Shadow Ridge Level 2 Reserve Study Report Period 01/01/2015 12/31/2015 Client Reference Number 10160 Property Type Condominium Number of Units 168 Fiscal Year End 12/31 Date of Property Inspection 8/21/2014 Prepared By Dale Gifford Analysis Method Cash Flow Funding Goal Full Funding Report prepared on Thursday, August 28, 2014 TEL: (888) 356-3783 Fax: (866) 279-9662 WWW.COMPLEXSOLUTIONSLTD.COM
Table of Contents Introduction Executive Summary page 1 Introduction page 2 General Information and Frequently Asked Questions page 3-4 Reserve Analysis Funding Summary page 5 Percent Funded Graph page 6 Component Inventory page 7 Significant Components page 8 Significant Components Graph page 9 Yearly Summary page 10 Yearly Reserve Contributions Graph page 11 Component Funding Information page 12 Yearly Cash Flow page 13 Yearly Reserve Expenditures Graph page 14 Projected Reserve Expenditures by Year page 15-16 Component Evaluation Component Evaluation page 1-37 Glossary of Commonly used Words and Phrases
Executive Summary Shadow Ridge - ID # 10160 Information to complete this Reserve Study was gathered by performing an on-site inspection of the common area elements. In addition, we also obtained information by contacting any vendors and/or contractors that have worked on the property recently, as well as communicating with the property representative (BOD Member and/or Community Manager). To the best of our knowledge, the conclusions and recommendations of this report are considered reliable and accurate insofar as the information obtained from these sources. Projected Starting Balance as of 01/01/2015 $296,447 Ideal Reserve Balance as of 01/01/2015 $716,310 Percent Funded as of 01/01/2015 41% Recommended Reserve Contribution (per month) $8,550 Minimum Reserve Contribution (per month) $7,840 Recommended Special Assessment $0 Shadow Ridge is a 168-unit Condominium community. The community offers a basketball court, covered parking, three playground areas, swimming pool and landscaped areas as amenities. Construction on the community was completed in 1999. Currently Programmed Projects Projects programmed to occur this fiscal year (FY2015) include carports repaint (Comp# 223), pool heater replace (Comp# 1104), pool filter replace (Comp# 1107), wading pool filter replace (Comp# 1109), basketball equipment replace (Comp# 1207), and play area groundcover refill (Comp# 1303). We have programmed an estimated $38,800 in reserve expenditures toward the completion of these projects. (See page 15) Significant Reserve Projects The association s significant reserve projects are pitched roof comp shingle replace (Comp# 105), asphalt overlay (Comp# 401), composite decking replace (Comp# 609), and stucco surfaces repair/repaint (Comp# 201). The fiscal significance of these components is approximately 16%, 14%, 14%, and 12% respectively (see page 9). A component s significance is calculated by dividing its replacement cost by its useful life. In this way, not only is a component s replacement cost considered but also the frequency of occurrence. These components most significantly contribute to the total monthly reserve contribution. As these components have a high level of fiscal significance the association should properly maintain them to ensure they reach their full useful lives. Reserve Funding In comparing the projected starting reserve balance of $296,447 versus the ideal reserve balance of $716,310 we find the association s reserve fund to be approximately 41% funded. This indicates a fair reserve fund position. In order to continue to strengthen the account fund, we suggest adopting a monthly reserve contribution of $8,550 ($50.89/unit) per month. We have also included a minimum reserve contribution of $7,840 ($46.67/unit) per month. If the contribution falls below this rate, then the reserve fund may fall into a situation where special assessments, deferred maintenance, and lower property values are likely at some point in the future. 1
