(Questions? Please feel free to send your comments and questions to Ellen Bollinger, Secretary so they can be compiled into a list we can address at the meeting.  ewbollinger@hotmail.com (703) 772-4289)

The HOA Board is inviting you to a meeting to discuss the results of a Reserve study done for our community.

Why a Reserve Study:

The HOA board is concerned about the future of our neighborhood and adequately meeting our annual cash flow requirements for the maintenance or replacement of all community reserve items.  These obligations include our everyday operating budget and the upkeep of our community assets (clubhouse, pool, playground, common areas, etc).  These assets are now 20 years old and some of the work has been deferred.  In the past dues were raised or special assessments were made to meet our obligations.

What is a Reserve Study:

A Reserve Study is used as a financial planning tool to assist in developing a financial plan for the future.  In order to preserve property values it is necessary to repair or replace major common area components such as roofs, buildings, parking areas, drainage areas, playground equipment, pool, etc.  The study lists our physical assets, estimates their life expectancies and when costs for fixing or replacing them will occur over a 30 year time frame.   This results in a 30 year financial need projection.

When Reserve Study done:

At the November 2021 HOA meeting approval was given to hire an independent third party company experienced in doing Reserve Studies.  The HOA board considered 3 companies and picked the one that most suited our needs, Global Solution Partners.  The final draft of the study was received March 15, 2022.

The total Reserve Study is attachment A.

Operating Budget:

The Reserve Study addresses the community’s physical assets, not the everyday operating expenses reflected in the 2022 Budget (attachment B).    There is little to no overlap in our annual budget and the costs in the Reserve Study.

Questions?

Please feel free to send your comments and questions to Ellen Bollinger, Secretary so they can be compiled into a list we can address at the meeting.