Embedded Files
In accordance with Colorado law and with our Policy on Reserve Requirements we update our forecast of Reserve Requirements each year, during the budget formulation process.
Our reserve requirements forecasting goes out 30 years, and includes large expenses like roof replacement, painting, resurfacing of the roads, concrete, etc.
To ensure that we are staying abreast of best practices, from time to time the Board commissions an outside engineering firm to conduct a formal Reserve study.
This has been done 3 times since the inception of the Villas.
The board doesn't always choose to follow every recommendation of the external reserve forecast. The outside engineering firms forecast obsolescence of elements which we doubt we will replace (e.g. the mailboxes in the kiosk), and following their recommendations exactly would require us to double our dues. But their input helps to ensure we aren't forgetting things.
Page updated
Report abuse