SCT RESERVE CONSULTANTS, INC. P.O. BOX TEMECULA, CA
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1 SCT RESERVE CONSULTANTS, INC. P.O. BOX TEMECULA, CA PHONE (951) FAX (951) March 24, 2015 Job L3 St. Tropez Villas I, Incorporated c/o Maryellen Hill & Associates 1111 Tahquitz Canyon Way, Suite 120 Palm Springs, CA Attn: Ms. Cindy Anderson Subject: Year 2016 Level III Reserve Study Dear Ms. Anderson, SCT Reserve Consultants, Inc. is pleased to submit this 2016 Level III Reserve Study. There are two summary sections (starting at pages 4 and 5) that are required to be included in the Association s year-end mailing to the membership. They are the Reserve Summary and the Assessment and Reserve Funding Disclosure Summary. They are to be mailed 30 to 90 days prior to the Association s year-end. These pages will satisfy the current California Civil Code requirements for homeowner disclosure. The Year 2016 Reserve Budget table of this report is AICPA approved; this may be included in the mailing but is generally not required. Check with legal counsel for greater clarification. We appreciate the opportunity to provide our professional services. Should you have any need for clarification please contact me at (951) Sincerely, Michael C. Graves, R.S. # SCT Reserve Consultants, Inc. are affiliated with & &
2 Year 2016 Level III Reserve Study (Financial Update Report) For ST. TROPEZ VILLAS I, INCORPORATED Version 1 c/o Maryellen Hill & Associates 1111 Tahquitz Canyon Way, Suite 120 Palm Springs, CA Attn: Ms. Cindy Anderson SCT RESERVE CONSULTANTS, INC. P.O. Box TEMECULA, CALIFORNIA COPYRIGHT 2014 SCT, ALL RIGHTS RESERVED 2SCT Reserve Consultants, Inc. are affiliated with & &
3 Section Table of Contents Page Reserve Summary... 4 Assessment and Reserve Funding Disclosure Summary... 5 Summary... 7 Year 2016 Reserve Budget... 9 Component Identification Report Component Chart Cash Flow and Percent Funded Projections Cash Flow and Percent Funded Chart Year Expenditure and Cash Flow Projection Personal Credentials Disclosure Statements Definition of Terms California Civil Code (Selected Sections)
4 Reserve Summary (As required by California Civil Code Section 5565) ST. TROPEZ VILLAS I, INCORPORATED SCT Reserve Consultants, Inc. is pleased to provide this Level III Reserve Study (Financial Update Report). In order to comply with the California Civil Code, specifically the Davis-Stirling Common Interest Development Act, Section 5565, we are providing the following information to the Homeowners within the ST. TROPEZ VILLAS I, INCORPORATED. The following study has been prepared with several assumed factors taken into account: a 3.00% inflation rate; a 1.00% return on investment (interest earned); taxes on interest earned is paid for through the operating fund; an estimated remaining life of each reserve component; and an estimated current replacement cost of each reserve component. As of June 30, 2015, the estimated ending reserve fund balance is $182,000 and the estimated current replacement cost is $1,377,900 for the portfolio of reserve components. The projected future replacement cost of the portfolio is $2,081,740, calculated at an annually compounded inflation rate of 3.00%. The Association s level of funding which is based upon the estimated ending reserve fund balance divided by the reserve components fully funded amount is 25.03%. This is referred to as Percent Funded. The Association would be % funded if there were $727, in the reserve fund. The current deficiency (or surplus if the number is in parenthesis) in reserve funding expressed on a per unit basis is $8, This is calculated by subtracting the ending balance ($182,000) from the 100% funded figure ($727,244.00), then divided by the number of ownership interests (64). There is currently no requirement to be fully funded. Our original analysis of the cash flow for this association indicated future inadequate funding if there were no annual increases to the Reserves. It is our understanding the Board of Directors will allocate a total of $9,451 starting in 2016 ($ per unit per month for each of the 64 ownership interests) per month towards the reserve fund. To offset the future cash shortfall we recommend and have included an increase of 1.93% starting in 2017 for 29 years. The increase is scheduled to take effect in the year The Board of Directors may change the amount; however, it will impact the level of funding on reserves. These numbers, by themselves, are not a clear indicator of financial strength and could indicate underfunding, overfunding, or adequate funding. The following table represents additionally required information pursuant to the Davis-Stirling Common Interest Development Act, Section Fiscal Year: July 1, 2015 through June 30, 2016 Category Remaining Useful Lives Current Fund Balance on Jun 30, 2015 Reserve Allocation Special Assessment Allocation Interest Access System 1 to 4 $19,250 $3,030 $1, $0.00 $27.41 Asphalt & Concrete 0 to 16 $166,778 $30,326 $18, $0.00 $ Electrical/Lights 3 to 19 $51,700 $4,260 $2, $0.00 $38.53 Fence/Gates/Walls 7 to 14 $76,240 $7,947 $4, $0.00 $71.88 Landscape & Irrigation 1 to 19 $30,400 $2,113 $1, $0.00 $19.11 Mailboxes 10 to 24 $11,118 $580 $ $0.00 $5.25 Paint 0 to 9 $138,390 $24,113 $15, $0.00 $ Pool & Spa 1 0 to 28 $47,515 $10,960 $6, $0.00 $99.13 Pool & Spa 2 0 to 28 $45,720 $14,802 $9, $0.00 $ Pool & Spa 3 0 to 28 $47,320 $10,860 $6, $0.00 $98.22 Pool & Spa 4 0 to 28 $47,885 $8,616 $5, $0.00 $77.93 Pool Furniture 1 to 12 $23,070 $2,527 $1, $0.00 $22.86 Roof, Elastomeric Coating 2 to 14 $171,120 $9,541 $5, $0.00 $86.30 Roof, Polyurethane Foam 13 to 31 $441,600 $44,198 $27, $0.00 $ Roof, Tile/Underlayment 6 to 8 $42,000 $6,227 $3, $0.00 $56.32 Signage 7 to 18 $6,400 $489 $ $0.00 $4.43 Tennis Courts 0 to 5 $11,394 $1,410 $ $0.00 $12.76 Totals: $1,377,900 $182,000 $113,412 $0 $1,646 The complete reserve study is available by request from the Association. 44
5 Assessment and Reserve Funding Disclosure Summary For the Fiscal Year Ending June 30, 2016 (As illustrated by California Civil Code Section 5570(a)) (1) The regular assessment per ownership interest is $ per month, of which approximately $ is allocated to reserves. Note: If assessments vary by the size or type of ownership interest, the assessment applicable to this ownership interest may be found on the following page of the attached summary. NOT APPLICABLE (2) Additional regular or special assessments that have already been scheduled to be imposed or charged, regardless of the purpose, if they have been approved by the board and/or members: SEE ANSWER BELOW TO QUESTION #4 WHICH SUGGESTS THERE WILL BE INCREASES IN REGULAR ASSESSMENTS FOR RESERVE FUNDING. Date assessment will be due: Amount per ownership interest per month or year: Purpose of the assessment: (Intentionally left blank) (Intentionally left blank) (Intentionally left blank) Note: If assessments vary by the size or type of ownership interest, the assessment applicable to this ownership interest may be found on the following page of the attached summary. NOT APPLICABLE (3) Based upon the most recent reserve study and other information available to the board of directors, will currently projected reserve account balances be sufficient at the end of each year to meet the association's obligation for repair and/or replacement of major components during the next 30 years? Yes X No X Yes, if the Association follows the recommended future reserve contribution increases as outlined in the reserve study and disclosed in the table of question (4) with consideration to the note below*. No, if the Association does not follow the recommended future reserve contribution increases as outlined in the reserve study and disclosed in the table of question (4) with consideration to the note below*. *Note: The information contained within the reserve study includes estimates of replacement value and life expectancies of the components and includes assumptions regarding future events based on information provided by and supplied to the Association s Board of Directors and/or management. Some assumptions inevitably will not materialize and unanticipated events and circumstances may occur subsequent