Introduction Reserve Study Purpose The purpose of this Reserve Study is to provide an educated estimate of the necessary reserve balance and allocation. The detailed schedules will serve as an advanced warning that major projects will need to be addressed in the future. This will allow the Board of Directors to have ample time to obtain competitive estimates and bids that will result in cost savings to the individual homeowners. It will also ensure the physical well-being of the property and ultimately enhance each owner s investment, while limiting the possibility of unexpected major projects that may lead to special assessments. Preparer s Credentials Mr. Gifford has been working in the community association industry for the last 11 years. Prior to taking a position, as the Regional Project Manager covering the Utah region, at Complex Solutions, he worked in community association management in Utah. While in community association management his positions included, Maintenance Supervisor, Senior Portfolio Manager and Vice President of Community Management. His work in community association management gave him extensive experience with; budget creation, reserves and reserve budgeting, community inspections and analyzing common area components. Reserve Specialist (RS) designation from Community Associations Institute (CAI), RS# 231 Personally has prepared over 600 reserve studies in Salt Lake City Utah and surrounding areas Bachelor of Science in Chemistry from Emporia State University Certified Manager of Community Associations (CMCA ) designation from the National Board of Certification for Community Association Managers (NBC-CAM) Association Management Specialist (AMS ) designation from Community Associations Institute (CAI) Professional Community Association Manager (PCAM ) designation from Community Associations Institute (CAI), PCAM# 1740, Active member and former Board member and chapter President of the Utah Chapter of Community Associations Institute (UCCAI) Recipient of Community Associations Institute s (CAI) annual award of Excellence In Chapter Leadership for service an achievement in 2010 Budget Breakdown Every association conducts their business within a budget. There are typically two main parts to this budget, operating and reserves. The operating budget includes all expenses that occur on an annual basis. These would include management fees, maintenance expenses, utilities, etc. The reserves are primarily made up of capital replacement items such as roofing, fencing, mechanical equipment, etc., that do not normally occur on an annual basis. Typically, the reserve contribution makes up 15% - 40% of the association s total budget. Therefore, reserves are considered to be a major part of the overall monthly association assessment. Report Sections The Reserve Analysis Section contains the evaluation of the association s reserve balance, income, and expenses. It includes a finding of the client s current reserve fund status (measured as percent funded) and a recommendation for an appropriate reserve allocation rate (also known as the funding plan). The Component Evaluation Section contains information regarding the physical status and replacement cost of major common area components the association is responsible to maintain. It is important to understand that while the component inventory will remain relatively stable from year to year, the condition assessment and life estimates will most likely vary from year to year. 2
