMonthly

105 Roofs - 2010 - Replace 25 14 Approx 4,500 Sq.ft. $26,000 $11,440 $0 $371.93105 Roofs - 2011 - Replace 25 15 Approx 8,000 Sq.ft. $45,000 $18,000 $0 $643.72105 Roofs - 2012 - Replace 25 16 Approx 3,500 Sq.ft. $21,000 $7,560 $0 $300.40105 Roofs - 2013 - Replace 25 17 Approx 1,900 Sq.ft. $12,000 $3,840 $0 $171.66105 Roofs - 2014 - Replace 25 18 Approx 23,600 Sq.ft. $131,000 $36,680 $0 $1,873.94105 Roofs - 2015 - Replace 25 19 Approx 14,900 Sq.ft. $83,000 $19,920 $0 $1,187.31105 Roofs - 2016 - Replace 25 20 Approx 10,400 Sq.ft. $58,500 $11,700 $0 $836.84105 Roofs - 2018 - Replace 25 22 Approx 5,700 Sq.ft. $33,000 $3,960 $0 $472.06105 Roofs - 2019 - Replace 25 23 Approx 13,700 Sq.ft. $77,000 $6,160 $0 $1,101.48105 Roofs - 2022 - Replace 25 1 Approx 44,920 Sq.ft. $248,500 $238,560 $0 $3,554.77120 Rain Gutters/Downspouts - Repair/Replace 30 18 Approx 14,030 Linear ft. $99,000 $39,600 $0 $1,180.16121 Heat Tape - Repair/Replace 1 0 (39) Buildings $13,000 $13,000 $13,000 $4,649.10190 Insulation - 2011 - Install 99 15 Approx 4,500 Sq.ft. $33,000 $28,000 $0 $0.00190 Insulation - 2012 - Install 99 16 Approx 3,500 Sq.ft. $26,000 $21,798 $0 $0.00190 Insulation - 2013 - Install 99 17 Approx 1,900 Sq.ft. $15,000 $12,424 $0 $0.00190 Insulation - 2014 - Install 99 18 Approx 21,000 Sq.ft. $148,000 $121,091 $0 $0.00190 Insulation - 2015 - Install 99 19 Approx 14,900 Sq.ft. $106,000 $85,657 $0 $0.00190 Insulation - 2016 - Install 99 20 Approx 3,500 Sq.ft. $26,000 $20,747 $0 $0.00190 Insulation - 2018 - Install 99 22 Approx 5,700 Sq.ft. $41,000 $31,889 $0 $0.00190 Insulation - 2019 - Install 99 23 Approx 13,700 Sq.ft. $97,000 $74,465 $0 $0.00204 Doors - Repaint 8 0 (137) Doors $16,000 $16,000 $16,000 $715.25207 Metal Fencing - Repaint 6 0 Approx 320 Linear ft. $5,000 $5,000 $5,000 $298.02215 Siding - Repair/Repaint 10 1 Approx 163,890 Sq.ft. $656,500 $590,850 $0 $23,477.94215 Siding - Yearly Touch-up - Repair/Repaint 1 0 Approx 163,890 Sq.ft. $5,500 $5,500 $5,500 $1,966.93216 Interior Surfaces - Repaint 10 2 Approx 4,485 Sq.ft. $6,000 $4,800 $0 $214.57401 Asphalt - Major Rehab 30 29 Approx 118,350 Sq.ft. $207,500 $6,917 $0 $2,473.56402 Asphalt - Seal Coat 4 0 Approx 118,350 Sq.ft. $30,000 $30,000 $30,000 $2,682.17403 Concrete - Partial Repair/Replace 10 9 Extensive Sq.ft. $10,000 $1,000 $0 $357.62502 Garage Doors - 2022 - Replace 20 1 (53) Garage Doors $58,500 $55,575 $0 $1,046.05607 Entrance Landings - 1st Floor - Replace 30 11 (42) Landings $68,500 $43,383 $0 $816.57

Component Funding Information

14

Draft


RU

L


Cost

Ideal Balance

Current Fund

BalanceMonthly

609 Entrance Landings - 2nd Floor - Replace 30 28 (11) Landings $57,500 $3,833 $0 $685.44690 Entrance Landing Steps - Replace 30 28 (246) Steps $32,500 $2,167 $0 $387.42703 Water Heater - Replace 12 10 (1) Water Heater $3,250 $542 $0 $96.86706 HVAC Furnace - Replace 20 0 (1) Furnace $3,500 $3,500 $3,500 $62.581002 Metal Fencing - Replace 40 22 Approx 320 Linear ft. $22,500 $10,125 $0 $201.161101 Pool - Resurface 12 8 (1) Pool $15,500 $5,167 $0 $461.931102 Spa - Resurface 10 6 (1) Spa $7,000 $2,800 $0 $250.341104 Pool Heater - Replace 12 6 (1) Heater $5,500 $2,750 $0 $163.911105 Spa Heater - Replace 12 6 (1) Heater $4,500 $2,250 $0 $134.111107 Pool Filter - Replace 15 2 (1) Filter $2,500 $2,167 $0 $59.601111 Pool Chemical Controller System - Replace 12 8 (1) System $2,250 $750 $0 $67.051111 Spa Chemical Controller System - Replace 12 8 (1) System $2,250 $750 $0 $67.051112 Pool Cover - Replace 10 2 (1) Cover $4,500 $3,600 $0 $160.931121 Pool Furniture - Replace 6 1 Assorted Pieces $2,000 $1,667 $0 $119.211190 Vacuum Release Systems - Replace 15 2 (3) Systems $5,000 $4,333 $0 $119.211201 Tennis Courts - Resurface 10 3 (2) Courts $12,000 $8,400 $0 $429.151203 Tennis Courts - Replace 40 26 (2) Courts $110,000 $38,500 $0 $983.461290 Tennis Court Fencing - Replace 40 26 Approx 600 Linear ft. $60,000 $21,000 $0 $536.431405 Furniture - Replace 10 2 Assorted Pieces $4,500 $3,600 $0 $160.931409 Sauna Room - Refurbish 20 18 (1) Sauna $2,650 $265 $0 $47.391410 Sauna Heater - Replace 12 10 (1) Sauna $3,350 $558 $0 $99.841413 Restrooms - Remodel 20 7 (2) Restrooms $18,000 $11,700 $0 $321.861417 Kitchen - Remodel 20 3 (1) Kitchen $9,000 $7,650 $0 $160.931501 Carpeting - Replace 10 0 Approx 920 Sq.ft. $5,500 $5,500 $5,500 $196.691503 Tile Flooring - Replace 30 7 Approx 455 Sq.ft. $9,000 $6,900 $0 $107.291601 Interior Light Fixtures - Replace 25 0 (23) Fixtures $4,500 $4,500 $4,500 $64.371602 Exterior Light Fixtures - Replace 20 1 (218) Fixtures $30,500 $28,975 $0 $545.371605 Bollard Lights - Replace 20 22 (61) Bollards $55,000 $0 $0 $983.461690 Bollard Lights - Install 99 0 (1) Project $465,000 $465,000 $33,000 $0.001812 Landscaping & Irrigation System - Renovate 1 0 Extensive Sq.ft. $27,500 $27,500 $0 $9,834.631902 Mule - Replace 10 3 (1) Mule $15,000 $10,500 $0 $536.432002 Water Valves - Partial Replace 1 0 (168) Valves $15,500 $15,500 $0 $5,543.15