to the data of this disclosure summary. Therefore, the actual replacement cost and remaining life may vary from the reserve study and the variation may be significant. Additionally, inflation and other economic events may impact the reserve study, particularly over a thirty (30) year period of time which could impact the accuracy of the reserve study and the funds available to meet the association s obligation for repair and/or replacement of major components during the next thirty (30) years. Furthermore, the occurrence of vandalism, severe weather conditions, earthquakes, floods or other acts of God cannot be accounted for and are excluded when assessing life expectancy of the components. The reserve study only includes items that the Association has a clear and express responsibility to maintain, pursuant to the Association s CC&Rs. (4) If the answer to (3) is No, what additional assessments or other contributions to reserves would be necessary to ensure that sufficient reserve funds will be available each year during the next 30 years that have not yet been approved by the Board or the members? Approximate date assessment(s) will be due: Amount per ownership interest per month: 1.93% starting in 2017 for 29 years (Current amount) X (the increases) (5) All major components are included in the reserve study and are included in its calculations. (6) Based on the method of calculation in paragraph (4) of subdivision (b) of Section 5550, the estimated amount required in the reserve fund at the end of the current fiscal year is $724,145.23, as of June 30, 2016, based in whole or in part on the last reserve study or update prepared by SCT RESERVE CONSULTANTS, INC. The projected reserve fund cash balance at the end of the current fiscal year is $219,046.18, resulting in reserves being 30.25% percent funded at this date. If an alternate, but generally accepted, method of calculation is also used, the required amount is $78,012. (See explanation below). Explanation: Cash Flow Methodology - a method of developing a reserve funding plan where contributions to the reserve fund are designed to offset the variable annual expenditures from the reserve fund. Different reserve funding plans are tested against the anticipated schedule of reserve expenses until the desired funding goal is achieved. SCT Reserve Consultants, Inc. 5
6 Assessment and Reserve Funding Disclosure Summary For the Fiscal Year Ending June 30, 2016 (As illustrated by California Civil Code Section 5570(a)) 7) See below: 30-Year Reserve Funding Plan Table Based on the method of calculation in paragraph (4) of subdivision (b) of Section 5550 of the Civil Code, the estimated amount required in the reserve fund at the end of each of the next five budget years is $(see 100% Funded column below), and the projected reserve fund cash balance in each of those years, taking into account only assessments already approved and other known revenues, is $(see Cash Flow Balance with Funding Plan column below), leaving the reserve at (see Percent Funded column below) percent funding. If the reserve funding plan approved by the association is implemented, the projected reserve fund cash balance in each of those years will be $(see Cash Flow Balance with Funding Plan column below), leaving the reserve at (see Percent Funded column below) percent funding. Note: The financial representations set forth in this summary are based on the best estimates of the preparer at that time. The estimates are subject to change. At the time this summary was prepared, the assumed long-term before-tax interest rate earned on reserve funds was 1.00% per year, and the assumed long-term inflation rate to be applied to major component repair and replacement costs was 3.00% per year. 30-Year Reserve Funding Plan Table Fiscal Year: July 01, June 30, 2016 End of Year Revenue Expenditures Year Cash Flow Contribution, Components, 100% Percent Funded Contribution Contribution (Balance with Interest, Taxes, Funded (EOY) Unit/M onth % Cha nge Funding Plan) Spec Assess Deferred Exp 2015 $727,244 $182, % 2016 $724,145 $219, % $115,058 $ $78, $748,774 $285, % $117,881 $ % $51, $768,950 $347, % $120,722 $ % $58, $828,581 $453, % $124,027 $ % $17, $827,895 $493, % $126,754 $ % $87, $844,598 $551, % $129,679 $ % $71, $890,725 $645, % $133,002 $ % $38, $955,693 $765, % $136,627 $ % $16, $953,055 $804, % $139,535 $ % $100, $879,035 $741, % $141,488 $ % $204, $872,496 $768, % $144,313 $ % $116, $914,884 $858, % $147,822 $ % $57, $902,412 $877, % $150,723 $ % $132, $778,993 $712, % $151,898 $ % $316, $795,779 $747, % $154,957 $ % $119, $852,595 $853, % $158,829 $ % $52, $717,453 $658, % $159,917 $ % $354, $780,395 $767, % $163,835 $ % $54, $830,364 $862, % $167,803 $ % $72, $799,505 $796, % $170,290 $ % $235, $813,134 $849, % $173,896 $ % $121, $916,104 $1,014, % $178,682 $ % $13, $1,021,378 $1,185, % $183,645 $ % $11, $998,958 $1,131, % $186,515 $ % $240, $1,035,657 $1,210, % $190,630 $ % $111, $1,074,351 $1,290, % $194,871 $ % $115, $1,057,831 $1,259, % $198,125 $ % $228, $1,063,359 $1,241, % $201,521 $ % $219, $967,078 $1,078, % $203,611 $ % $366, $906,846 $913, % $205,685 $ % $371, Year Sum: $4,772,342 $4,041,246 SCT Reserve Consultants, Inc. 6
7 SCT Reserve Consultants, Inc. Job No L3 Page 7 of 41 Summary In accordance with our proposal, , SCT Reserve Consultants, Inc. is pleased to provide this Level III Reserve Study Financial Update Report for ST. TROPEZ VILLAS I, INCORPORATED. Our study was performed in accordance with the Davis-Stirling Common Interest Development Act, specifically 5550, of the California Civil Code. This report included a site inspection on February 27 & March 10, This condominium common interest development (CID) is located at Alejo Road & Rio Vista Drive, Palm Springs, California, Thomas Map page RC-786-E1. We are using an inception date for the components of July 1, This study is for July 1, 2015 through June 30, 2016, the Association s fiscal year. In general, reserve funds are funds set aside from collected association fees paid by owners of a common interest development. These funds earn interest and are disbursed when deemed necessary by the Board of Directors. The purpose of a reserve study is to determine how much money should exist in a reserve fund at a given point in time or to project required future contributions and expenditure amounts so that sufficient reserve funds are available when needed. Our reserve study is generated using proprietary SCT software and a combination of local industry standards and national average replacement costs. The SCT software utilizes the weighted average life (WAL) of the reserve components. The future cost method for the WAL is calculated by using the current replacement cost of each component, as of the analysis date, and the number of years until each reserve component is scheduled to be replaced. This determines the monthly reserve contributions needed and calculates the future reserve balances. A 30-year Cash Flow and Percent Funded Projection analysis and Graph are produced to verify and define the relationship of the Cash Flow (annual beginning balance) with respect to the 100% funded amount. Ideally, the Cash Flow line of the graph should run parallel to and below the Percent Funded line of the graph, see funding goals. The following study has been prepared with several assumed factors taken into account: 3.00% inflation rate; a 1.00% return on investment (interest earned); taxes on interest earned is paid for through the operating fund; an estimated remaining life of each reserve component; and an estimated current replacement cost of each reserve component. Typically, any component that has a life cycle (full life) of less than two years should be budgeted and paid for through normal operating or property maintenance funds and is not included as part of this study. The current deficiency (or surplus if the number is in parenthesis) in reserve funding expressed on a per unit basis is $8, This is calculated by subtracting the ending balance ($182,000) from the 100% funded figure ($727,244.00), then divided by the number of ownership interests (64). There is currently no requirement to be fully funded.