General Information and Frequently Asked Questions Why is it important to perform a Reserve Study? As previously mentioned, the reserve allocation makes up a significant portion of the total monthly assessment. This report provides the essential information that is needed to guide the Board of Directors in establishing the budget in order to run the daily and long term operations of your association. It is suggested that a third party professionally prepare the Reserve Study since there is no vested interest in the property. After we have a Reserve Study completed, what do we do with it? Hopefully, you will not look at this report and think it is too cumbersome to understand. Our intention is to make this Reserve Study easy to read and understand. Please take the time to review it carefully and make sure the main ingredients (component information) are complete and accurate. If there are any inaccuracies, please inform us immediately so we may revise the report. Once you feel the report is an accurate tool to work from, use it to help establish your budget for the upcoming fiscal year. The reserve allocation makes up a large portion of the total monthly assessment and this report should help you determine the correct amount of money to go into the reserve fund. Additionally, the Reserve Study should act as a guide to obtain proposals in advance of pending projects. This will give you an opportunity to shop around for the best price available. The Reserve Study should be readily available for real estate agents, brokerage firms, and lending institutions for potential future homeowners. As the importance of reserves becomes more of a household term, people are requesting homeowners associations reveal the strength of the reserve fund prior to purchasing a condominium, town home, or any property that belongs to an association. How often do we update or review the Reserve Study? Unfortunately, there is a misconception that these reports are good for an extended period of time since the report has projections for the next 30 years. Just like any major line item in the budget, the Reserve Study should be reviewed each year before the budget is established. Invariably, some assumptions have to be made during the compilation of this analysis. Anticipated events may not materialize and unpredictable circumstances could occur. Deterioration rates and repair/replacement costs will vary from causes that are unforeseen. Earned interest rates may vary from year to year. These variations could alter the content of the Reserve Study. Therefore, this analysis should be reviewed annually, and a property inspection should be conducted at least once every three years. What is a Reserve Component versus an Operating Component? A Reserve component is an item that is the responsibility of the association to maintain, has a limited useful life (for Reserve purposes less than 30 years), predictable remaining useful life, typically occurs on a cyclical basis that exceeds 1 year, and costs above a minimum threshold amount. An Operating expense is typically a fixed expense that occurs on an annual basis as well as general repairs and maintenance. What are the GREY areas of maintenance items that are often seen in a Reserve Study? One of the most popular questions revolves around major maintenance items, such as painting the buildings or seal coating the asphalt. You may hear from your accountant that since painting or seal coating is not replacing a capital item it cannot be considered a Reserve issue. However, it is the opinion of several major Reserve Study providers that these items are considered to be major expenses that occur on a cyclical basis. Therefore, it makes it very difficult to ignore a major expense that meets the criteria to be considered a reserve component. Once explained in this context, many accountants tend to agree and will include any expenses, such as these examples, as a reserve component. What happens during the Site Visit? The Site Visit was conducted of the common areas as reported by client. From our site visit we identified those common area components that we have determined require reserve funding. Based on information provided by the client, client s vendors, and our assessment of the