15

Draft


RU

L


Cost

Ideal Balance

Current Fund

BalanceMonthly

2201 Pond - Partial Dredging 5 4 (1) Pond $5,500 $1,100 $0 $393.392203 Pond Aeration System - Replace 15 8 (1) Pond $7,000 $3,267 $0 $166.892304 Unit Doors - Replace 40 1 (180) Doors $182,500 $177,938 $0 $1,631.652306 Dumpster Enclosures - Replace 30 25 (2) Enclosures $27,500 $4,583 $0 $327.82

$3,642,250 $2,454,852 $116,000 $76,500

Current Fund Balance as a percentage of Ideal Balance: 5%

16

Draft

Year 2021 2022 2023 2024 2025Starting Balance $116,000 $443,280 $111,897 $330,203 $540,513 Reserve Income $918,000 $945,540 $307,200 $316,416 $325,908 Interest Earnings $280 $278 $221 $435 $649 Special Assessments $0 $0 $0 $0 $0Funds Available $1,034,280 $1,389,097 $419,318 $647,054 $867,071Reserve Expenditures $591,000 $1,277,200 $89,116 $106,541 $109,174Ending Balance $443,280 $111,897 $330,203 $540,513 $757,896

Year 2026 2027 2028 2029 2030Starting Balance $757,896 $1,023,177 $1,270,377 $1,516,596 $1,714,644 Reserve Income $335,686 $345,756 $356,129 $366,813 $377,817 Interest Earnings $890 $1,147 $1,393 $1,616 $1,854 Special Assessments $0 $0 $0 $0 $0Funds Available $1,094,473 $1,370,080 $1,627,899 $1,885,024 $2,094,315Reserve Expenditures $71,295 $99,703 $111,304 $170,381 $100,468Ending Balance $1,023,177 $1,270,377 $1,516,596 $1,714,644 $1,993,848

Year 2031 2032 2033 2034 2035Starting Balance $1,993,848 $2,286,227 $1,600,297 $1,855,903 $2,150,241 Reserve Income $389,152 $400,826 $412,851 $425,237 $437,994 Interest Earnings $2,140 $1,943 $1,728 $2,003 $2,300 Special Assessments $0 $0 $0 $0 $0Funds Available $2,385,139 $2,688,996 $2,014,876 $2,283,143 $2,590,534Reserve Expenditures $98,912 $1,088,700 $158,972 $132,902 $140,671Ending Balance $2,286,227 $1,600,297 $1,855,903 $2,150,241 $2,449,864

Year 2036 2037 2038 2039 2040Starting Balance $2,449,864 $2,686,229 $2,894,526 $3,217,516 $2,935,291 Reserve Income $451,134 $464,668 $478,608 $492,966 $507,755 Interest Earnings $2,568 $2,790 $3,056 $3,076 $2,956 Special Assessments $0 $0 $0 $0 $0Funds Available $2,903,565 $3,153,686 $3,376,190 $3,713,559 $3,446,002Reserve Expenditures $217,336 $259,160 $158,673 $778,267 $469,940Ending Balance $2,686,229 $2,894,526 $3,217,516 $2,935,291 $2,976,062



Yearly Cash Flow

17Draft

Yearly Reserve Expenditures - Graph

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

2051

An

nu

al T

ota

ls

Year

18Draft

Year ID # Component NameProjected

CostTotal Per Annum

2021 121 Heat Tape - Repair/Replace $13,000204 Doors - Repaint $16,000207 Metal Fencing - Repaint $5,000215 Siding - Yearly Touch-up - Repair/Repaint $5,500402 Asphalt - Seal Coat $30,000706 HVAC Furnace - Replace $3,5001501 Carpeting - Replace $5,5001601 Interior Light Fixtures - Replace $4,5001690 Bollard Lights - Install $465,0001812 Landscaping & Irrigation System - Renovate $27,5002002 Water Valves - Partial Replace $15,500 $591,000

2022 105 Roofs - 2022 - Replace $255,955121 Heat Tape - Repair/Replace $13,390215 Siding - Repair/Repaint $676,195215 Siding - Yearly Touch-up - Repair/Repaint $5,665502 Garage Doors - 2022 - Replace $60,2551121 Pool Furniture - Replace $2,0601602 Exterior Light Fixtures - Replace $31,4151812 Landscaping & Irrigation System - Renovate $28,3252002 Water Valves - Partial Replace $15,9652304 Unit Doors - Replace $187,975 $1,277,200

2023 121 Heat Tape - Repair/Replace $13,792215 Siding - Yearly Touch-up - Repair/Repaint $5,835216 Interior Surfaces - Repaint $6,3651107 Pool Filter - Replace $2,6521112 Pool Cover - Replace $4,7741190 Vacuum Release Systems - Replace $5,3051405 Furniture - Replace $4,7741812 Landscaping & Irrigation System - Renovate $29,1752002 Water Valves - Partial Replace $16,444 $89,116

2024 121 Heat Tape - Repair/Replace $14,205215 Siding - Yearly Touch-up - Repair/Repaint $6,0101201 Tennis Courts - Resurface $13,1131417 Kitchen - Remodel $9,8351812 Landscaping & Irrigation System - Renovate $30,0501902 Mule - Replace $16,3912002 Water Valves - Partial Replace $16,937 $106,541