8 SCT Reserve Consultants, Inc. Job No L3 Page 8 of 41 Summary As of July 1, 2015, the estimated reserve fund balance is $182,000 and the estimated current replacement cost is $1,377,900 of the portfolio of reserve components. The projected future replacement cost of the portfolio is $2,081,740, calculated at an annually compounded inflation rate of 3.00%. The Davis-Stirling Common Interest Development Act requires the disclosure of the current reserve fund balance divided by the current replacement cost (this is not Percent Funded). Currently, this factor for ST. TROPEZ VILLAS I, INCORPORATED is 13.21%. The Association s level of funding for the fiscal year (July 1, 2015 through June 30, 2016) which is based upon the final estimated reserve fund balance divided by the reserve components fully funded amount is 30.25%, and is referred to as Percent Funded. The Association would be % funded if there were $724, in the reserve fund. Our original analysis of the cash flow for this association indicated future inadequate funding (see the graph, the square box and/or pink line ). This line represents the cash flow if there were no annual increases to the Reserves. It is our understanding the Board of Directors will allocate a total of $9,451 starting in 2016 ($ per unit per month for each of the 64 ownership interests) per month towards the reserve fund. To offset the future cash shortfall we recommend and have included an increase of 1.93% starting in 2017 for 29 years. The increase is scheduled to take effect in the year The Board of Directors may raise or lower this amount, however, it will impact the level of funding on reserves. These numbers, by themselves, are not a clear indicator of financial strength and could indicate underfunding, overfunding, or adequate funding. Sincerely, Michael C. Graves, R.S. #00039 SCT Reserve Consultants, Inc.
9 SCT Reserve Consultants, Inc. Job No L3 Page 9 of 41 Categories 100% Funded Jun 30, 2016 Percent Funded Jun 30, 2016 Year 2016 Reserve Budget (AICPA Approved) Beginning Balance Jul 01, 2015 Annual Reserve Allocation Monthly Reserve Allocation Special Assessment Allocation Annual Interest Allocation Expenditure Ending Balance Jun 30, 2016 Access System $16, % $3, $1, $ $0.00 $27.41 $0.00 $4, Asphalt & Concrete $97, % $30, $18, $1, $0.00 $ $20, $29, Electrical/Lights $22, % $4, $2, $ $0.00 $38.53 $0.00 $6, Fence/Gates/Walls $42, % $7, $4, $ $0.00 $71.88 $0.00 $12, Landscape & Irrigation $11, % $2, $1, $ $0.00 $19.11 $0.00 $3, Mailboxes $3, % $ $ $30.12 $0.00 $5.25 $0.00 $ Paint $77, % $24, $15, $1, $0.00 $ $15, $23, Pool & Spa 1 $28, % $10, $6, $ $0.00 $99.13 $9, $8, Pool & Spa 2 $19, % $14, $9, $ $0.00 $ $18, $5, Pool & Spa 3 $28, % $10, $6, $ $0.00 $98.22 $8, $8, Pool & Spa 4 $31, % $8, $5, $ $0.00 $77.93 $4, $9, Pool Furniture $13, % $2, $1, $ $0.00 $22.86 $0.00 $4, Roof, Elastomeric Coating $51, % $9, $5, $ $0.00 $86.30 $0.00 $15, Roof, Polyurethane Foam $238, % $44, $27, $2, $0.00 $ $0.00 $72, Roof, Tile/Underlayment $33, % $6, $3, $ $0.00 $56.32 $0.00 $10, Signage $2, % $ $ $25.41 $0.00 $4.43 $0.00 $ Tennis Courts $3, % $1, $ $73.23 $0.00 $12.76 $1, $1, Totals: $724, % $182, $113, $9, $0.00 $1, $78, $219,
10 SCT Reserve Consultants, Inc. Job No L3 Page 10 of 41 Component Identification Report Identified Major Components Quantity Measurement Basis Full Life Remaining Life Basis Current Future (3% inflation) Straight Line Allocation (Annual) 100% Funded Jul 01, 2015 Access System Card readers 3 Each 12 3 $ $2,250 $2,459 $188 $1,688 Gate operators 2 Each 10 3 $3, $7,000 $7,649 $700 $4,900 Loop systems 2 Each 16 4 $3, $6,000 $6,753 $375 $4,500 Phone directory 1 Each 12 1 $4, $4,000 $4,120 $333 $3,667 Subtotal: $19,250 $20,981 $1,596 $14,755 Asphalt & Concrete Asphalt, repair/overlay/r&r 8,000 Square Feet 36 8 $2.50 $20,000 $25,335 $556 $15,556 Asphalt, repair/overlay/r&r 40,000 Square Feet $2.50 $100,000 $160,471 $2,778 $55,556 Asphalt, seal/stripe/repair/crack fill 48,000 Square Feet 4 0 $0.18 $8,640 $8,640 $2,160 $8,640 Asphalt, slurry seal 48,000 Square Feet 12 4 $0.40 $19,200 $21,610 $1,600 $12,800 Concrete collars, manhole 4 Each $ $3,000 $4,032 $83 $2,167 Concrete collars, valve 2 Each 36 0 $ $700 $700 $19 $700 Concrete collars, valve 13 Each $ $4,550 $7,301 $126 $2,528 Concrete, driveway repairs 64 Each 15 0 $ $6,400 $6,400 $427 $6,400 Concrete, sidewalk repairs 536 Square Feet 4 0 $8.00 $4,288 $4,288 $1,072 $4,288 Subtotal: $166,778 $238,777 $8,821 $108,635 Electrical/Lights Globe fixtures 6' 22 Each 24 4 $ $6,600 $7,428 $275 $5,500 Globe fixtures 6' 22 Each 24 8 $ $6,600 $8,361 $275 $4,400 Globe fixtures 6' 22 Each $ $6,600 $9,410 $275 $3,300 Landscape fixtures 20 Each 15 3 $65.00 $1,300 $1,421 $87 $1,040 Landscape fixtures 20 Each 15 5 $65.00 $1,300 $1,507 $87 $867 Landscape fixtures 20 Each 15 7 $65.00 $1,300 $1,599 $87 $693 Tennis Court fixtures w/electrical panel 15 Each $1, $17,000 $29,810 $850 $850 Tennis Court poles 11 Each $1, $11,000 $19,289 $367 $4,033 Subtotal: $51,700 $78,825 $2,303 $20,683
11 SCT Reserve Consultants, Inc. Job No L3 Page 11 of 41 Component Identification Report Identified Major Components Quantity Measurement Basis Full Life Remaining Life Basis Current Future (3% inflation) Straight Line Allocation (Annual) 100% Funded Jul 01, 2015 Fence/Gates/Walls Fence, chainlink 10' Tennis Courts 560 Linear Feet $25.00 $14,000 $21,176 $467 $7,467 Fence, metal 4' Pool Linear Feet $35.00 $10,395 $13,970 $433 $6,064 Fence, metal 4' Pool Linear Feet $35.00 $9,590 $13,275 $400 $5,195 Fence, metal 4' Pool Linear Feet $35.00 $9,065 $12,925 $378 $4,532 Fence, metal 4' Pool Linear Feet $35.00 $9,590 $14,083 $400 $4,395 Fence, metal, 4' perimeter 250 Linear Feet $35.00 $8,750 $11,759 $365 $5,104 Gate, metal, pedestrian 1 Each $ $650 $927 $32 $260 Gate, metal, trash enclosures 4 Each 20 8 $ $1,200 $1,520 $60 $720 Gates, metal, vehicle, emergency 2 Each $2, $4,000 $6,050 $143 $2,000 Gates, metal, vehicle, main 2 Each $3, $6,400 $9,681 $229 $3,200 Walls, repair (1%) 2,600 Linear Feet 10 7 $1.00 $2,600 $3,198 $260 $780 Subtotal: $76,240 $108,564 $3,167 $39,717 Landscape & Irrigation Backflow valve, 1-inch 1 Each 20 6 $1, $1,000 $1,194 $50 $700 Backflow valves, 1.5-inch 2 Each 20 6 $1, $3,000 $3,582 $150 $2,100 Backflow valves, 2-inch 2 Each 20 6 $1, $3,600 $4,299 $180 $2,520 Controllers 1 Each 12 1 $1, $1,200 $1,236 $100 $1,100 Controllers 3 Each 12 4 $1, $3,600 $4,052 $300 $2,400 Desertscape 1 Lump Sum $18, $18,000 $31,563 $900 $900 Subtotal: $30,400 $45,926 $1,680 $9,720 Mailboxes Mailbox kiosks, R&R 2 Each $2, $4,000 $5,376 $160 $2,400 Mailboxes 12 Each $ $7,118 $14,470 $285 $285 Subtotal: $11,118 $19,846 $445 $2,685 Paint Buildings & exterior walls, stucco 150,000 Square Feet 20 9 $0.80 $120,000 $156,573 $6,000 $66,000