components we have developed a component list and life and cost estimates. Estimated life expectancies and life cycles are based upon conditions that were readily accessible and visible at the time of the inspection. We did not destroy any landscape work, building walls, or perform any methods of intrusive investigation during the inspection. In these cases, information may have been obtained by contacting the contractor or vendor that has worked on the property. We have assumed any and all components have been properly built and will reach normal, typical life expectancies. In general a reserve study is not intended to identify or fund for construction defects. We did not and will not look for or identify construction defects during our site visit. 3
What is the Financial Analysis? We projected the starting balance by taking the most recent balance statement, adding expected reserve contributions for the rest of the fiscal year, and subtracting any pending projects that will be paid for before the end of the current fiscal year. We compared this number to the ideal reserve balance and arrived at the percent funded level. Measures of strength are as follows: 0% - 30% Funded is generally considered to be a weak financial position. Associations that fall into this category are subject to special assessments and deferred maintenance, which could lead to lower property values. If the association is in this position, actions should be taken to improve the financial strength of the reserve fund. 31% - 69% Funded is generally considered a fair financial position. The majority of associations fall into this category. While this doesn t represent financial strength and stability, the likelihood of special assessments and deferred maintenance is diminished. Effort should be taken to continue strengthening the financial position of the reserve fund. 70% - 99% Funded is generally considered a strong financial position. This indicates financial strength of a reserve fund and every attempt to maintain this level should be a goal of the association. 100% Funded is considered an ideal financial position. This means that the association has the exact amount of funds in the reserve account. Disclosures: We will identify only those major components with a useful life of 30-years or less that generally meet industry standards for reserve funding. The projected life expectancy of the major components and the funding needs of the reserves of the association are based upon the association performing appropriate routine and preventative maintenance for each major component. Failure to perform such maintenance can negatively impact the remaining useful life of the major components and dramatically increase the funding needs of the reserves of the association. This Reserve Study assumes that all construction assemblies and components identified herein are built properly and are free from defects in materials and/or workmanship. Defects can lead to reduced useful life and premature failure. It was not the intent of this Reserve Study to inspect for or to identify defects. If defects exist, repairs should be made so that the construction components and assemblies at the community reach the full and expected useful lives. Information provided to the preparer of a reserve study by an official representative of the association regarding financial, historical, physical, quantitative or reserve project issues will be deemed reliable by the preparer. A reserve study will be a reflection of information provided to the preparer of the reserve study. The total of actual or projected reserves required as presented in the reserve study is based upon information provided that was not audited. A reserve study is not intended to be used to perform an audit, an analysis of quality, a forensic study or a background check of historical records. An on-site inspection conducted in conjunction