CAPITAL RESERVE STUDY. Providence Corner. Upper Providence Twp.
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1 CAPITAL RESERVE STUDY FOR THE Providence Corner Upper Providence Twp. Management Company: The Galman Group Contact Name: Ms. Debra Lynch Date: September 28, 2016
2 Table of Contents Section Name Section # Executive Summary... 1 Reserve Study Disclosures... 2 Introduction...3 Capital Reserve Methodology... 4 Capital Reserve Calculation...5 Capital Reserve Recommendations...6 Component Narrative... 7 Reserve Summary...8 Component Schedule...9 Component Detail...10 Disbursement Schedule Reserve Fund Scenarios...12 Disbursements by Year...13 Reserve Fund Closing Balance...14 Reserve Fund Contributions Definitions...16
3 Executive Summary The Providence Corner HOA community is a 188 unit Home Owners Association located in Upper Providence Township, Pennsylvania. The community consists of 57 single family homes and 27 multi-family buildings with a total of 131 townhouse units. Access to the complex is by Plymouth and Shelton Drive off of Rittenhouse Road. Level of Service Level I: New Study Fiscal Year of Study 2016 Current Status of Reserve Fund (Component Method) Current Balance $153,972 Fully Funded Balance $464,388 Percent Funded 33.16% Reserve Budget Recommendations Prior Budget Component Year Contribution Method * Contribution/Year $35,000 $129,829 Contribution/Unit $186 $691 Contribution/Unit/Month $16 $58 5% Threshold * $66,365 $353 $29 10% Threshold * $83,235 $443 $37 * Please note that this is the contribution for the period of January 2016 through December
4 Reserve Study Disclosures General - Becht Engineering BT is not aware of any involvement with this Association, which would lead to an actual or perceived conflict of interest. Physical Analysis - The inspections performed to determine the current physical condition of the common elements were visual in nature; no destructive testing or invasive inspections were performed. Quantities were taken from a combination of field counts/measurements and plan take-offs. Personnel Credentials - Preparation of this Reserve Study was performed by a CAI designated Reserve Specialist and licensed Building Inspector. Completeness - This Reserve Study assumes that proper preventative and corrective maintenance has been and will continue to be performed on the common elements. Failure to properly maintain the common elements may lead to premature failure. It should be noted that higher rates of inflation, lower earned interest rates or prematurely failing components can result in a negative closing cash balance. In addition, it is important to note that the capital fund contributions each year are assumed to rise at the assumed rate of inflation. Failure to raise the annual contributions with inflation will reduce the closing balance and may lead to a future shortfall. Reliance on Client Data - This Reserve Study was prepared based on certain information provided by an official representative of the Association. This information includes the current asset balance of the Reserve Fund and the ages of the common elements and dates of most recent replacements. Scope - This Reserve Study is a reflection of the information provided to us and assembled for the Association's use for budgeting purposes, not for the purpose of performing an audit, quality/forensic analysis or background checks of historical records. Interpretation of contradictions that may exist within the governing document's definition of common elements is not within the scope of this Study. Reserve Balance - The actual and projected Reserve Fund Balance is based upon information provided by the Association and was not audited. Component Quantities - Where this Reserve Study is an update of a previously prepared Study, the Association is considered