12 SCT Reserve Consultants, Inc. Job No L3 Page 12 of 41 Component Identification Report Identified Major Components Quantity Measurement Basis Full Life Remaining Life Basis Current Future (3% inflation) Straight Line Allocation (Annual) 100% Funded Jul 01, 2015 Buildings, trim/doors 64 Each 4 0 $75.00 $4,800 $4,800 $1,200 $4,800 Fence, metal 4' perimeter 250 Linear Feet 4 0 $5.00 $1,250 $1,250 $312 $1,250 Fence, metal 4' Pools 1,104 Linear Feet 4 0 $5.00 $5,520 $5,520 $1,380 $5,520 Gates, metal, vehicle 4 Each 6 1 $ $600 $618 $100 $500 Pool areas, stucco 4 Each 10 0 $ $2,400 $2,400 $240 $2,400 Tennis Court, retaining wall 1,920 Square Feet 8 3 $1.00 $1,920 $2,098 $240 $1,200 Trash areas/street signs 1 Lump Sum 4 0 $1, $1,900 $1,900 $475 $1,900 Subtotal: $138,390 $175,159 $9,947 $83,570 Pool & Spa 1 Deck coating (on concrete) 2,500 Square Feet 5 0 $2.00 $5,000 $5,000 $1,000 $5,000 Deck shade structure, alumi-wood 600 Square Feet $11.50 $6,900 $15,787 $230 $460 Deck skimmers 2 Each 15 0 $1, $3,600 $3,600 $240 $3,600 Pool filter 1 Each 12 4 $1, $1,300 $1,463 $108 $867 Pool handrail 1 Each 10 0 $ $750 $750 $75 $750 Pool heater 1 Each 8 4 $3, $3,000 $3,377 $375 $1,500 Pool pumpset, SVRS 1 Each 8 2 $1, $1,700 $1,804 $212 $1,275 Pool resurface 135 Linear Feet 12 1 $75.00 $10,125 $10,429 $844 $9,281 Pool tile/coping 135 Linear Feet 24 1 $20.00 $2,700 $2,781 $112 $2,588 Spa blower 1 Each 10 2 $ $500 $530 $50 $400 Spa filter 1 Each 10 8 $1, $1,200 $1,520 $120 $240 Spa handrail 1 Each 10 7 $ $650 $799 $65 $195 Spa heater 1 Each 8 2 $2, $2,850 $3,024 $356 $2,138 Spa pumpset, circulation, SVRS 1 Each 8 2 $1, $1,700 $1,804 $212 $1,275 Spa pumpset, jet, SVRS 1 Each 8 2 $1, $1,700 $1,804 $212 $1,275 Spa resurface 32 Linear Feet 8 4 $ $3,200 $3,602 $400 $1,600 Spa tile/coping 32 Linear Feet 16 4 $20.00 $640 $720 $40 $480 Subtotal: $47,515 $58,794 $4,651 $32,924
13 SCT Reserve Consultants, Inc. Job No L3 Page 13 of 41 Component Identification Report Identified Major Components Quantity Measurement Basis Full Life Remaining Life Basis Current Future (3% inflation) Straight Line Allocation (Annual) 100% Funded Jul 01, 2015 Pool & Spa 2 Deck coating (on concrete) 2,350 Square Feet 5 0 $2.00 $4,700 $4,700 $940 $4,700 Deck shade structure, alumi-wood 600 Square Feet $11.50 $6,900 $15,787 $230 $460 Deck skimmer 1 Each 15 0 $1, $1,800 $1,800 $120 $1,800 Deck skimmer 1 Each 15 4 $1, $1,800 $2,026 $120 $1,320 Pool filter 1 Each 12 1 $1, $1,300 $1,339 $108 $1,192 Pool handrail 1 Each 10 4 $ $750 $844 $75 $450 Pool heater 1 Each 8 2 $3, $3,000 $3,183 $375 $2,250 Pool pumpset, SVRS 1 Each 8 2 $1, $1,700 $1,804 $212 $1,275 Pool resurface 118 Linear Feet 12 0 $75.00 $8,850 $8,850 $738 $8,850 Pool tile/coping 118 Linear Feet 24 0 $20.00 $2,360 $2,360 $98 $2,360 Spa blower 1 Each 10 0 $ $500 $500 $50 $500 Spa filter 1 Each 10 1 $1, $1,200 $1,236 $120 $1,080 Spa handrail 1 Each 10 5 $ $650 $754 $65 $325 Spa heater 1 Each 8 2 $2, $2,850 $3,024 $356 $2,138 Spa pumpset, circulation, SVRS 1 Each 8 2 $1, $1,700 $1,804 $212 $1,275 Spa pumpset, jet, SVRS 1 Each 8 2 $1, $1,700 $1,804 $212 $1,275 Spa resurface 33 Each 8 4 $ $3,300 $3,714 $412 $1,650 Spa tile/coping 33 Linear Feet 16 4 $20.00 $660 $743 $41 $495 Subtotal: $45,720 $56,272 $4,484 $33,395 Pool & Spa 3 Deck coating (on concrete) 2,250 Square Feet 5 0 $2.00 $4,500 $4,500 $900 $4,500 Deck shade structure, alumi-wood 600 Square Feet $11.50 $6,900 $15,787 $230 $460 Deck skimmers 1 Each 15 1 $1, $1,800 $1,854 $120 $1,680 Deck skimmers 2 Each 15 9 $1, $3,600 $4,697 $240 $1,440 Pool filter 1 Each 12 2 $1, $1,300 $1,379 $108 $1,083 Pool handrail 1 Each 10 2 $ $750 $796 $75 $600
14 SCT Reserve Consultants, Inc. Job No L3 Page 14 of 41 Component Identification Report Identified Major Components Quantity Measurement Basis Full Life Remaining Life Basis Current Future (3% inflation) Straight Line Allocation (Annual) 100% Funded Jul 01, 2015 Pool heater 1 Each 8 2 $3, $3,000 $3,183 $375 $2,250 Pool pumpset, SVRS 1 Each 8 2 $1, $1,700 $1,804 $212 $1,275 Pool resurface 118 Linear Feet 12 1 $75.00 $8,850 $9,116 $738 $8,112 Pool tile/coping 118 Linear Feet 24 1 $20.00 $2,360 $2,431 $98 $2,262 Spa blower 1 Each 10 0 $ $500 $500 $50 $500 Spa filter 1 Each 10 4 $1, $1,200 $1,351 $120 $720 Spa handrail 1 Each 10 7 $ $650 $799 $65 $195 Spa heater 1 Each 8 3 $2, $2,850 $3,114 $356 $1,781 Spa pumpset, circulation, SVRS 1 Each 8 2 $1, $1,700 $1,804 $212 $1,275 Spa pumpset, jet, SVRS 1 Each 8 2 $1, $1,700 $1,804 $212 $1,275 Spa resurface 33 Linear Feet 8 0 $ $3,300 $3,300 $412 $3,300 Spa tile/coping 33 Linear Feet 16 0 $20.00 $660 $660 $41 $660 Subtotal: $47,320 $58,879 $4,564 $33,368 Pool & Spa 4 Deck coating (on concrete) 2,200 Square Feet 5 0 $2.00 $4,400 $4,400 $880 $4,400 Deck shade structure, alumi-wood 600 Square Feet $11.50 $6,900 $15,787 $230 $460 Deck skimmers 3 Each 15 1 $1, $5,400 $5,562 $360 $5,040 Pool filter 1 Each 12 1 $1, $1,300 $1,339 $108 $1,192 Pool handrail 1 Each 10 1 $ $750 $772 $75 $675 Pool heater 1 Each 8 2 $3, $3,000 $3,183 $375 $2,250 Pool pumpset, SVRS 1 Each 8 2 $1, $1,700 $1,804 $212 $1,275 Pool resurface 125 Linear Feet 12 5 $75.00 $9,375 $10,868 $781 $5,469 Pool tile/coping 125 Linear Feet $20.00 $2,500 $4,132 $104 $729 Spa blower 1 Each 10 2 $ $500 $530 $50 $400 Spa filter 1 Each 10 1 $1, $1,200 $1,236 $120 $1,080 Spa handrail 1 Each 10 1 $ $650 $670 $65 $585 Spa heater 1 Each 8 2 $2, $2,850 $3,024 $356 $2,138