2025 121 Heat Tape - Repair/Replace $14,632215 Siding - Yearly Touch-up - Repair/Repaint $6,190402 Asphalt - Seal Coat $33,765

1812 Landscaping & Irrigation System - Renovate $30,9512002 Water Valves - Partial Replace $17,4452201 Pond - Partial Dredging $6,190 $109,174

2026 121 Heat Tape - Repair/Replace $15,071

Projected Reserve Expenditures by Year

19Draft

215 Siding - Yearly Touch-up - Repair/Repaint $6,3761812 Landscaping & Irrigation System - Renovate $31,8802002 Water Valves - Partial Replace $17,969 $71,295

2027 121 Heat Tape - Repair/Replace $15,523207 Metal Fencing - Repaint $5,970215 Siding - Yearly Touch-up - Repair/Repaint $6,5671102 Spa - Resurface $8,3581104 Pool Heater - Replace $6,5671105 Spa Heater - Replace $5,3731812 Landscaping & Irrigation System - Renovate $32,8362002 Water Valves - Partial Replace $18,508 $99,703

2028 121 Heat Tape - Repair/Replace $15,988215 Siding - Yearly Touch-up - Repair/Repaint $6,7641121 Pool Furniture - Replace $2,4601413 Restrooms - Remodel $22,1381503 Tile Flooring - Replace $11,0691812 Landscaping & Irrigation System - Renovate $33,8222002 Water Valves - Partial Replace $19,063 $111,304

2029 121 Heat Tape - Repair/Replace $16,468204 Doors - Repaint $20,268215 Siding - Yearly Touch-up - Repair/Repaint $6,967402 Asphalt - Seal Coat $38,0031101 Pool - Resurface $19,6351111 Pool Chemical Controller System - Replace $2,8501111 Spa Chemical Controller System - Replace $2,8501812 Landscaping & Irrigation System - Renovate $34,8362002 Water Valves - Partial Replace $19,6352203 Pond Aeration System - Replace $8,867 $170,381

2030 121 Heat Tape - Repair/Replace $16,962215 Siding - Yearly Touch-up - Repair/Repaint $7,176403 Concrete - Partial Repair/Replace $13,0481812 Landscaping & Irrigation System - Renovate $35,8812002 Water Valves - Partial Replace $20,2242201 Pond - Partial Dredging $7,176 $100,468

2031 121 Heat Tape - Repair/Replace $17,471215 Siding - Yearly Touch-up - Repair/Repaint $7,392703 Water Heater - Replace $4,3681410 Sauna Heater - Replace $4,5021501 Carpeting - Replace $7,3921812 Landscaping & Irrigation System - Renovate $36,9582002 Water Valves - Partial Replace $20,831 $98,912

2032 121 Heat Tape - Repair/Replace $17,995215 Siding - Repair/Repaint $908,750215 Siding - Yearly Touch-up - Repair/Repaint $7,613607 Entrance Landings - 1st Floor - Replace $94,820

1812 Landscaping & Irrigation System - Renovate $38,0662002 Water Valves - Partial Replace $21,456 $1,088,700

Total Per Annum

Year Comp ID Component NameProjected

Cost

20Draft

2033 121 Heat Tape - Repair/Replace $18,535207 Metal Fencing - Repaint $7,129215 Siding - Yearly Touch-up - Repair/Repaint $7,842216 Interior Surfaces - Repaint $8,555402 Asphalt - Seal Coat $42,7731112 Pool Cover - Replace $6,4161405 Furniture - Replace $6,4161812 Landscaping & Irrigation System - Renovate $39,2082002 Water Valves - Partial Replace $22,099 $158,972

2034 121 Heat Tape - Repair/Replace $19,091215 Siding - Yearly Touch-up - Repair/Repaint $8,0771121 Pool Furniture - Replace $2,9371201 Tennis Courts - Resurface $17,6221812 Landscaping & Irrigation System - Renovate $40,3851902 Mule - Replace $22,0282002 Water Valves - Partial Replace $22,762 $132,902

2035 105 Roofs - 2010 - Replace $39,327121 Heat Tape - Repair/Replace $19,664215 Siding - Yearly Touch-up - Repair/Repaint $8,3191812 Landscaping & Irrigation System - Renovate $41,5962002 Water Valves - Partial Replace $23,4452201 Pond - Partial Dredging $8,319 $140,671

2036 105 Roofs - 2011 - Replace $70,109121 Heat Tape - Repair/Replace $20,254190 Insulation - 2011 - Install $51,413215 Siding - Yearly Touch-up - Repair/Repaint $8,5691812 Landscaping & Irrigation System - Renovate $42,8442002 Water Valves - Partial Replace $24,148 $217,336

2037 105 Roofs - 2012 - Replace $33,699121 Heat Tape - Repair/Replace $20,861190 Insulation - 2012 - Install $41,722204 Doors - Repaint $25,675215 Siding - Yearly Touch-up - Repair/Repaint $8,826402 Asphalt - Seal Coat $48,141

1102 Spa - Resurface $11,2331812 Landscaping & Irrigation System - Renovate $44,1292002 Water Valves - Partial Replace $24,873 $259,160

2038 105 Roofs - 2013 - Replace $19,834121 Heat Tape - Repair/Replace $21,487190 Insulation - 2013 - Install $24,793215 Siding - Yearly Touch-up - Repair/Repaint $9,0911107 Pool Filter - Replace $4,1321190 Vacuum Release Systems - Replace $8,2641812 Landscaping & Irrigation System - Renovate $45,4532002 Water Valves - Partial Replace $25,619 $158,673

2039 105 Roofs - 2014 - Replace $223,019120 Rain Gutters/Downspouts - Repair/Replace $168,541


CostTotal Per Annum

21Draft

121 Heat Tape - Repair/Replace $22,132190 Insulation - 2014 - Install $251,960207 Metal Fencing - Repaint $8,512215 Siding - Yearly Touch-up - Repair/Repaint $9,3631104 Pool Heater - Replace $9,3631105 Spa Heater - Replace $7,6611409 Sauna Room - Refurbish $4,5111812 Landscaping & Irrigation System - Renovate $46,8172002 Water Valves - Partial Replace $26,388 $778,267