to have deemed previously developed component listings and quantities as accurate and reliable. Estimated Replacement Costs - Replacement costs are to be considered estimated projections of the cost to replace common elements in kind. These cost estimates are to be considered preliminary until such time as a project specific design or scope of work is developed. These costs can be affected by many variables including inflation, project scope and hidden damage conditions. Reserve Projects - While the information provided in this Study is to be considered reliable, on-site inspections are not to be considered a project audit or quality inspection. 2
5 Introduction The purpose of a Capital Reserve Study is to estimate the amount of money that must be funded annually to replace those common element components that will require replacement before the end of the effective life of the project. Mortgage lenders recognize the conditions of inadequate reserves. Reserves are important in preserving the qualities of a particular complex or building and therefore can affect property values. Consequently, capital reserves are directly related to the security and risk of a lender's investment and the marketability of the property. The Capital Reserve Study develops a recommended basic annual contribution based upon current replacement costs. Inflation may increase future costs unpredictably, and the accumulation of interest on the reserve fund deposits increases available funds. Accurate projection of these factors is not possible. However, the effects of inflation and interest are shown via cash flow projections using assumed inflation and interest rates. Accurate reserve funding requires regular updates. The Community Associations Institute recommends yearly reviews and a formal study every three years. 3
6 Capital Reserve Methodology In preparing this study, when provided, we reviewed the master deed and offering statement to identify the common element components. The Association owns these building and site components. Only components with estimated remaining lives of 30 years or less have been included in the capital reserve fund. Components with estimated remaining lives that are greater than 30 years, such as building structures, piping and electrical wiring are usually replaced during a major renovation and financed at that time. Including these components in the reserve fund would result in an unrealistically high-recommended annual contribution to the capital reserve. Quantities of the components to be included in the reserve fund were then determined by field measurements, as well as a review of building and site plans, if available. Estimates of the costs to replace each component were derived from published industry standards, such as the R.S. Means Company cost-estimating guides and from our own experience in designing and supervising construction of similar projects. These cost estimates are to be considered preliminary until such time as a project specific design or scope of work is developed. Finally, estimated remaining lives were determined for each of the included components based on the reported or evident present age, available industry data related to typical useful lives and the condition of the component, as determined by our physical inspection. The capital reserve fund is not intended to cover annual maintenance. If maintenance items are included in the Capital Reserve Study, the tax status of the reserve fund can be jeopardized. However, expected lives are based on the assumption that proper annual maintenance is being performed. Therefore, this annual maintenance should be included in the Association's budget and maintenance fee. Without proper maintenance, accelerated deterioration can be expected, with shortened lives. Please note, it is only possible to reserve for future expenditures and that a current need must be financed separately by borrowing or assessments. This Capital Reserve Study is developed as an aid in the proper financial planning of the Association. As such, the common element components included are evaluated for their physical condition and only for the purpose of estimating their remaining lives. Identification of possible deficient conditions is beyond the intent and scope of the Capital Reserve Study. 4