with a reserve study should not be deemed to be a project audit or quality inspection. The results of this study are based on the independent opinion of the preparer and his experience and research during the course of his career in preparing Reserve Studies. In addition the opinions of experts on certain components have been gathered through research within their industry and with client s actual vendors. There is no implied warrantee or guarantee regarding our life and cost estimates/predictions. There is no implied warrantee or guarantee in any of our work product. Our results and findings will vary from another preparer s results and findings. A Reserve Study is necessarily a work in progress and subsequent Reserve Studies will vary from prior studies. Update Reserve Studies: Level II Studies: Quantities of major components as reported in previous reserve studies are deemed to be accurate and reliable. The reserve study relies upon the validity of previous reserve studies. Level III Studies: In addition to the above we have not visited the property when completing a Level III Financial Update study. Therefore we have not verified the current condition of the common area components.. Insurance: We carry general and professional liability insurance as well as workers compensation insurance. Actual or Perceived Conflicts of Interest: There are no potential actual or perceived conflicts of interest that we are aware of. Inflation and Interest Rates: The after tax interest rate used in the financial analysis may or may not be based on the clients reported after tax interest rate. If it is we have not verified or audited the reported rate. The interest rate may also be based on an amount we believe appropriate given the 30-year horizon of this study and may or may not reflect current or historical inflation rates. 4
Funding Summary Beginning Assumptions # of units 168 Fiscal Year End 31-Dec Budgeted Monthly Reserve Allocation $5,000 Projected Starting Reserve Balance $296,447 Ideal Starting Reserve Balance $716,310 Economic Assumptions Projected Inflation Rate 3.00% Reported After-Tax Interest Rate 0.25% Current Reserve Status Current Balance as a % of Ideal Balance 41% Recommendations Recommended Monthly Reserve Allocation $8,550 Per Unit $50.89 Future Annual Increases 3.00% For number of years: 30 Increases thereafter: 0.00% Minimum Recommended Monthly Reserve Allocation $7,840 Per Unit $46.67 Future Annual Increases 3.00% For number of years: 30 Increases thereafter: 0.00% Changes From Prior Year Recommended Increase to Reserve Allocation $3,550 as Percentage 71% Minimum Recommended Increase to Reserve Allocation $2,840 as Percentage 57% 5
Percent Funded - Graph 120% 100% 80% % Level of Funding 60% 40% 20% 0% 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 Recommended Current Minimum 6
Category ID # Component Name Component Inventory Useful Life (yrs.) Remaining Useful Life Best Cost (yrs.) Worst Cost Roofing 105 Pitched Roof - Comp Shingle - Replace 25 9 $282,345 $322,680 120 Rain Gutters/Downspouts - Replace 25 9 $25,200 $30,800 123 Carport Roofs - Replace N/A $0 $0 Painted Surfaces 201 Stucco Surfaces - Repair/Repaint 15 3 $101,565 $169,275 204 Front Doors - Repaint 6 2 $12,600 $21,000 212 Metal Railing & Stair Risers - Repaint 6 2 $47,205 $57,695 223 Carports - Repaint 8 0 $22,000 $37,000 Siding Materials 390 Brick Siding - Replace N/A $0 $0 Drive Materials 401 Asphalt - Overlay 25 9 $217,313 $289,750 402 Asphalt - Seal Coat 5 3 $30,100 $30,100 403 Concrete - Repair/Replace 10 1 $5,000 $10,000 Property Access 508 Access Control System - Replace 12 2 $1,500 $2,000 Decking 609 Composite Decking - Replace 30 26 $263,200 $342,160 690 Stair Treads - Replace N/A $0 $0 Prop. Identification 801 Community Sign - Replace 18 6 $500 $1,500 803 Mailboxes - Replace N/A $0 $0 806 Building & Unit Signs - Replace N/A $0 $0 Fencing 1003 Chain Link Fencing - Replace N/A $0 $0 1008 Vinyl Fencing - Replace 30 14 $24,050 $29,600 Pool/Spa 1101 Pool - Resurface 12 6 $8,000 $10,000 1103 Wading Pool - Resurface 10 4 $3,500 $3,500 1104 Pool Heater - Replace 12 0 $3,500 $4,500 1107 Pool Filter - Replace 12 0 $1,100 $1,300 1109 Wading Pool Filter - Replace 12 0 $600 $800 1110 Pool & Wader Pumps - Replace 8 3 $1,600 $2,000 1111 Pool Chlorinator - Replace N/A $0 $0 1112 Pool Cover - Replace 10 9 $2,000 $2,000 1121 Pool Furniture - Replace 6 3 $400 $800 Courts 1207 Basketball Equipment - Replace 10 0 $1,200 $1,600 Recreation Equip. 