As shared in September, the Board of Directors engaged The Falcon Group to conduct a Capital Reserve Study and offer recommendations as to the amount of money this HOA should set aside on a yearly basis for the future replacement or major refurbishment of our commonly owned elements. The analysis and recommendations are important to help avoid possible future special assessments of individual unit owners.
If you wish, you may read the results of this Study here: Capital Reserve Fund Analysis
The Board of Directors have voted to adopt the recommendations in the Capital Reserve Fund Analysis, which are to set aside approximately $7,250 each year for the next 3 years into a special account created for this purpose. The HOA has the money available to fund this new account and so is able to do so without any increase in the monthly dues paid by homeowners.
These funds will be used to make any needed repairs to commonly owned elements (such as Common Area sidewalks or trees), and the used funds will be replenished each year up to a maximum amount in the account of about $22,000.
If you have any questions, feel free to contact us at email@example.com.
Buttonwood Crossing HOA Board of Directors