15 SCT Reserve Consultants, Inc. Job No L3 Page 15 of 41 Component Identification Report Identified Major Components Quantity Measurement Basis Full Life Remaining Life Basis Current Future (3% inflation) Straight Line Allocation (Annual) 100% Funded Jul 01, 2015 Spa pumpset, circulation, SVRS 1 Each 8 2 $1, $1,700 $1,804 $212 $1,275 Spa pumpset, jet, SVRS 1 Each 8 2 $1, $1,700 $1,804 $212 $1,275 Spa resurface 33 Linear Feet 8 1 $ $3,300 $3,399 $412 $2,888 Spa tile/coping 33 Each 16 1 $20.00 $660 $680 $41 $619 Subtotal: $47,885 $60,994 $4,593 $31,750 Pool Furniture Chairs, replace 14 Each $ $2,100 $2,907 $105 $945 Chairs, replace 15 Each $ $2,250 $3,208 $112 $900 Chairs, restrap 14 Each 5 1 $80.00 $1,120 $1,154 $224 $896 Chairs, restrap 15 Each 5 2 $80.00 $1,200 $1,273 $240 $720 Loungers, replace 20 Each $ $4,500 $6,229 $225 $2,025 Loungers, replace 20 Each $ $4,500 $6,416 $225 $1,800 Loungers, restrap 20 Each 5 1 $95.00 $1,900 $1,957 $380 $1,520 Loungers, restrap 20 Each 5 2 $95.00 $1,900 $2,016 $380 $1,140 Tables, replace 9 Each $ $3,600 $4,983 $180 $1,620 Subtotal: $23,070 $30,143 $2,071 $11,566 Roof, Elastomeric Coating Building 01, Unit Square $ $3,255 $4,923 $232 $0 Building 01, Unit Square $ $2,325 $3,517 $166 $0 Building 01, Unit Square $ $2,325 $3,517 $166 $0 Building 01, Unit Square $ $2,325 $3,414 $166 $166 Building 01, Unit Square $ $2,325 $3,414 $166 $166 Building 01, Unit Square 14 5 $ $3,255 $3,773 $232 $2,092 Building 02, Unit Square $ $3,255 $4,923 $232 $0 Building 02, Unit Square $ $2,325 $3,414 $166 $166 Building 02, Unit Square 14 9 $ $2,325 $3,034 $166 $830 Building 02, Unit Square $ $3,255 $4,923 $232 $0
16 SCT Reserve Consultants, Inc. Job No L3 Page 16 of 41 Component Identification Report Identified Major Components Quantity Measurement Basis Full Life Remaining Life Basis Current Future (3% inflation) Straight Line Allocation (Annual) 100% Funded Jul 01, 2015 Building 03, Unit Square 14 2 $ $3,255 $3,453 $232 $2,790 Building 03, Unit Square 14 5 $ $2,325 $2,695 $166 $1,495 Building 03, Unit Square $ $2,325 $3,517 $166 $0 Building 03, Unit Square 14 2 $ $3,255 $3,453 $232 $2,790 Building 04, Unit Square $ $3,255 $4,641 $232 $465 Building 04, Unit Square $ $3,255 $4,641 $232 $465 Building 05, Unit Square $ $3,255 $4,923 $232 $0 Building 05, Unit Square 14 5 $ $3,255 $3,773 $232 $2,092 Building 06, Unit Square $ $3,255 $4,780 $232 $232 Building 06, Unit Square 14 9 $ $2,325 $3,034 $166 $830 Building 06, Unit Square 14 2 $ $2,325 $2,467 $166 $1,993 Building 06, Unit Square 14 9 $ $3,255 $4,247 $232 $1,162 Building 07, Unit Square $ $3,255 $4,641 $232 $465 Building 07, Unit Square 14 9 $ $2,325 $3,034 $166 $830 Building 07, Unit Square 14 5 $ $2,325 $2,695 $166 $1,495 Building 07, Unit Square 14 9 $ $3,255 $4,247 $232 $1,162 Building 08, Unit Square 14 5 $ $3,255 $3,773 $232 $2,092 Building 08, Unit Square 14 5 $ $2,325 $2,695 $166 $1,495 Building 08, Unit Square 14 9 $ $2,325 $3,034 $166 $830 Building 08, Unit Square $ $2,325 $3,315 $166 $332 Building 08, Unit Square 14 9 $ $2,325 $3,034 $166 $830 Building 08, Unit Square 14 9 $ $3,255 $4,247 $232 $1,162 Building 09, Unit Square $ $3,255 $4,780 $232 $232 Building 09, Unit Square $ $2,325 $3,517 $166 $0 Building 09, Unit Square $ $2,325 $3,414 $166 $166 Building 09, Unit Square $ $3,255 $4,923 $232 $0 Building 10, Unit Square $ $2,325 $3,414 $166 $166 Building 10, Unit Square 14 9 $ $2,325 $3,034 $166 $830
17 SCT Reserve Consultants, Inc. Job No L3 Page 17 of 41 Component Identification Report Identified Major Components Quantity Measurement Basis Full Life Remaining Life Basis Current Future (3% inflation) Straight Line Allocation (Annual) 100% Funded Jul 01, 2015 Building 11, Unit Square 14 9 $ $3,255 $4,247 $232 $1,162 Building 11, Unit Square $ $2,325 $3,414 $166 $166 Building 11, Unit Square $ $2,325 $3,414 $166 $166 Building 11, Unit Square $ $2,325 $3,517 $166 $0 Building 11, Unit Square $ $2,325 $3,414 $166 $166 Building 11, Unit Square 14 5 $ $2,325 $2,695 $166 $1,495 Building 11, Unit Square $ $2,325 $3,414 $166 $166 Building 11, Unit Square $ $3,255 $4,780 $232 $232 Building 12, Unit Square $ $2,325 $3,414 $166 $166 Building 12, Unit Square $ $2,325 $3,414 $166 $166 Building 13, Unit Square $ $3,255 $4,923 $232 $0 Building 13, Unit Square $ $2,325 $3,517 $166 $0 Building 13, Unit Square 14 5 $ $2,325 $2,695 $166 $1,495 Building 13, Unit Square $ $3,255 $4,780 $232 $232 Building 14, Unit Square $ $2,325 $3,517 $166 $0 Building 14, Unit Square 14 2 $ $2,325 $2,467 $166 $1,993 Building 15, Unit Square $ $3,255 $4,923 $232 $0 Building 15, Unit Square $ $2,325 $3,517 $166 $0 Building 15, Unit Square $ $2,325 $3,315 $166 $332 Building 15, Unit Square $ $2,325 $3,517 $166 $0 Building 15, Unit Square $ $2,325 $3,517 $166 $0 Building 15, Unit Square $ $2,325 $3,315 $166 $332 Building 15, Unit Square $ $2,325 $3,517 $166 $0 Building 15, Unit Square $ $3,255 $4,923 $232 $0 Building 16, Unit Square 14 9 $ $2,325 $3,034 $166 $830 Building 16, Unit Square $ $2,325 $3,315 $166 $332 Subtotal: $171,120 $236,788 $12,208 $39,252