7 Capital Reserve Calculation We have provided two Capital Reserve calculation methods as described below. Component Method The first method provided in this reserve study is what is known as the Component Method. This is the most conservative approach to calculating the reserve requirement. The Component Method analyzes each component individually and assumes that the money collected for each item will only be used to replace that item. Our program uses assumed rates of interest and inflation in the calculation of the annual contribution and fully funded balance. We compare the actual balance in the Association's Reserve Fund with the calculated fully funded balance and determine if a surplus or deficit condition exists. If a deficit condition exists, an additional contribution is calculated for each component to offset the deficit. Threshold Funding Method The second calculation method is known as the Threshold Funding Method. This method pools all the components and assumes that the money contributed to the fund is available for replacement of any item. Looking out over the next 30 years, the annual contribution is determined by lowering the contribution until the closing balance for any given year reaches a predetermined threshold. We typically provide two Threshold Method scenarios. These thresholds are based on a percentage of the current replacement cost of all the components in the Reserve Study. Basing the threshold on a percentage of the replacement cost of all components keeps the minimum proportional to the needs of a specific community. This minimizes the annual contribution while maintaining a minimum closing balance. Determining the optimum minimum closing balance is a subjective task. Certainly, the lower the minimum acceptable balance is the greater the risk that the fund will experience a deficit. It should be noted that this method only considers Reserve Account balances over the next 30 years. Large capital expenditures just beyond the 30- year window will not be considered using this method until in the future they fall within the 30-year window. 5
8 Capital Reserve Recommendations Providence Corner has a total of 21 components in the reserve fund with a current Replacement Cost of $2,391,980. Providence Corner presently has a total of $153,972 in the reserve fund. Using the Component Method, we have determined that the Basic Annual Contribution to the reserve fund should be $111,527. The fully funded balance required is $464,388. This leaves deficit of $310,416 in the reserve fund. The deficit will be offset on an annual basis, for each reserve component, based on the estimated remaining lives. The total of the next budget year contribution to the Contribution Adjustment is $18,302. This results in a Total Contribution to the reserve fund for the next budget year of $129,829. Based on your evaluation of the preferred calculation method, we suggest that you plan your annual contributions over the next few years according to the appropriate cash flow schedule. Each year for the next three years, you may choose to review these assumptions. At no later than three years, we suggest that you contact us for an update based on a proper engineering review of the facility and replacement costs. It should be noted that higher rates of inflation, lower earned interest rates or prematurely failing components can result in a negative closing cash balance. In addition, it is important to note that the capital fund contributions each year are assumed to rise at the assumed rate of inflation. Failure to raise the annual contributions with inflation will reduce the closing balance. We recommend that the Association review this Capital Reserve Study with their Certified Public Accountant to be utilized in the preparation of their annual budget. Michael J. Barlow RS Senior Project Manager CAI Reserve Specialist #253 6
