Reserve Study Presentation, Saturday, November 2nd, 2013
At the end of this summer, the Association engaged Ray Engineering, Inc. to perform a Reserve Study of the Overlook Condominium. A Reserve Study is a budget-planning tool that identifies the current status of the reserve fund and makes recommendations regarding a funding plan to offset anticipated major future expenditures.
The purpose and timing of this review was to give those of us charged with overseeing the maintenance of the property a better idea of what large ticket expenses to expect and when to expect them. This knowledge allows us to create a budget that more accurately determines what each owner’s contribution needs to be in order to offset the future deterioration of our capitol components. In addition, the Reserve Study provides an important disclosure about our level of preparedness to meet these future expenses, both to Association members and prospective buyers alike.The reserve study is roughly 50 pages long and therefore, we will not be mailing out individual paper copies. Please find a copy at the following link.
The November 2nd meeting will be informal, allowing us to present and discuss the Reserve Study findings. There will be no voting, no quorum requirements, no sign in sheets, and no proxies. That being said, we will be sharing information about the physical condition of our individual capital components, as well as discussing costs that will directly affect all annual budgets going forward. We hope you can attend.