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12/15/2011 - Saving for Reserves

At the budget meetings held on on 12/14/2011, a majority of townhome and condo voters separately voted to not include any funding for reserves in the 2012 townhome or condo budgets.

However not everyone was in agreement with the majority vote and a number of homeowners in both associations voted for the funding of partial reserves for the painting of the townhomes and condos in 2013/2014.

That said, if you want to put away money on a monthly basis now instead of paying a lump sum in 2013, you can do this by simply increasing the amount you pay each month for your monthly assessments by the amount shown in the 24 payments column in the table below.

  Dollars to Paint Lump Sum Payment 24 Payments
Townhomes $80,000 $800.00 $33.33
Condos $86,388 $540.00 $22.50

And if you do pay more each month, the money that accumulates in your account remains yours. So if later you change your mind, you can have the money applied to your next payment(s) or have a check cut to you for the full amount.

What are reserves? Reserves are a "savings account" to fund future maintenance of significant common assets e.g. exterior painting, roofing, plumbing, and electrical repairs/replacement, without having to come back to the homeowners for a special assessment.

Peter Schulz - Editor - Email TCM

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