18 SCT Reserve Consultants, Inc. Job No L3 Page 18 of 41 Component Identification Report Identified Major Components Quantity Measurement Basis Full Life Remaining Life Basis Current Future (3% inflation) Straight Line Allocation (Annual) 100% Funded Jul 01, 2015 Roof, Polyurethane Foam Building 01, Unit Square $ $8,400 $12,336 $200 $5,800 Building 01, Unit Square $ $6,000 $8,811 $143 $4,143 Building 01, Unit Square $ $6,000 $8,811 $143 $4,143 Building 01, Unit Square $ $6,000 $14,139 $143 $1,857 Building 01, Unit Square $ $6,000 $13,728 $143 $2,000 Building 01, Unit Square $ $8,400 $14,729 $200 $4,600 Building 02, Unit Square $ $8,400 $12,336 $200 $5,800 Building 02, Unit Square $ $6,000 $13,328 $143 $2,143 Building 02, Unit Square $ $6,000 $11,842 $143 $2,714 Building 02, Unit Square $ $8,400 $12,336 $200 $5,800 Building 03, Unit Square $ $8,400 $13,480 $200 $5,200 Building 03, Unit Square $ $6,000 $10,521 $143 $3,286 Building 03, Unit Square $ $6,000 $8,811 $143 $4,143 Building 03, Unit Square $ $8,400 $13,480 $200 $5,200 Building 04, Unit Square $ $8,400 $18,115 $200 $3,200 Building 04, Unit Square $ $8,400 $18,115 $200 $3,200 Building 05, Unit Square $ $8,400 $12,336 $200 $5,800 Building 05, Unit Square $ $8,400 $14,729 $200 $4,600 Building 06, Unit Square $ $8,400 $18,659 $200 $3,000 Building 06, Unit Square $ $6,000 $11,842 $143 $2,714 Building 06, Unit Square $ $6,000 $9,628 $143 $3,714 Building 06, Unit Square $ $8,400 $16,578 $200 $3,800 Building 07, Unit Square $ $8,400 $18,115 $200 $3,200 Building 07, Unit Square $ $6,000 $11,842 $143 $2,714 Building 07, Unit Square $ $6,000 $10,521 $143 $3,286 Building 07, Unit Square $ $8,400 $16,578 $200 $3,800
19 SCT Reserve Consultants, Inc. Job No L3 Page 19 of 41 Component Identification Report Identified Major Components Quantity Measurement Basis Full Life Remaining Life Basis Current Future (3% inflation) Straight Line Allocation (Annual) 100% Funded Jul 01, 2015 Building 08, Unit Square $ $8,400 $14,729 $200 $4,600 Building 08, Unit Square $ $6,000 $10,521 $143 $3,286 Building 08, Unit Square $ $6,000 $11,842 $143 $2,714 Building 08, Unit Square $ $6,000 $9,628 $143 $3,714 Building 08, Unit Square $ $6,000 $11,842 $143 $2,714 Building 08, Unit Square $ $8,400 $16,578 $200 $3,800 Building 09, Unit Square $ $8,400 $18,659 $200 $3,000 Building 09, Unit Square $ $6,000 $8,811 $143 $4,143 Building 09, Unit Square $ $6,000 $15,000 $143 $1,571 Building 09, Unit Square $ $8,400 $12,336 $200 $5,800 Building 10, Unit Square $ $6,000 $14,139 $143 $1,857 Building 10, Unit Square $ $6,000 $11,842 $143 $2,714 Building 11, Unit Square $ $8,400 $16,578 $200 $3,800 Building 11, Unit Square $ $6,000 $15,000 $143 $1,571 Building 11, Unit Square $ $6,000 $13,328 $143 $2,143 Building 11, Unit Square $ $6,000 $8,811 $143 $4,143 Building 11, Unit Square $ $6,000 $15,000 $143 $1,571 Building 11, Unit Square $ $6,000 $8,811 $143 $4,143 Building 11, Unit Square $ $6,000 $15,000 $143 $1,571 Building 11, Unit Square $ $8,400 $18,659 $200 $3,000 Building 12, Unit Square $ $6,000 $13,728 $143 $2,000 Building 12, Unit Square $ $6,000 $14,139 $143 $1,857 Building 13, Unit Square $ $8,400 $12,336 $200 $5,800 Building 13, Unit Square $ $6,000 $8,811 $143 $4,143 Building 13, Unit Square $ $6,000 $10,521 $143 $3,286 Building 13, Unit Square $ $8,400 $18,659 $200 $3,000 Building 14, Unit Square $ $6,000 $9,628 $143 $3,714 Building 14, Unit Square $ $6,000 $8,811 $143 $4,143
20 SCT Reserve Consultants, Inc. Job No L3 Page 20 of 41 Component Identification Report Identified Major Components Quantity Measurement Basis Full Life Remaining Life Basis Current Future (3% inflation) Straight Line Allocation (Annual) 100% Funded Jul 01, 2015 Building 15, Unit Square $ $8,400 $12,336 $200 $5,800 Building 15, Unit Square $ $6,000 $8,811 $143 $4,143 Building 15, Unit Square $ $6,000 $12,940 $143 $2,286 Building 15, Unit Square $ $6,000 $10,521 $143 $3,286 Building 15, Unit Square $ $6,000 $8,811 $143 $4,143 Building 15, Unit Square $ $6,000 $9,628 $143 $3,714 Building 15, Unit Square $ $6,000 $8,811 $143 $4,143 Building 15, Unit Square $ $8,400 $12,336 $200 $5,800 Building 16, Unit Square $ $6,000 $11,842 $143 $2,714 Building 16, Unit Square $ $6,000 $12,940 $143 $2,286 Subtotal: $441,600 $818,469 $10,520 $227,970 Roof, Tile/Underlayment Tile/underlayment (all Buildings) 42 Square 30 6 $ $21,000 $25,075 $700 $16,800 Tile/underlayment (all Buildings) 42 Square 30 8 $ $21,000 $26,602 $700 $15,400 Subtotal: $42,000 $51,677 $1,400 $32,200 Signage Monument lettering 2 Each $ $1,600 $2,724 $80 $160 Street signs 8 Each 12 7 $ $4,800 $5,903 $400 $2,000 Subtotal: $6,400 $8,627 $480 $2,160 Tennis Courts Nets 2 Each 3 0 $ $650 $650 $217 $650 Resurface 2 Each 6 5 $5, $10,200 $11,825 $1,700 $1,700 Windscreen 680 Square Feet 12 0 $0.80 $544 $544 $45 $544 Subtotal: $11,394 $13,019 $1,962 $2,894 Totals: $1,377,900 $2,081,740 $74,892 $727,244
21 SCT Reserve Consultants, Inc. Job No L3 Page 21 of 41 Component Chart (by category) Current and Future by Category Access System Asphalt & Concrete Electrical/Lights Fence/Gates/Walls Landscape & Irrigation Mailboxes Paint Pool & Spa 1 Pool & Spa 2 Pool & Spa 3 Pool & Spa 4 Pool Furniture Roof, Elastomeric Coating Roof, Polyurethane Foam Roof, Tile/Underlayment Signage Tennis Courts Current Future
22 SCT Reserve Consultants, Inc. Job No L3 Page 22 of 41 Year 100% Funded Cash Flow (Balance with Funding Plan) End of Year Percent Funded (EOY) Cash Flow and Percent Funded Projections Cash Flow (Balance without Funding Plan) Fiscal Year: July 01, June 30, 2016 Revenue Contribution Annual Contribution Unit/M onth Contribution % Change Special Assessment, Bank & Litigation Interest Components Expenditures Deferred & Non- Recurring 2015 $727,244 $182, % 2016 $724,145 $219, % $219,046 $113,412 $ $0 $1,646 $78,012 $0 $ $748,774 $285, % $282,800 $115,601 $ % $0 $2,280 $51,927 $0 $ $768,950 $347, % $340,432 $117,832 $ % $0 $2,890 $58,625 $0 $ $828,581 $453, % $440,214 $120,106 $ % $0 $3,921 $17,451 $0 $ $827,895 $493, % $470,382 $122,424 $ % $0 $4,330 $87,394 $0 $ $844,598 $551, % $517,089 $124,787 $ % $0 $4,892 $71,313 $0 $ $890,725 $645, % $597,361 $127,195 $ % $0 $5,806 $38,532 $0 $ $955,693 $765, % $700,332 $129,650 $ % $0 $6,976 $16,849 $0 $ $953,055 $804, % $719,417 $132,152 $ % $0 $7,383 $100,959 $0 $ $879,035 $741, % $634,008 $134,703 $ % $0 $6,785 $204,647 $0 $ $872,496 $768, % $636,523 $137,303 $ % $0 $7,010 $116,712 $0 $ $914,884 $858, % $698,788 $139,953 $ % $0 $7,870 $57,556 $0 $ $902,412 $877, % $686,030 $142,654 $ % $0 $8,069 $132,484 $0 $ $778,993 $712, % $487,002 $145,407 $ % $0 $6,491 $316,851 $0 $ $795,779 $747, % $484,826 $148,213 $ % $0 $6,744 $119,895 $0 $ $852,595 $853, % $550,275 $151,074 $ % $0 $7,756 $52,893 $0 $ $717,453 $658, % $311,425 $153,990 $ % $0 $5,927 $354,942 $0 $ $780,395 $767, % $373,407 $156,962 $ % $0 $6,874 $54,602 $0 $ $830,364 $862, % $417,745 $159,991 $ % $0 $7,812 $72,694 $0 $ $799,505 $796, % $297,699 $163,079 $ % $0 $7,212 $235,952 $0 $ $813,134 $849, % $292,044 $166,226 $ % $0 $7,670 $121,457 $0 $ $916,104 $1,014, % $394,929 $169,434 $ % $0 $9,248 $13,896 $0 $ $1,021,378 $1,185, % $500,980 $172,704 $ % $0 $10,940 $11,784 $0 $ $998,958 $1,131, % $376,709 $176,038 $ % $0 $10,477 $240,965 $0 $ $1,035,657 $1,210, % $382,066 $179,435 $ % $0 $11,195 $111,336 $0 $ $1,074,351 $1,290, % $383,651 $182,898 $ % $0 $11,973 $115,126 $0 $ $1,057,831 $1,259, % $270,393 $186,428 $ % $0 $11,696 $228,890 $0 $ $1,063,359 $1,241, % $165,368 $190,026 $ % $0 $11,495 $219,608 $0 $ $967,078 $1,078, % ($87,776) $193,694 $ % $0 $9,917 $366,556 $0 $ $906,846 $913, % ($345,700) $197,432 $ % $0 $8,253 $371,336 $0 $0 Totals: $4,550,804 $0 $221,539 $4,041,246 $0 $0 Taxes
23 SCT Reserve Consultants, Inc. Job No L3 Page 23 of 41 Cash Flow and Percent Funded Chart (June 30, 2016) $1,250,000 $1,150,000 $1,050,000 $950,000 $850,000 $750,000 $650,000 $550,000 $450,000 $350,000 $250,000 $150,000 $50,000 ($50,000) ($150,000) ($250,000) ($350,000)
24 SCT Reserve Consultants, Inc. Job No L3 Page 24 of Year Expenditure and Cash Flow Projection Beginning Balance $182,000 $219,046 $285,000 $347,096 $453,673 $493,034 $551,400 $645,870 $765,647 $804,223 Contribution (+) $113,412 $115,601 $117,832 $120,106 $122,424 $124,787 $127,195 $129,650 $132,152 $134,703 Average/Month/Unit $ $ $ $ $ $ $ $ $ $ Percent Change 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% 1.93% Special Assessments (+) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Interest Earned (+) $1,646 $2,280 $2,890 $3,921 $4,330 $4,892 $5,806 $6,976 $7,383 $6,785 Tax on Interest (-) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Net Interest $1,646 $2,280 $2,890 $3,921 $4,330 $4,892 $5,806 $6,976 $7,383 $6,785 Access System Card readers $2,459 Gate operators $7,649 Loop systems $6,753 Phone directory $4,120 Asphalt & Concrete Asphalt, repair/overlay/r&r $25,335 Asphalt, seal/stripe/repair/crack fill $8,640 $9,724 $10,945 Asphalt, slurry seal $21,610 Concrete collars, manhole Concrete collars, valve $700 Concrete, driveway repairs $6,400 Concrete, sidewalk repairs $4,288 $4,826 $5,432 Electrical/Lights Globe fixtures 6' $7,428 $8,361 Landscape fixtures $1,421 $1,507 $1,599 Tennis Court fixtures w/electrical panel Tennis Court poles Fence/Gates/Walls Fence, chainlink 10' Tennis Courts Fence, metal 4' Pool 1 Fence, metal 4' Pool 2 Fence, metal 4' Pool 3 Fence, metal 4' Pool 4 Fence, metal, 4' perimeter
25 SCT Reserve Consultants, Inc. Job No L3 Page 25 of Year Expenditure and Cash Flow Projection Gate, metal, pedestrian Gate, metal, trash enclosures $1,520 Gates, metal, vehicle, emergency Gates, metal, vehicle, main Walls, repair (1%) $3,198 Landscape & Irrigation Backflow valve, 1-inch $1,194 Backflow valves, 1.5-inch $3,582 Backflow valves, 2-inch $4,299 Controllers $1,236 $4,052 Desertscape Mailboxes Mailbox kiosks, R&R Mailboxes Paint Buildings & exterior walls, stucco $156,573 Buildings, trim/doors $4,800 $5,402 $6,081 Fence, metal 4' perimeter $1,250 $1,407 $1,583 Fence, metal 4' Pools $5,520 $6,213 $6,993 Gates, metal, vehicle $618 $738 Pool areas, stucco $2,400 Tennis Court, retaining wall $2,098 Trash areas/street signs $1,900 $2,138 $2,407 Pool & Spa 1 Deck coating (on concrete) $5,000 $5,796 Deck shade structure, alumi-wood Deck skimmers $3,600 Pool filter $1,463 Pool handrail $750 Pool heater $3,377 Pool pumpset, SVRS $1,804 Pool resurface $10,429 Pool tile/coping $2,781
26 SCT Reserve Consultants, Inc. Job No L3 Page 26 of Year Expenditure and Cash Flow Projection Spa blower $530 Spa filter $1,520 Spa handrail $799 Spa heater $3,024 Spa pumpset, circulation, SVRS $1,804 Spa pumpset, jet, SVRS $1,804 Spa resurface $3,602 Spa tile/coping $720 Pool & Spa 2 Deck coating (on concrete) $4,700 $5,449 Deck shade structure, alumi-wood Deck skimmer $1,800 $2,026 Pool filter $1,339 Pool handrail $844 Pool heater $3,183 Pool pumpset, SVRS $1,804 Pool resurface $8,850 Pool tile/coping $2,360 Spa blower $500 Spa filter $1,236 Spa handrail $754 Spa heater $3,024 Spa pumpset, circulation, SVRS $1,804 Spa pumpset, jet, SVRS $1,804 Spa resurface $3,714 Spa tile/coping $743 Pool & Spa 3 Deck coating (on concrete) $4,500 $5,217 Deck shade structure, alumi-wood Deck skimmers $1,854 $4,697 Pool filter $1,379 Pool handrail $796 Pool heater $3,183
27 SCT Reserve Consultants, Inc. Job No L3 Page 27 of Year Expenditure and Cash Flow Projection Pool pumpset, SVRS $1,804 Pool resurface $9,116 Pool tile/coping $2,431 Spa blower $500 Spa filter $1,351 Spa handrail $799 Spa heater $3,114 Spa pumpset, circulation, SVRS $1,804 Spa pumpset, jet, SVRS $1,804 Spa resurface $3,300 $4,180 Spa tile/coping $660 Pool & Spa 4 Deck coating (on concrete) $4,400 $5,101 Deck shade structure, alumi-wood Deck skimmers $5,562 Pool filter $1,339 Pool handrail $773 Pool heater $3,183 Pool pumpset, SVRS $1,804 Pool resurface $10,868 Pool tile/coping Spa blower $530 Spa filter $1,236 Spa handrail $670 Spa heater $3,024 Spa pumpset, circulation, SVRS $1,804 Spa pumpset, jet, SVRS $1,804 Spa resurface $3,399 $4,306 Spa tile/coping $680 Pool Furniture Chairs, replace Chairs, restrap $1,154 $1,273 $1,337 $1,476 Loungers, replace
28 SCT Reserve Consultants, Inc. Job No L3 Page 28 of Year Expenditure and Cash Flow Projection Loungers, restrap $1,957 $2,016 $2,269 $2,337 Tables, replace Roof, Elastomeric Coating Building 01, Unit 750 Building 01, Unit 752 Building 01, Unit 754 Building 01, Unit 756 Building 01, Unit 758 Building 01, Unit 760 $3,773 Building 02, Unit 491 Building 02, Unit 493 Building 02, Unit 495 $3,034 Building 02, Unit 497 Building 03, Unit 731 $3,453 Building 03, Unit 733 $2,695 Building 03, Unit 735 Building 03, Unit 737 $3,453 Building 04, Unit 480 Building 04, Unit 482 Building 05, Unit 485 Building 05, Unit 487 $3,773 Building 06, Unit 651 Building 06, Unit 653 $3,034 Building 06, Unit 655 $2,467 Building 06, Unit 657 $4,247 Building 07, Unit 490 Building 07, Unit 492 $3,034 Building 07, Unit 494 $2,695 Building 07, Unit 496 $4,247 Building 08, Unit 610 $3,773 Building 08, Unit 612 $2,695 Building 08, Unit 614 $3,034 Building 08, Unit 616