1301 Play Structures - Replace 25 9 $15,000 $30,000 1303 Play Area Groundcover - Refill 5 0 $1,750 $2,250 1307 Benches - Replace 15 4 $2,000 $2,800 1309 Gazebo - Replace 25 9 $5,000 $8,000 1310 Trellis - Replace 30 14 $3,500 $5,500 Light Fixtures 1602 Exterior Light Fixtures - Replace 16 5 $33,450 $66,900 1604 Pole Light Fixtures - Replace 20 4 $1,000 $2,000 Landscaping 1812 Landscaping - Renovate 20 4 $7,500 $10,000 7
Significant Components ID # Component Name Useful Life (yrs.) Remaining Useful Life (yrs.) Average Current Cost Significance: (Curr Cost/UL) As $ As % 105 Pitched Roof - Comp Shingle - Replace 25 9 $302,513 $12,101 16.4972% 120 Rain Gutters/Downspouts - Replace 25 9 $28,000 $1,120 1.5269% 201 Stucco Surfaces - Repair/Repaint 15 3 $135,420 $9,028 12.3083% 204 Front Doors - Repaint 6 2 $16,800 $2,800 3.8174% 212 Metal Railing & Stair Risers - Repaint 6 2 $52,450 $8,742 11.9179% 223 Carports - Repaint 8 0 $29,500 $3,688 5.0273% 401 Asphalt - Overlay 25 9 $253,531 $10,141 13.8260% 402 Asphalt - Seal Coat 5 3 $30,100 $6,020 8.2073% 403 Concrete - Repair/Replace 10 1 $7,500 $750 1.0225% 508 Access Control System - Replace 12 2 $1,750 $146 0.1988% 609 Composite Decking - Replace 30 26 $302,680 $10,089 13.7553% 801 Community Sign - Replace 18 6 $1,000 $56 0.0757% 1008 Vinyl Fencing - Replace 30 14 $26,825 $894 1.2191% 1101 Pool - Resurface 12 6 $9,000 $750 1.0225% 1103 Wading Pool - Resurface 10 4 $3,500 $350 0.4772% 1104 Pool Heater - Replace 12 0 $4,000 $333 0.4544% 1107 Pool Filter - Replace 12 0 $1,200 $100 0.1363% 1109 Wader Filter - Replace 12 0 $700 $58 0.0795% 1110 Pool & Wader Pumps - Replace 8 3 $1,800 $225 0.3068% 1112 Pool Cover - Replace 10 9 $2,000 $200 0.2727% 1121 Pool Furniture - Replace 6 3 $600 $100 0.1363% 1207 Basketball Equipment - Replace 10 0 $1,400 $140 0.1909% 1301 Play Structures - Replace 25 9 $22,500 $900 1.2270% 1303 Play Area Groundcover - Refill 5 0 $2,000 $400 0.5453% 1307 Benches - Replace 15 4 $2,400 $160 0.2181% 1309 Gazebo - Replace 25 9 $6,500 $260 0.3545% 1310 Trellis - Replace 30 14 $4,500 $150 0.2045% 1602 Exterior Light Fixtures - Replace 16 5 $50,175 $3,136 4.2754% 1604 Pole Light Fixtures - Replace 20 4 $1,500 $75 0.1023% 1812 Landscaping - Renovate 20 4 $8,750 $438 0.5965% 8
Significant Components - Graph 105 Pitched Roof - Comp Shingle - Replace 401 Asphalt - Overlay 609 Composite Decking - Replace 201 Stucco Surfaces - Repair/Repaint All Other 44% 16% 14% 12% 14% Useful Life (yrs.) Remaining Useful Life (yrs.) Average Current Cost Significance: (Curr Cost/UL) ID # Component Name As $ As % 105 Pitched Roof - Comp Shingle - Replace 25 9 $302,513 $12,101 16% 401 Asphalt - Overlay 25 9 $253,531 $10,141 14% 609 Composite Decking - Replace 30 26 $302,680 $10,089 14% 201 Stucco Surfaces - Repair/Repaint 15 3 $135,420 $9,028 12% All Other See Expanded Table For Breakdown $31,990 44% 9
