Back in September, the HHA Board commissioned a reserve fund study through Reserve Advisors.
The goal of the study was to inventory our common elements and provide a maintenance cost projection for the next 30 years. Common elements with major maintenance requirements that must be budgeted include our roads, the pool, the clubhouse, and also our playground, pond, and tennis/basketball/hockey courts.
Other elements that must be funded for the townhouses include the street lights, dumpster enclosures, mailbox kiosk and retaining walls.
The link to our reserve fund study report is below. We recommend that you read some background material on HOA reserve funds and reserve fund studies to assist with understanding the report. We plan to present and discuss the reserve fund study at a future Open board meeting.
Reserve Fund vs Operating Fund – What is a reserve fund used for?