9 Component Narrative Site Asphalt Path, Quantity: 800 SY Cost Per Unit: $25.00 Replacement Cost: $20,000 Typical Life: 20 Est Rem Life: 18 Asphalt Paving, Quantity: 18,500 SY Cost Per Unit: $20.00 Replacement Cost: $370,000 Typical Life: 20 Comment: Asphalt paving requires regular maintenance, including crack filling and pot hole repair to prevent accelerated damage. Est Rem Life:
10 Component Narrative Site Asphalt Paving, Fairfield West, Quantity: 6,300 SY Cost Per Unit: $20.00 Replacement Cost: $126,000 Typical Life: 20 Comment: Asphalt paving requires regular maintenance, including crack filling and pot hole repair to prevent accelerated damage. Driveway Apron, Typical Life: 30 Est Rem Life: 18 Quantity: 19,200 SF Cost Per Unit: $15.00 Replacement Cost: $288,000 Est Rem Life: 25 Driveway Aprons, Fairfield West, Quantity: 10,900 SF Cost Per Unit: $15.00 Replacement Cost: $163,500 Typical Life: 30 Est Rem Life:
11 Component Narrative Site Entry Sign, Quantity: 2 EA Cost Per Unit: $10, Replacement Cost: $20,000 Typical Life: 30 Est Rem Life: 27 Fence, Chain Link, Quantity: 2,500 LF Cost Per Unit: $15.00 Replacement Cost: $37,500 Typical Life: 25 Comment: The stormwater basins are surrounded by a four foot chain link fence Est Rem Life:
12 Component Narrative Site Fence, Metal, Quantity: 730 LF Cost Per Unit: $40.00 Replacement Cost: $29,200 Typical Life: 30 Est Rem Life: 27 Fence, PVC Split Rail, Quantity: 460 LF Cost Per Unit: $18.00 Replacement Cost: $8,280 Typical Life: 35 Est Rem Life:
13 Component Narrative Site Irrigation System Backflow Preventers, 95% Townhomes Quantity: 1 LS Cost Per Unit: $2, Replacement Cost: $2,850 Typical Life: 20 Comment: The backflow preventers are a shared expense between the common and townhomes. The estimated replacement cost for the backflow preventers is $3, Est Rem Life: 17 Irrigation System Backflow Preventers, 5% Quantity: 1 LS Cost Per Unit: $ Replacement Cost: $150 Typical Life: 20 Comment: The backflow preventers are a shared expense between the common and townhomes. The estimated replacement cost for the backflow preventers is $3, Est Rem Life:
14 Component Narrative Site Irrigation System Controls Valves, 5% Quantity: 1 LS Cost Per Unit: $1, Replacement Cost: $1,750 Typical Life: 10 Comment: The irrigation system is a shared expense between the common and townhomes. The estimated allowance to replace the controller and control valves is $35, Underground piping is not included in the allowance since the piping is typically repaired as needed. Est Rem Life: 7 Irrigation System Controls Valves. 95% Townhomes Quantity: 1 LS Cost Per Unit: $33, Replacement Cost: $33,250 Typical Life: 10 Comment: The irrigation system is a shared expense between the common and townhomes. The estimated allowance to replace the controller and control valves is $35, Underground piping is not included in the allowance since the piping is typically repaired as needed. Est Rem Life: 7 7-6
15 Component Narrative Site Mailbox Clusters, Townhomes Quantity: 2 EA Cost Per Unit: $7, Replacement Cost: $14,000 Typical Life: 25 Comment: Each Mailbox Cluster has five pedestal mailboxes mounted on a concrete pad. Est Rem Life: 22 Retaining Wall, Basin 2, Quantity: 8,500 SF Cost Per Unit: $45.00 Replacement Cost: $382,500 Typical Life: 40 Comment: This retaining wall include the retaining wall along the North side of the basin and the tiered wall behind units 110 to 116 Fairfield East Est Rem Life:
16 Component Narrative Site Retaining Wall, Basin 4, Quantity: 7,000 SF Cost Per Unit: $45.00 Replacement Cost: $315,000 Typical Life: 40 Comment: The bulge observed along the top of the wall must be repaired. Est Rem Life: 35 Sidewalks, Quantity: 34,500 SF Cost Per Unit: $10.00 Replacement Cost: $345,000 Typical Life: 30 Est Rem Life: 25 Sidewalks, Fairfield West, Quantity: 11,100 SF Cost Per Unit: $10.00 Replacement Cost: $111,000 Typical Life: 30 Est Rem Life:
17 Component Narrative Site Storm Basins, Quantity: 1 LS Cost Per Unit: $50, Replacement Cost: $50,000 Comment: This is an allowance for silt removal and repairs Typical Life: 30 Est Rem Life: 25 Storm Water System, Quantity: 1 LS Cost Per Unit: $50, Replacement Cost: $50,000 Typical Life: 35 Comment: The typical life for the storm water system is 50+ years. This is an allowance to replace storm water system components such as inlets and sections of undergorund piping on an as needed basis Est Rem Life:
18 Component Narrative Site Street Lights, Quantity: 8 EA Cost Per Unit: $3, Replacement Cost: $24,000 Typical Life: 25 Est Rem Life:
19 Capital Reserve Calculations
20 Reserve Summary Site Replacement Cost Present Fund RESERVES Required Fund CONTRIBUTION Surplus (Deficit) Basic Annual Adjustment* Total Site $2,391,980 $153,972 $464,388 ($310,416) $111,527 $18,302 $129,829 TOTALS $2,391,980 $153,972 $464,388 ($310,416) $111,527 $18,302 $129,829 8
21 Component Schedule Description Replacement Cost Est. Rem. Life Typical Life Basic Annual Contrib. Percent Total Present Fund Required Fund Surplus (Deficit) Contrib. Adjustment Site Asphalt Path, $20, $1, % $828 $2,497 ($1,669) $116 Asphalt Paving, Asphalt Paving, Fairfield West, Driveway Apron, Driveway Aprons, Fairfield West, $370, $23, % $37,401 $112,803 ($75,402) $6,130 $126, $7, % $5,216 $15,733 ($10,516) $729 $288, $12, % $20,724 $62,504 ($41,780) $2,176 $163, $7, % $4,770 $14,385 ($9,616) $453 Entry Sign, $20, $ % $871 $2,628 ($1,757) $86 Fence, Chain Link, $37, $1, % $1,912 $5,767 ($3,855) $225 Fence, Metal, $29, $1, % $1,272 $3,838 ($2,565) $125 Fence, PVC Split Rail, Irrigation System Backflow Preventers, 95% Townhomes Irrigation System Backflow Preventers, 5% $8, $ % $315 $950 ($635) $27 $2, $ % $176 $530 ($354) $26 $ $9 0.01% $9 $28 ($19) $1 Irrigation System Controls Valves, 5% Irrigation System Controls Valves. 95% Townhomes Mailbox Clusters, Townhomes Retaining Wall, Basin 2, Retaining Wall, Basin 4, $1, $ % $195 $588 ($393) $63 $33, $3, % $3,703 $11,168 ($7,465) $1,194 $14, $ % $714 $2,153 ($1,439) $84 $382, $13, % $21,409 $64,572 ($43,163) $1,666 $315, $10, % $17,631 $53,177 ($35,546) $1,372 Sidewalks, $345, $15, % $24,825 $74,874 ($50,049) $2,607 Sidewalks, Fairfield West, $111, $4, % $3,238 $9,766 ($6,528) $308 Storm Basins, $50, $2, % $3,598 $10,851 ($7,253) $378 Storm Water System, $50, $1, % $3,150 $9,500 ($6,350) $
22 Description Replacement Cost Est. Rem. Life Component Schedule Typical Life Basic Annual Contrib. Percent Total Present Fund Required Fund Surplus (Deficit) Contrib. Adjustment Street Lights, $24, $1, % $2,015 $6,076 ($4,062) $257 Totals $2,391,980 $111, % $153,972 $464,388 ($310,416) $18,