2040 105 Roofs - 2015 - Replace $145,541121 Heat Tape - Repair/Replace $22,796190 Insulation - 2015 - Install $185,872215 Siding - Yearly Touch-up - Repair/Repaint $9,644403 Concrete - Partial Repair/Replace $17,5351121 Pool Furniture - Replace $3,5071812 Landscaping & Irrigation System - Renovate $48,2212002 Water Valves - Partial Replace $27,1792201 Pond - Partial Dredging $9,644 $469,940

2041 105 Roofs - 2016 - Replace $105,658121 Heat Tape - Repair/Replace $23,479190 Insulation - 2016 - Install $46,959215 Siding - Yearly Touch-up - Repair/Repaint $9,934402 Asphalt - Seal Coat $54,183706 HVAC Furnace - Replace $6,3211101 Pool - Resurface $27,9951111 Pool Chemical Controller System - Replace $4,0641111 Spa Chemical Controller System - Replace $4,0641501 Carpeting - Replace $9,9341812 Landscaping & Irrigation System - Renovate $49,6682002 Water Valves - Partial Replace $27,995 $370,253

2042 121 Heat Tape - Repair/Replace $24,184215 Siding - Repair/Repaint $1,221,283215 Siding - Yearly Touch-up - Repair/Repaint $10,232502 Garage Doors - 2022 - Replace $108,827

1602 Exterior Light Fixtures - Replace $56,7391812 Landscaping & Irrigation System - Renovate $51,1582002 Water Valves - Partial Replace $28,835 $1,501,258

2043 105 Roofs - 2018 - Replace $63,231121 Heat Tape - Repair/Replace $24,909190 Insulation - 2018 - Install $78,560215 Siding - Yearly Touch-up - Repair/Repaint $10,539216 Interior Surfaces - Repaint $11,497703 Water Heater - Replace $6,2271002 Metal Fencing - Replace $43,1121112 Pool Cover - Replace $8,6221405 Furniture - Replace $8,6221410 Sauna Heater - Replace $6,419

Total Per Annum

Projected Cost

Component NameComp IDYear

22Draft

1605 Bollard Lights - Replace $105,3861812 Landscaping & Irrigation System - Renovate $52,6932002 Water Valves - Partial Replace $29,700 $449,518

2044 105 Roofs - 2019 - Replace $151,966121 Heat Tape - Repair/Replace $25,657190 Insulation - 2019 - Install $191,438215 Siding - Yearly Touch-up - Repair/Repaint $10,8551201 Tennis Courts - Resurface $23,6831417 Kitchen - Remodel $17,7621812 Landscaping & Irrigation System - Renovate $54,2741902 Mule - Replace $29,6042002 Water Valves - Partial Replace $30,5912203 Pond Aeration System - Replace $13,815 $549,644

2045 121 Heat Tape - Repair/Replace $26,426204 Doors - Repaint $32,525207 Metal Fencing - Repaint $10,164215 Siding - Yearly Touch-up - Repair/Repaint $11,180402 Asphalt - Seal Coat $60,9841812 Landscaping & Irrigation System - Renovate $55,9022002 Water Valves - Partial Replace $31,5082201 Pond - Partial Dredging $11,180 $239,870

2046 121 Heat Tape - Repair/Replace $27,219215 Siding - Yearly Touch-up - Repair/Repaint $11,5161121 Pool Furniture - Replace $4,1881601 Interior Light Fixtures - Replace $9,4221812 Landscaping & Irrigation System - Renovate $57,5792002 Water Valves - Partial Replace $32,4542306 Dumpster Enclosures - Replace $57,579 $199,956

2047 105 Roofs - 2022 - Replace $535,913121 Heat Tape - Repair/Replace $28,036215 Siding - Yearly Touch-up - Repair/Repaint $11,861

1102 Spa - Resurface $15,0961203 Tennis Courts - Replace $237,2251290 Tennis Court Fencing - Replace $129,3951812 Landscaping & Irrigation System - Renovate $59,3062002 Water Valves - Partial Replace $33,427 $1,050,260

2048 121 Heat Tape - Repair/Replace $28,877215 Siding - Yearly Touch-up - Repair/Repaint $12,217

1413 Restrooms - Remodel $39,9831812 Landscaping & Irrigation System - Renovate $61,0852002 Water Valves - Partial Replace $34,430 $176,592

2049 121 Heat Tape - Repair/Replace $29,743215 Siding - Yearly Touch-up - Repair/Repaint $12,584402 Asphalt - Seal Coat $68,638609 Entrance Landings - 2nd Floor - Replace $131,556


CostTotal Per Annum

23Draft

690 Entrance Landing Steps - Replace $74,3581812 Landscaping & Irrigation System - Renovate $62,9182002 Water Valves - Partial Replace $35,463 $415,259

2050 121 Heat Tape - Repair/Replace $30,635215 Siding - Yearly Touch-up - Repair/Repaint $12,961401 Asphalt - Major Rehab $488,987403 Concrete - Partial Repair/Replace $23,566

1812 Landscaping & Irrigation System - Renovate $64,8062002 Water Valves - Partial Replace $36,5272201 Pond - Partial Dredging $12,961 $670,443


CostTotal Per Annum

24Draft

Component Evaluation

Comp #: 105

Source of Information: Research with Client

Best Cost: $25,000

Worst Cost: $27,000

Location: Building Roofs

Quantity: Approx 4,500 Sq.ft.

Observations:

The roof is in good to fair condition. We recommend funding to replace this component approximately every 20 - 25 years. Remaining life based on current age.

Life Expectancy: 25 Remaining Life: 14

Estimate to replace

Higher estimate

Roofs - 2010 - Replace

General Notes:

Quantity description:

Buildings:31

Page 1 of 75

Draft

Comp #: 105


Best Cost: $44,000

Worst Cost: $46,000



Observations:

The roofs are in good to fair condition. We recommend funding to replace this component approximately every 20 - 25 years. Remaining life based on current age.


Estimate to replace

Higher estimate


General Notes:


Buildings:6, 36

Page 2 of 75

Draft

Comp #: 105


Best Cost: $20,000

Worst Cost: $22,000



Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:14

Page 3 of 75

Draft

Comp #: 105


Best Cost: $11,000

Worst Cost: $13,000



Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:16

Page 4 of 75

Draft

Comp #: 105

Source of Information: CSL Cost Database

Best Cost: $130,000

Worst Cost: $132,000



Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:Clubhouse, 24, 29, 30, 34, 35

Page 5 of 75

Draft

Comp #: 105


Best Cost: $82,000

Worst Cost: $84,000



Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:2, 3, 7, 8, 25

Page 6 of 75

Draft

Comp #: 105


Best Cost: $58,000

Worst Cost: $59,000



Observations:

The roofs are in good condition. We recommend funding to replace this component approximately every 20 - 25 years. Remaining life based on current age.