29 SCT Reserve Consultants, Inc. Job No L3 Page 29 of Year Expenditure and Cash Flow Projection Building 08, Unit 618 $3,034 Building 08, Unit 620 $4,247 Building 09, Unit 410 Building 09, Unit 412 Building 09, Unit 414 Building 09, Unit 416 Building 10, Unit 750 Building 10, Unit 752 $3,034 Building 11, Unit 411 $4,247 Building 11, Unit 413 Building 11, Unit 415 Building 11, Unit 417 Building 11, Unit 419 Building 11, Unit 421 $2,695 Building 11, Unit 423 Building 11, Unit 425 Building 12, Unit 751 Building 12, Unit 753 Building 13, Unit 411 Building 13, Unit 413 Building 13, Unit 415 $2,695 Building 13, Unit 417 Building 14, Unit 625 Building 14, Unit 627 $2,467 Building 15, Unit 410 Building 15, Unit 412 Building 15, Unit 414 Building 15, Unit 416 Building 15, Unit 418 Building 15, Unit 420 Building 15, Unit 422 Building 15, Unit 424 Building 16, Unit 626 $3,034
30 SCT Reserve Consultants, Inc. Job No L3 Page 30 of 41 Building 16, Unit 628 Roof, Polyurethane Foam Building 01, Unit 750 Building 01, Unit 752 Building 01, Unit 754 Building 01, Unit 756 Building 01, Unit 758 Building 01, Unit 760 Building 02, Unit 491 Building 02, Unit 493 Building 02, Unit 495 Building 02, Unit 497 Building 03, Unit 731 Building 03, Unit 733 Building 03, Unit 735 Building 03, Unit 737 Building 04, Unit 480 Building 04, Unit 482 Building 05, Unit 485 Building 05, Unit 487 Building 06, Unit 651 Building 06, Unit 653 Building 06, Unit 655 Building 06, Unit 657 Building 07, Unit 490 Building 07, Unit 492 Building 07, Unit 494 Building 07, Unit 496 Building 08, Unit 610 Building 08, Unit 612 Building 08, Unit 614 Building 08, Unit 616 Building 08, Unit Year Expenditure and Cash Flow Projection
31 SCT Reserve Consultants, Inc. Job No L3 Page 31 of 41 Building 08, Unit 620 Building 09, Unit 410 Building 09, Unit 412 Building 09, Unit 414 Building 09, Unit 416 Building 10, Unit 750 Building 10, Unit 752 Building 11, Unit 411 Building 11, Unit 413 Building 11, Unit 415 Building 11, Unit 417 Building 11, Unit 419 Building 11, Unit 421 Building 11, Unit 423 Building 11, Unit 425 Building 12, Unit 751 Building 12, Unit 753 Building 13, Unit 411 Building 13, Unit 413 Building 13, Unit 415 Building 13, Unit 417 Building 14, Unit 625 Building 14, Unit 627 Building 15, Unit 410 Building 15, Unit 412 Building 15, Unit 414 Building 15, Unit 416 Building 15, Unit 418 Building 15, Unit 420 Building 15, Unit 422 Building 15, Unit 424 Building 16, Unit 626 Building 16, Unit Year Expenditure and Cash Flow Projection
32 SCT Reserve Consultants, Inc. Job No L3 Page 32 of Year Expenditure and Cash Flow Projection Roof, Tile/Underlayment Tile/underlayment (all Buildings) $25,075 $26,602 Signage Monument lettering Street signs $5,903 Tennis Courts Nets $650 $710 $776 $848 Resurface $11,825 Windscreen $544 Component Exp (-) $78,012 $51,927 $58,625 $17,451 $87,394 $71,313 $38,532 $16,849 $100,959 $204,647 Non-recurring Exp (-) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Ending Balance $219,046 $285,000 $347,096 $453,673 $493,034 $551,400 $645,870 $765,647 $804,223 $741,064
33 SCT Reserve Consultants, Inc. Job No L3 Page 33 of 41 Personal Credentials Michael C. Graves R.S. Reserve Funding Specialist Designations R.S., 2000, Community Association Institute Distinctions 2013 Educated Business Partner, Community Association Institute Degrees B.A., Economics, 1983, San Diego State University A.S., Business Administration, 1980 Citrus College Associations California Association of Community Managers (CACM): Past Instructor for Facilities Management Course VIII, The Guide to Reserve Study Components & Funding, Ambassador Committee Member Community Associations Institute (CAI), Affiliate Member: Coachella Valley Chapter (CV) Greater Inland Empire Chapter (GRIE) - Past President, Orange County Regional Chapter (OCRC) - Past Board Treasurer San Diego Chapter (SD) - Past Board Treasurer Publications Ask The Experts, O.C. View, May/June Fiduciary Responsibility Forum, CondoManagement, December Does Our Association Have Money Or Not, Quorum, June How Do You Use Your Reserve Study To Finance Remodeling Work, Quorum, April Numerous Speaking and Panel Engagements Awards Community Associations Institute, GRIE, 2012 Hall of Fame 2000 Committee Member of the Year Community Associations Institute, OCRC, 2009 Committee Member of the Year 2006 Ellen Ellish Award 2006 Presidents Award California Association of Community Managers, 2001, Vision Award, Excellence in Service Professional Responsibilities As Reserve Fund Specialist for SCT Reserve Consultants, Inc. Mr. Graves: Manages reserve study site inspections and funding analyses Prepares reserve study reports and proposals Markets reserve study services through professional contacts and trade associations meetings and shows Professional Experience Mr. Graves reserve study experience includes: Numerous Levels I, II, and III reserve studies throughout San Diego, Los Angeles, Orange, Riverside, San Bernardino, and Imperial Counties. Familiar with components that go into a reserve study. Able to assist Associations in determining a well-suited funding plan that fits their reserve goals. Utilizing Property Reserve Analysis (PRA) System software to generate Component definition files. Developing SCT Reserve Analysis System software to calculate elements used in the Rough Draft and Final Reports. Meet with Association s Board of Directors to review the draft of the reserve study. Consideration of Board s input with respect to incorporate component replacement and funding policies.
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