FY2024 Association Budget
Operating funds and reserve funds are the two main types of accounts in our HOA. While our Operating account is for our day-to-day operations of the Association, comparable to a checking account, the Reserve Fund (sometimes referred to as simply “reserves”) is the Association’s “savings account” for future, major repairs/replacements of Association assets and property. Reserve monies are meant to prevent the need for potentially costly special assessments and are mandated by the FL Statute in many situations, including ours. An impartial third-party specialist updates our reserve studies on a regular basis to ascertain the remaining life and replacement costs of assets and capital expenditures, which in turn form the basis of our reserves. In accordance with the mandated 30-year plan for expected expenditures, the Board has developed a financing strategy to finance our reserve funds completely. We think this is the greatest way to secure our community’s financial future and to drastically cut down on unforeseen special assessments, which can be unfair to our neighbors and often lead to the postponement or cancellation of much-needed repairs, which drives up the final bill.