Estimate to replace

Higher estimate


General Notes:


Buildings:Shop, 4, 5, 17

Page 7 of 75

Draft

Comp #: 105


Best Cost: $32,000

Worst Cost: $34,000



Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:33

Page 8 of 75

Draft

Comp #: 105


Best Cost: $76,000

Worst Cost: $78,000



Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:21, 26, 27

Page 9 of 75

Draft

Comp #: 105


Best Cost: $248,000




Observations:

Research with the client reveals this component will be replaced in 2022. We recommend funding to replace this component approximately every 20 - 25 years. Remaining life based on current average age.


Estimate to replace

Higher estimate


General Notes:


Buildings:Shed, 1, 9-13, 15, 18-23, 32, 37, 38

Page 10 of 75

Draft

Comp #: 120


Best Cost: $92,000


Location: Building Exteriors

Quantity: Approx 14,030 Linear ft.

Observations:

The rain gutters and downspouts are in good to fair condition. We recommend funding to replace this component approximately every 25 - 30 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Rain Gutters/Downspouts - Repair/Replace

General Notes:

Page 11 of 75

Draft

Comp #: 121


Best Cost: $12,000

Worst Cost: $14,000


Quantity: (39) Buildings

Observations:

Research with the client reveals this component is repaired and replaced as necessary each year.


Allowance to repair/replace

Higher allowance

Heat Tape - Repair/Replace

General Notes:

Page 12 of 75

Draft

Comp #: 190


Best Cost: $32,000

Worst Cost: $34,000

Location: Building Attics


Observations:

Research with the client reveals the buildings will have insulation installed when they are replaced. This is a one-time project.


Estimate to replace

Higher estimate

Insulation - 2011 - Install

General Notes:


Buildings:36

Page 13 of 75

Draft

Comp #: 190


Best Cost: $25,000

Worst Cost: $27,000



Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:14

Page 14 of 75

Draft

Comp #: 190


Best Cost: $14,000

Worst Cost: $16,000



Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:16

Page 15 of 75

Draft

Comp #: 190


Best Cost: $147,000




Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:24, 29, 30, 34, 35

Page 16 of 75

Draft

Comp #: 190


Best Cost: $105,000




Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:2, 3, 7, 8, 25

Page 17 of 75

Draft

Comp #: 190


Best Cost: $25,000

Worst Cost: $27,000



Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:17

Page 18 of 75

Draft

Comp #: 190


Best Cost: $40,000

Worst Cost: $42,000



Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:33

Page 19 of 75

Draft

Comp #: 190


Best Cost: $96,000

Worst Cost: $98,000



Observations:



Estimate to replace

Higher estimate


General Notes:


Buildings:21, 26, 27

Page 20 of 75

Draft

Comp #: 190

Source of Information:

Best Cost: $0

Worst Cost: $0



Observations:

Research with the client reveals this component will be funded by special assessment.

Life Expectancy: N/A Remaining Life:


General Notes:


Buildings:1, 9-13, 15, 18-23, 32, 37, 38

Page 21 of 75

Draft

Comp #: 204


Best Cost: $14,000

Worst Cost: $18,000


Quantity: (137) Doors

Observations:

The painted door surfaces are in fair to poor condition. We recommend funding to repaint this component approximately every 6 - 8 years. Remaining life based on average condition.


Estimate to repaint

Higher estimate

Doors - Repaint

General Notes:

Page 22 of 75

Draft

Comp #: 207


Best Cost: $4,000

Worst Cost: $6,000

Location: Pool Perimeter

Quantity: Approx 320 Linear ft.

Observations:

The painted metal fencing surfaces are in poor condition. We recommend funding to repaint this component approximately every 6 years. Remaining life based on current condition.


Estimate to repaint

Higher estimate

Metal Fencing - Repaint

General Notes:

Page 23 of 75

Draft

Comp #: 215


Best Cost: $654,000




Observations:

Research with the client reveals this component is schedule to be painted in 2022. We recommend funding to repair/repaint this component approximately every 8 - 10 years. Remaining life is based on current age.


Estimate to repair/repaint

Higher estimate

Siding - Repair/Repaint

General Notes:

Page 24 of 75

Draft

Comp #: 215


Best Cost: $5,000

Worst Cost: $6,000



Observations:

Research with the client reveals this component receives yearly touch-up work.


Estimate to repair/repaint

Higher estimate

Siding - Yearly Touch-up - Repair/Repaint

General Notes:

Page 25 of 75

Draft

Comp #: 216


Best Cost: $5,000

Worst Cost: $7,000

Location: Clubhouse & Laundry


Observations:

The interior painted surfaces are in fair condition. We recommend funding to repaint this component approximately every 10 years. Remaining life based on current condition.


Estimate to repaint

Higher estimate

Interior Surfaces - Repaint

General Notes:


2,380 Sq.ft. - Clubhouse580 Sq.ft. - Laundry1,525 Sq.ft. - Restrooms

Page 26 of 75

Draft

Comp #: 401


Best Cost: $178,000


Location: Community Parking & Streets


Observations:

Research with the client reveals this component is scheduled to be replaced in 2020. We recommend funding for a major rehab of this component approximately every 25 - 30 years. Remaining life based on current age.


Estimate for major rehab

Higher estimate

Asphalt - Major Rehab

General Notes:

Page 27 of 75

Draft

Comp #: 402


Best Cost: $28,000

Worst Cost: $32,000

Location: Community Parking & Streets


Observations:

Research with the client reveals this component is scheduled to be replaced in 2020. We recommend funding to seal this component approximately every 3 - 5 years. Remaining life based on current age.


Estimate for seal coat

Higher estimate

Asphalt - Seal Coat

General Notes:

Page 28 of 75

Draft

Comp #: 403


Best Cost: $9,000

Worst Cost: $11,000

Location: Common Area

Quantity: Extensive Sq.ft.

Observations:

Research with the client reveals this component is being partially repaired/replaced in 2020. This component has an extended useful life under normal conditions. We recommend funding to make repairs and partially replace this component approximately every 10 years. Remaining life based on current age.