23 Component Detail Site Quantity Replacement Cost Present Fund RESERVES Required Fund CONTRIBUTION Surplus (Deficit) Basic Annual Adjustment* Total Asphalt Path, Asphalt Paving, Asphalt Paving, Fairfield West, Driveway Apron, Driveway Aprons, Fairfield West, 800 SY $20,000 $828 $2,497 ($1,669) $1,266 $116 $1,382 18,500 SY $370,000 $37,401 $112,803 ($75,402) $23,419 $6,130 $29,549 6,300 SY $126,000 $5,216 $15,733 ($10,516) $7,975 $729 $8,704 19,200 SF $288,000 $20,724 $62,504 ($41,780) $12,767 $2,176 $14,944 10,900 SF $163,500 $4,770 $14,385 ($9,616) $7,248 $453 $7,701 Entry Sign, 2 EA $20,000 $871 $2,628 ($1,757) $887 $86 $972 Fence, Chain Link, Fence, Metal, Fence, PVC Split Rail, Irrigation System Backflow Preventers, 95% Townhomes Irrigation System Backflow Preventers, 5% 2,500 LF $37,500 $1,912 $5,767 ($3,855) $1,953 $225 $2, LF $29,200 $1,272 $3,838 ($2,565) $1,294 $125 $1, LF $8,280 $315 $950 ($635) $319 $27 $346 1 LS $2,850 $176 $530 ($354) $180 $26 $206 1 LS $150 $9 $28 ($19) $9 $1 $11 Irrigation System Controls Valves, 5% Irrigation System Controls Valves. 95% Townhomes Mailbox Clusters, Townhomes Retaining Wall, Basin 2, Retaining Wall, Basin 4, 1 LS $1,750 $195 $588 ($393) $203 $63 $266 1 LS $33,250 $3,703 $11,168 ($7,465) $3,861 $1,194 $5,055 2 EA $14,000 $714 $2,153 ($1,439) $729 $84 $813 8,500 SF $382,500 $21,409 $64,572 ($43,163) $13,054 $1,666 $14,719 7,000 SF $315,000 $17,631 $53,177 ($35,546) $10,750 $1,372 $12,
24 Component Detail Site Quantity Replacement Cost Present Fund RESERVES Required Fund CONTRIBUTION Surplus (Deficit) Basic Annual Adjustment* Total Sidewalks, 34,500 SF $345,000 $24,825 $74,874 ($50,049) $15,294 $2,607 $17,901 Sidewalks, Fairfield West, Storm Basins, Storm Water System, Street Lights, 11,100 SF $111,000 $3,238 $9,766 ($6,528) $4,921 $308 $5,228 1 LS $50,000 $3,598 $10,851 ($7,253) $2,217 $378 $2,594 1 LS $50,000 $3,150 $9,500 ($6,350) $1,929 $281 $2,211 8 EA $24,000 $2,015 $6,076 ($4,062) $1,250 $257 $1,507 TOTALS $2,391,980 $153,972 $464,388 ($310,416) $111,527 $18,302 $129,
25 Disbursement Schedule Year Description Base Cost Future Replacement Cost 2023 Irrigation System Controls Valves, 5% Irrigation System Controls Valves. 95% Townhomes $1,750 $2,152 $33,250 $40,893 $35,000 $43, Asphalt Paving, $370,000 $576, Irrigation System Backflow Preventers, 95% Townhomes Irrigation System Backflow Preventers, 5% $370,000 $576,448 $2,850 $4,711 $150 $248 Irrigation System Controls Valves, 5% Irrigation System Controls Valves. 95% Townhomes $1,750 $2,892 $33,250 $54,957 $38,000 $62, Asphalt Path, $20,000 $34,049 Asphalt Paving, Fairfield West, $126,000 $214,507 $146,000 $248, Street Lights, $24,000 $43,347 $24,000 $43,
26 Disbursement Schedule Year Description Base Cost Future Replacement Cost 2038 Fence, Chain Link, $37,500 $71,854 Mailbox Clusters, Townhomes $14,000 $26,825 $51,500 $98, Driveway Apron, $288,000 $603,008 Sidewalks, $345,000 $722,353 Storm Basins, $50,000 $104,689 $683,000 $1,430, Entry Sign, $20,000 $44,426 Fence, Metal, $29,200 $64,862 Irrigation System Controls Valves, 5% Irrigation System Controls Valves. 95% Townhomes $1,750 $3,887 $33,250 $73,858 $84,200 $187, Driveway Aprons, Fairfield West, $163,500 $374,076 Sidewalks, Fairfield West, $111,000 $253,960 $274,500 $628, Storm Water System, $50,000 $121,363 $50,000 $121,
27 Opening Annual Year Balance Contribution Reserve Fund Scenario Contribution Adjustment Disbursements Earned Interest Closing Balance $153,972 $111,527 $18,302 $0 $2,243 $286,044 $286,044 $114,873 $18,851 $0 $3,585 $423,353 $423,353 $118,319 $19,417 $0 $4,980 $566,068 $566,068 $121,868 $19,999 $0 $6,429 $714,365 $714,365 $125,525 $20,599 $0 $7,935 $868,424 $868,424 $129,290 $21,217 $0 $9,499 $1,028,432 $1,028,432 $133,169 $21,854 $0 $11,124 $1,194,578 $1,194,578 $137,164 $20,964 $43,046 $12,802 $1,322,463 $1,322,463 $141,279 $21,593 $0 $14,107 $1,499,441 $1,499,441 $145,517 $22,240 $0 $15,903 $1,683,102 $1,683,102 $149,883 $22,908 $0 $17,767 $1,873,659 $1,873,659 $154,379 $23,595 $0 $19,701 $2,071,334 $2,071,334 $159,011 $24,303 $0 $21,706 $2,276,354 $2,276,354 $163,781 $25,032 $0 $23,786 $2,488,953 $2,488,953 $168,694 $25,783 $0 $25,943 $2,709,373 $2,709,373 $173,755 $17,006 $576,448 $28,127 $2,351,813 $2,351,813 $178,968 $17,516 $0 $24,582 $2,572,879 $2,572,879 $184,337 $17,996 $62,808 $26,825 $2,739,229 $2,739,229 $189,867 $17,097 $248,555 $28,513 $2,726,151 $2,726,151 $195,563 $17,610 $0 $28,416 $2,967,741 $2,967,741 $201,430 $17,674 $43,347 $30,864 $3,174,363 $3,174,363 $207,473 $18,204 $0 $32,966 $3,433,006 $3,433,006 $213,697 $18,160 $98,679 $35,586 $3,601,769 $3,601,769 $220,108 $18,704 $0 $37,311 $3,877,893 $3,877,893 $226,711 $19,266 $0 $40,111 $4,163,981 $4,163,981 $233,513 $9,038 $1,430,050 $42,954 $3,019,435 $3,019,435 $240,518 $9,309 $0 $31,548 $3,300,809 $3,300,809 $247,734 $9,121 $187,033 $34,399 $3,405,030 $3,405,030 $255,166 $7,654 $628,036 $35,474 $3,075,287 $3,075,287 $262,820 $7,883 $0 $32,219 $3,378,210 $3,378,210 $270,705 $7,436 $121,363 $35,289 $3,570,
28 Opening Annual Year Balance Contribution Reserve Fund Scenario Contribution Adjustment Disbursements Earned Interest Closing Balance 2016 $153,972 $66,365 $0 $0 $1,899 $222, $222,236 $68,356 $0 $0 $2,593 $293, $293,185 $70,407 $0 $0 $3,313 $366, $366,905 $72,519 $0 $0 $4,062 $443, $443,486 $74,695 $0 $0 $4,839 $523, $523,020 $76,936 $0 $0 $5,647 $605, $605,603 $79,244 $0 $0 $6,485 $691, $691,332 $81,621 $0 $43,046 $7,355 $737, $737,262 $84,070 $0 $0 $7,828 $829, $829,160 $86,592 $0 $0 $8,761 $924, $924,513 $89,190 $0 $0 $9,728 $1,023, $1,023,431 $91,866 $0 $0 $10,732 $1,126, $1,126,029 $94,622 $0 $0 $11,773 $1,232, $1,232,424 $97,461 $0 $0 $12,852 $1,342, $1,342,737 $100,385 $0 $0 $13,971 $1,457, $1,457,093 $103,397 $0 $576,448 $15,131 $999, $999,173 $106,499 $0 $0 $10,569 $1,116, $1,116,241 $109,694 $0 $62,808 $11,757 $1,174, $1,174,884 $112,985 $0 $248,555 $12,361 $1,051, $1,051,675 $116,375 $0 $0 $11,147 $1,179, $1,179,197 $119,866 $0 $43,347 $12,441 $1,268, $1,268,157 $123,462 $0 $0 $13,350 $1,404, $1,404,969 $127,166 $0 $98,679 $14,739 $1,448, $1,448,195 $130,981 $0 $0 $15,191 $1,594, $1,594,367 $134,910 $0 $0 $16,674 $1,745, $1,745,951 $138,957 $0 $1,430,050 $18,212 $473, $473,070 $143,126 $0 $0 $5,506 $621, $621,702 $147,420 $0 $187,033 $7,016 $589, $589,105 $151,843 $0 $628,036 $6,714 $119, $119,626 $156,398 $0 $0 $2,043 $278, $278,067 $161,090 $0 $121,363 $3,653 $321,
29 Opening Annual Year Balance Contribution Reserve Fund Scenario Contribution Adjustment Disbursements Earned Interest Closing Balance 2016 $153,972 $83,235 $0 $0 $1,991 $239, $239,198 $85,732 $0 $0 $2,856 $327, $327,786 $88,304 $0 $0 $3,756 $419, $419,846 $90,953 $0 $0 $4,691 $515, $515,490 $93,682 $0 $0 $5,662 $614, $614,834 $96,492 $0 $0 $6,671 $717, $717,997 $99,387 $0 $0 $7,718 $825, $825,102 $102,369 $0 $43,046 $8,806 $893, $893,231 $105,440 $0 $0 $9,503 $1,008, $1,008,174 $108,603 $0 $0 $10,670 $1,127, $1,127,447 $111,861 $0 $0 $11,880 $1,251, $1,251,188 $115,217 $0 $0 $13,136 $1,379, $1,379,541 $118,674 $0 $0 $14,438 $1,512, $1,512,653 $122,234 $0 $0 $15,789 $1,650, $1,650,676 $125,901 $0 $0 $17,189 $1,793, $1,793,766 $129,678 $0 $576,448 $18,640 $1,365, $1,365,636 $133,568 $0 $0 $14,380 $1,513, $1,513,584 $137,575 $0 $62,808 $15,881 $1,604, $1,604,232 $141,702 $0 $248,555 $16,810 $1,514, $1,514,189 $145,953 $0 $0 $15,932 $1,676, $1,676,074 $150,332 $0 $43,347 $17,575 $1,800, $1,800,634 $154,842 $0 $0 $18,845 $1,974, $1,974,321 $159,487 $0 $98,679 $20,607 $2,055, $2,055,736 $164,272 $0 $0 $21,447 $2,241, $2,241,455 $169,200 $0 $0 $23,331 $2,433, $2,433,986 $174,276 $0 $1,430,050 $25,284 $1,203, $1,203,496 $179,504 $0 $0 $13,007 $1,396, $1,396,007 $184,889 $0 $187,033 $14,962 $1,408, $1,408,825 $190,436 $0 $628,036 $15,120 $986, $986,345 $196,149 $0 $0 $10,926 $1,193, $1,193,420 $202,033 $0 $121,363 $13,029 $1,287,
30 Disbursements by Year 13
31 Reserve Fund Closing Balance 14
32 Reserve Fund Contributions 15
33 Cumulative Contributions and Disbursements 16
34 Definitions 16-1
35 Definitions 16-2
36 16-3
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