Allowance to repair/replace

Higher allowance

Concrete - Partial Repair/Replace

General Notes:

Page 29 of 75

Draft

Comp #: 502


Best Cost: $53,000

Worst Cost: $64,000

Location: Unit Garage & Maintenance Entrances

Quantity: (53) Garage Doors

Observations:

The garage doors are in fair condition. We recommend funding to replace this component approximately every 20 years to ensure appearance and proper function. Remaining life based on current age.


Estimate to replace

Higher estimate

Garage Doors - 2022 - Replace

General Notes:

Page 30 of 75

Draft

Comp #: 607


Best Cost: $63,000

Worst Cost: $74,000


Quantity: (42) Landings

Observations:

The entrance landings are in good to fair condition. We recommend funding to replace this component every 20 - 30 years. Remaining life based on current condition.


Estimate to replace

Higher estimate

Entrance Landings - 1st Floor - Replace

General Notes:

Page 31 of 75

Draft

Comp #: 609


Best Cost: $55,000

Worst Cost: $60,000


Quantity: (11) Landings

Observations:

The entrance landings are in good condition. We recommend funding to replace this component approximately every 25 - 30 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Entrance Landings - 2nd Floor - Replace

General Notes:

Page 32 of 75

Draft

Comp #: 690


Best Cost: $30,000

Worst Cost: $35,000

Location: Unit Entrances

Quantity: (246) Steps

Observations:

The steps are in good condition. We recommend funding to replace this component approximately every 30 - 40 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Entrance Landing Steps - Replace

General Notes:

Page 33 of 75

Draft

Comp #: 703


Best Cost: $3,000

Worst Cost: $3,500

Location: Pool Equipment Room

Quantity: (1) Water Heater

Observations:

The water heater is in working condition. We recommend funding to replace this component approximately every 12 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Water Heater - Replace

General Notes:

Page 34 of 75

Draft

Comp #: 706


Best Cost: $3,000

Worst Cost: $4,000

Location: Clubhouse

Quantity: (1) Furnace

Observations:

The furnace is in working condition. We recommend funding to replace this component approximately every 20 years. Remaining life based on current age.


Estimate to replace

Higher estimate

HVAC Furnace - Replace

General Notes:

Page 35 of 75

Draft

Comp #: 717


Best Cost: $0

Worst Cost: $0

Location: Laundry Room

Quantity: (1) Heater

Observations:

Due to the minimal cost of replacing this component, reserve funding is not appropriate. Replace as necessary as an operating expense.


Suspended Heater - Replace

General Notes:

Page 36 of 75

Draft

Comp #: 801


Best Cost: $0

Worst Cost: $0


Quantity: (1) Sign

Observations:

Due to the extended useful life of this component, reserve funding is not appropriate. Repaint lettering as necessary as an operating expense.


Community Sign - Stone - Replace

General Notes:

Page 37 of 75

Draft

Comp #: 801


Best Cost: $0

Worst Cost: $0


Quantity: (5) Signs

Observations:

Due to the minimal cost of replacing this component, reserve funding is not appropriate. Repaint and replace as necessary as an operating expense.


Community Signs - Wood - Replace

General Notes:

Page 38 of 75

Draft

Comp #: 903


Best Cost: $0

Worst Cost: $0

Location: Clubhouse Area

Quantity: (1) System

Observations:



Security Camera System - Replace

General Notes:

Page 39 of 75

Draft

Comp #: 1002


Best Cost: $20,000

Worst Cost: $25,000

Location: Pool Perimeter


Observations:

The metal fencing is in good to fair condition. We recommend funding to replace this component approximately every 40 - 50 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Metal Fencing - Replace

General Notes:

Page 40 of 75

Draft

Comp #: 1101


Best Cost: $15,000

Worst Cost: $16,000

Location: Pool Area

Quantity: (1) Pool

Observations:

The pool surface is in good to fair condition. We recommend funding to resurface this component every 10 - 12 years. Remaining life based on current age.


Estimate to resurface

Higher estimate

Pool - Resurface

General Notes:

Page 41 of 75

Draft

Comp #: 1102


Best Cost: $6,500

Worst Cost: $7,500

Location: Pool Area

Quantity: (1) Spa

Observations:

The spa surface is in good to fair condition. We recommend funding to resurface this component approximately every 10 - 12 years. Remaining life based on current age.



Higher estimate

Spa - Resurface

General Notes:

Page 42 of 75

Draft

Comp #: 1104


Best Cost: $5,000

Worst Cost: $6,000



Observations:

The pool heater is in working condition. We recommend funding to replace this component approximately every 12 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Pool Heater - Replace

General Notes:

Page 43 of 75

Draft

Comp #: 1105


Best Cost: $4,000

Worst Cost: $5,000



Observations:

The spa heater is in working condition. We recommend funding to replace this component approximately every 12 years. Remaining life is based on current age.


Estimate to replace

Higher estimate

Spa Heater - Replace

General Notes:

Page 44 of 75

Draft

Comp #: 1107


Best Cost: $2,000

Worst Cost: $3,000


Quantity: (1) Filter

Observations:

The pool filter is in working condition. We recommend funding to replace this component approximately every 12 - 15 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Pool Filter - Replace

General Notes:

Page 45 of 75

Draft

Comp #: 1108


Best Cost: $0

Worst Cost: $0


Quantity: (1) Filter

Observations:

Due to the minimal cost of this component, reserve funding is not appropriate. Replace as necessary as an operating expense.


Spa Filter - Replace

General Notes:

Page 46 of 75

Draft

Comp #: 1110


Best Cost: $0

Worst Cost: $0


Quantity: (3) Pumps

Observations:

Due to the minimal cost of each individual pump, reserve funding is not appropriate. Repair and replace as necessary as an operating expense.


Pools & Spa Pumps - Replace

General Notes:

Page 47 of 75

Draft

Comp #: 1111


Best Cost: $2,000

Worst Cost: $2,500



Observations:

The chemical controller system is in working condition. We recommend funding to replace this component approximately every 10 - 12 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Pool Chemical Controller System - Replace

General Notes:

Page 48 of 75

Draft

Comp #: 1111


Best Cost: $2,000

Worst Cost: $2,500



Observations:

The chemical controller system is in working condition. We recommend funding to replace this component approximately every 10 - 12 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Spa Chemical Controller System - Replace

General Notes:

Page 49 of 75

Draft

Comp #: 1112


Best Cost: $4,000

Worst Cost: $5,000

Location: Pool Area

Quantity: (1) Cover

Observations:

The pool covers appears to be in fair condition. We recommend funding to replace this component approximately every10 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Pool Cover - Replace

General Notes:

Page 50 of 75

Draft

Comp #: 1121


Best Cost: $1,500

Worst Cost: $2,500

Location: Pool Area

Quantity: Assorted Pieces

Observations:

The pool furniture is in fair condition. We recommend funding an allowance to make replacements to this component approximately every 6 years. Remaining life based on current age.


Allowance to make replacements

Higher allowance

Pool Furniture - Replace

General Notes:

Page 51 of 75

Draft

Comp #: 1190


Best Cost: $4,500

Worst Cost: $5,500


Quantity: (3) Systems

Observations:

The vacuum release systems are in working condition. We recommend funding to replace this system approximately every 15 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Vacuum Release Systems - Replace

General Notes:

Page 52 of 75

Draft

Comp #: 1201


Best Cost: $10,000

Worst Cost: $14,000


Quantity: (2) Courts

Observations:

The tennis court surface is in good condition. We recommend funding to resurface this component approximately every 8 - 10 years. Remaining life based on current condition.



Higher estimate

Tennis Courts - Resurface

General Notes:

Page 53 of 75

Draft

Comp #: 1202


Best Cost: $0

Worst Cost: $0



Observations:



Tennis Court Windscreens - Replace

General Notes:

Page 54 of 75

Draft

Comp #: 1203


Best Cost: $100,000



Quantity: (2) Courts

Observations:

The tennis courts are in good condition. We recommend funding to replace this component approximately every 40 - 50 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Tennis Courts - Replace

General Notes:

Page 55 of 75

Draft

Comp #: 1290


Best Cost: $50,000

Worst Cost: $70,000



Observations:

The tennis court fencing is in good condition. We recommend funding to resurface this component approximately every 30 - 40 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Tennis Court Fencing - Replace

General Notes:

Page 56 of 75

Draft

Comp #: 1405


Best Cost: $4,000

Worst Cost: $5,000

Location: Clubhouse Interior

Quantity: Assorted Pieces

Observations:

The furniture is in fair condition. We recommend funding an allowance to make replacements approximately every 10 years. Remaining life based on current condition.


Allowance to make replacements

Higher allowance

Furniture - Replace

General Notes:

Page 57 of 75

Draft

Comp #: 1409


Best Cost: $2,400

Worst Cost: $2,900


Quantity: (1) Sauna

Observations:

The sauna interior is in good condition. We recommend refurbishing this component approximately every 15 - 20 years. Remaining useful life based on current age.


Estimate to refurbish

Higher estimate

Sauna Room - Refurbish

General Notes:

Page 58 of 75

Draft

Comp #: 1410


Best Cost: $3,100

Worst Cost: $3,600


Quantity: (1) Sauna

Observations:

The sauna heater is in working condition. We recommend funding to replace this component approximately every 10 - 12 years. Remaining life based on current age.


Estimate to refurbish

Higher estimate

Sauna Heater - Replace

General Notes:

Page 59 of 75

Draft

Comp #: 1413


Best Cost: $16,000

Worst Cost: $20,000


Quantity: (2) Restrooms

Observations:

The restrooms are in fair condition. We recommend funding to remodel this component approximately every 20 years. Remaining life based on current age.


Estimate to remodel

Higher estimate

Restrooms - Remodel

General Notes:

Page 60 of 75

Draft

Comp #: 1417


Best Cost: $8,000

Worst Cost: $10,000


Quantity: (1) Kitchen

Observations:

The kitchen is in fair condition. We recommend funding to remodel this component approximately every 20 years. Remaining life based on current age.


Allowance to remodel

Higher allowance

Kitchen - Remodel

General Notes:

Page 61 of 75

Draft

Comp #: 1501


Best Cost: $5,000

Worst Cost: $6,000

Location: Clubhouse & Laundry

Quantity: Approx 920 Sq.ft.

Observations:

The carpeting is in fair to poor condition. We recommend funding to replace this component approximately every 8 - 10 years. Remaining life based on current condition.


Estimate to replace

Higher estimate

Carpeting - Replace

General Notes:

Page 62 of 75

Draft

Comp #: 1502


Best Cost: $0

Worst Cost: $0

Location: Laundry Room


Observations:



Vinyl Flooring - Replace

General Notes:

Page 63 of 75

Draft

Comp #: 1503


Best Cost: $8,000

Worst Cost: $10,000



Observations:

The tile flooring is in good condition. We recommend funding to replace this component approximately every 30 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Tile Flooring - Replace

General Notes:

Page 64 of 75

Draft

Comp #: 1601


Best Cost: $4,000

Worst Cost: $5,000

Location: Clubhouse & Laundry Room

Quantity: (23) Fixtures

Observations:

The interior light fixtures are in working condition. We recommend funding to replace this component approximately every 20 - 25 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Interior Light Fixtures - Replace

General Notes:


(19) - Clubhouse(4) - Laundry Room

Page 65 of 75

Draft

Comp #: 1602


Best Cost: $28,000

Worst Cost: $33,000


Quantity: (218) Fixtures

Observations:

The exterior light fixtures are in fair condition. We recommend funding to replace this component approximately every 16 - 20 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Exterior Light Fixtures - Replace

General Notes:

Page 66 of 75

Draft

Comp #: 1605


Best Cost: $50,000

Worst Cost: $60,000


Quantity: (61) Bollards

Observations:

Research with the client reveals the pole light system will be replaced with a bollard light system to comply with dark skyregulations. This will be done in 2023 and with funds from a special assessment. We recommend funding to replace these fixtures approximately every 16 - 20 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Bollard Lights - Replace

General Notes:

Page 67 of 75

Draft

Comp #: 1690


Best Cost: $460,000



Quantity: (1) Project

Observations:

Research with the client reveals the pole light system will be replaced with a bollard light system to comply with dark skyregulations. We recommend funding to replace these fixtures approximately every 16 - 20 years. Remaining life based on current age.


Estimate to install

Higher estimate

Bollard Lights - Install

General Notes:

Page 68 of 75

Draft

Comp #: 1812


Best Cost: $25,000

Worst Cost: $30,000


Quantity: Extensive Sq.ft.

Observations:

Research with the client reveals landscaping improvements are performed yearly.


Allowance to renovate

Higher allowance

Landscaping & Irrigation System - Renovate

General Notes:

Page 69 of 75

Draft

Comp #: 1902


Best Cost: $13,000

Worst Cost: $17,000


Quantity: (1) Mule

Observations:

The mule is in working condition. We recommend funding to replace this component approximately every 10 - 12 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Mule - Replace

General Notes:

Page 70 of 75

Draft

Comp #: 2002


Best Cost: $15,000

Worst Cost: $16,000

Location: Building Interiors & Exteriors

Quantity: (168) Valves

Observations:

Research with the client reveals this component is in need of replacement, and will be partially replaced each year.


Estimate to replace

Higher estimate

Water Valves - Partial Replace

General Notes:

Page 71 of 75

Draft

Comp #: 2201


Best Cost: $5,000

Worst Cost: $6,000

Location: Pond Area

Quantity: (1) Pond

Observations:

Research with the client reveals this component is partially dredged every 5 years.


Estimate to dredge

Higher estimate

Pond - Partial Dredging

General Notes:

Page 72 of 75

Draft

Comp #: 2203


Best Cost: $6,000

Worst Cost: $8,000

Location: Pond Area

Quantity: (1) Pond

Observations:

The pond aeration system is in working condition. We recommend funding to replace this component approximately every 10 - 15 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Pond Aeration System - Replace

General Notes:

Page 73 of 75

Draft

Comp #: 2304


Best Cost: $180,000


Location: Unit Entrances

Quantity: (180) Doors

Observations:

Research with the client reveals this component will be replaced in 2022. We recommend funding to replace this component approximately every 40 - 50 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Unit Doors - Replace

General Notes:


(130) - Front Doors(50) - Utility Doors

Page 74 of 75

Draft

Comp #: 2306


Best Cost: $25,000

Worst Cost: $30,000


Quantity: (2) Enclosures

Observations:

The dumpster enclosures are in good condition. We recommend funding to replace this component approximately every 20 - 30 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Dumpster Enclosures - Replace

General Notes:

Page 75 of 75

Draft

Glossary of Commonly Used Words And Phrases (Provided by the National Reserve Study Standards of the Community Associations Institute)

Cash Flow Method – A method of developing a reserve funding plan where contributions to the reserve fund are designed to offset the variable annual expenditures from the reserve fund. Different reserve funding plans are tested against the anticipated schedule of reserve expenses until the desired funding goal is achieved.

Component – Also referred to as an “Asset.” Individual line items in the Reserve Study developed or updated in the physical analysis. These elements form the building blocks for the Reserve Study. Components typically are: 1) Association responsibility, 2) with limited useful life expectancies, 3) have predictable remaining life expectancies, 4) above a minimum threshold cost, and 5) required by local codes.

Component Full Funding – When the actual (or projected) cumulative reserve balance for all components is equal to the fully funded balance.

Component Inventory – The task of selecting and quantifying reserve components. This task can be accomplished through on-site visual observations, review of association design and organizational documents, a review of established association precedents, and discussion with appropriate association representatives.

Deficit – An actual (or projected reserve balance), which is less than the fully funded balance.

Effective Age – The difference between useful life and remaining useful life (UL - RUL).

Financial Analysis – The portion of the Reserve Study where current status of the reserves (measured as cash or percent funded) and a recommended reserve contribution rate (reserve funding plan) are derived, and the projected reserve income and expenses over time is presented. The financial analysis is one of the two parts of the Reserve Study.

Fully Funded Balance – An indicator against which the actual (or projected) reserve balance can be compared. The reserve balance that is in direct proportion to the fraction of life “used up” of the current repair or replacement cost of a reserve component. This number is calculated for each component, and then summed together for an association total.

FFB = Current Cost * Effective Age / Useful Life

Fund Status – The status of the reserve fund as compared to an established benchmark, such as percent funded.

Funding Goals – Independent of calculation methodology utilized, the following represent the basic categories of funding plan goals:

• Baseline Funding: Establishing a reserve-funding goal of keeping thereserve balance above zero.

• Component Full Funding: Setting a reserve funding goal of attaining andmaintaining cumulative reserves at or near 100% funded.

• Threshold Funding: Establishing a reserve funding goal of keeping thereserve balance above a specified dollar or percent funded amount.

Funding Plan – An association’s plan to provide income to a reserve fund to offset anticipated expenditures from that fund.

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Funding Principles – • Sufficient funds when required • Stable contributions through the year • Evenly distributed contributions over the years • Fiscally responsible

GSF - Gross Square Feet Life and Valuation Estimates – The task of estimating useful life, remaining useful life, and repair or replacement costs for the reserve components. LF - Linear Feet Percent Funded – The ratio, at a particular point in time (typically the beginning of the fiscal year), of the actual (or projected) reserve balance to the ideal fund balance, expressed as a percentage. Physical Analysis – The portion of the Reserve Study where the component evaluation, condition assessment, and life and valuation estimate tasks are performed. This represents one of the two parts of the Reserve Study. Remaining Useful Life (RUL) – Also referred to as “remaining life” (RL). The estimated time, in years, that a reserve component can be expected to continue to serve its intended function. Projects anticipated to occur in the current fiscal year have a “0” remaining useful life. Replacement Cost – The cost of replacing, repairing, or restoring a reserve component to its original functional condition. The current replacement cost would be the cost to replace, repair, or restore the component during that particular year. Reserve Balance – Actual or projected funds as of a particular point in time (typically the beginning of the fiscal year) that the association has identified for use to defray the future repair or replacement of those major components that the association is obligated to maintain. Also known as “reserves,” “reserve accounts,” or “cash reserves.” In this report the reserve balance is based upon information provided and is not audited. Reserve Study – A budget-planning tool, which identifies the current status of the reserve fund and a stable and equitable funding plan to offset the anticipated future major common area expenditures. The Reserve Study consists of two parts: The Physical Analysis and the Financial Analysis. Special Assessment – An assessment levied on the members of an association in addition to regular assessments. Governing documents or local statutes often regulate special assessments. Surplus – An actual (or projected) reserve balance that is greater than the fully funded balance. Useful Life (UL) – Also known as “life expectancy.” The estimated time, in years, that a reserve component can be expected to serve its intended function if properly constructed and maintained in its present application of installation.

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Documents

Level 2 Reserve Study...Draft. 1 Executive Summary – Hidden Creek HOA - ID # 18291 ... There is a misconception that a Reserve Study is good for an extended period of time since