Yearly Summary Year Fully Funded Balance Starting Reserve Balance % Funded Reserve Contributions Interest Income Reserve Expenses Ending Reserve Balance 2015 $716,310 $296,447 41% $102,600 $822 $38,800 $361,069 2016 $773,385 $361,069 47% $105,678 $1,026 $7,725 $460,048 2017 $866,445 $460,048 53% $108,848 $1,193 $75,324 $494,766 2018 $895,005 $494,766 55% $112,114 $1,149 $183,491 $424,538 2019 $815,415 $424,538 52% $115,477 $1,184 $18,177 $523,023 2020 $906,187 $523,023 58% $118,942 $1,382 $60,485 $582,861 2021 $958,655 $582,861 61% $122,510 $1,597 $11,941 $695,028 2022 $1,065,326 $695,028 65% $126,185 $1,897 $0 $823,110 2023 $1,190,202 $823,110 69% $129,971 $2,019 $163,223 $791,876 2024 $1,153,491 $791,876 69% $133,870 $1,144 $803,275 $123,614 2025 $459,297 $123,614 27% $137,886 $476 $4,569 $257,407 2026 $569,902 $257,407 45% $142,022 $806 $12,873 $387,362 2027 $678,317 $387,362 57% $146,283 $1,142 $8,412 $526,375 2028 $797,718 $526,375 66% $150,672 $1,451 $44,203 $634,295 2029 $887,067 $634,295 72% $155,192 $1,581 $160,070 $630,998 2030 $863,083 $630,998 73% $159,847 $1,774 $4,051 $788,569 2031 $1,002,506 $788,569 79% $164,643 $2,120 $47,339 $907,993 2032 $1,105,057 $907,993 82% $169,582 $2,485 $0 $1,080,060 2033 $1,263,080 $1,080,060 86% $174,670 $2,550 $297,109 $960,172 2034 $1,123,569 $960,172 85% $179,910 $2,615 $10,872 $1,131,824 2035 $1,278,554 $1,131,824 89% $185,307 $2,900 $131,214 $1,188,818 2036 $1,318,211 $1,188,818 90% $190,866 $3,079 $108,409 $1,274,354 2037 $1,386,640 $1,274,354 92% $196,592 $3,436 $0 $1,474,382 2038 $1,573,000 $1,474,382 94% $202,490 $3,869 $59,405 $1,621,336 2039 $1,708,106 $1,621,336 95% $208,565 $4,191 $101,945 $1,732,147 2040 $1,807,923 $1,732,147 96% $214,822 $4,599 $4,188 $1,947,380 2041 $2,016,031 $1,947,380 97% $221,266 $4,142 $805,875 $1,366,914 2042 $1,409,390 $1,366,914 97% $227,904 $3,700 $5,331 $1,593,187 2043 $1,613,997 $1,593,187 99% $234,741 $4,195 $68,867 $1,763,257 2044 $1,764,336 $1,763,257 100% $241,784 $4,710 $4,713 $2,005,037 10
Reserve Contributions - Graph Monthly Reserve Contributions $25,000 $20,000 $15,000 $10,000 $5,000 $- 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 Year Recommended Current Minimum 11
ID Component Name Component Funding Information UL RUL Quantity Average Current Cost Ideal Balance Current Fund Balance Monthly 105 Pitched Roof - Comp Shingle - Replace 25 9 Approx 80,670 Sq.ft. $302,513 $193,608 $29,749 $1,410.51 120 Rain Gutters/Downspouts - Replace 25 9 Approx 5,600 Linear ft. $28,000 $17,920 $0 $130.55 201 Stucco Surfaces - Repair/Repaint 15 3 Approx 67,710 Sq.ft. $135,420 $108,336 $108,336 $1,052.36 204 Front Doors - Repaint 6 2 (168 ) Front Doors $16,800 $11,200 $11,200 $326.39 212 Metal Railing & Stair Risers - Repaint 6 2 Approx 5,245 Linear ft. $52,450 $34,967 $34,967 $1,018.98 223 Carports - Repaint 8 0 Approx 1,512 Linear ft. $29,500 $29,500 $29,500 $429.84 401 Asphalt - Overlay 25 9 Approx 144,875 Sq.ft. $253,531 $162,260 $0 $1,182.13 402 Asphalt - Seal Coat 5 3 Approx 144,875 Sq.ft. $30,100 $12,040 $12,040 $701.73 403 Concrete - Repair/Replace 10 1 Extensive Sq.ft. $7,500 $6,750 $6,750 $87.42 508 Access Control System - Replace 12 2 (1) System $1,750 $1,458 $1,458 $17.00 609 Composite Decking - Replace 30 26 Approx 13,160 Sq.ft. $302,680 $40,357 $0 $1,176.07 801 Community Sign - Replace 18 6 (1) Sign $1,000 $667 $667 $6.48 1008 Vinyl Fencing - Replace 30 14 Approx 925 Linear Ft. $26,825 $14,307 $0 $104.23 1101 Pool - Resurface 12 6 (1) 18 ft. x 35 ft. Pool $9,000 $4,500 $4,500 $87.42 1103 Wading Pool - Resurface 10 4 (1) 10 ft. x 10 ft. $3,500 $2,100 $2,100 $40.80 1104 Pool Heater - Replace 12 0 (1) Pool Heater $4,000 $4,000 $4,000 $38.86 1107 Pool Filter - Replace 12 0 (1) Pool Filter $1,200 $1,200 $1,200 $11.66 1109 Wader Filter - Replace 12 0 (1) Wader Filter $700 $700 $700 $6.80 1110 Pool & Wader Pumps - Replace 8 3 (2) Pumps $1,800 $1,125 $1,125 $26.23 1112 Pool Cover - Replace 10 9 (1) Pool Cover $2,000 $200 $0 $23.31 1121 Pool Furniture - Replace 6 3 (33) Pieces $600 $300 $300 $11.66 1207 Basketball Equipment - Replace 10 0 (2) Backboards $1,400 $1,400 $1,400 $16.32 1301 Play Structures - Replace 25 9 (3) Play Structures $22,500 $14,400 $0 $104.91 1303 Play Area Groundcover - Refill 5 0 Approx 2,425 Sq.ft. $2,000 $2,000 $2,000 $46.63 1307 Benches - Replace 15 4 (4) Benches $2,400 $1,760 $1,760 $18.65 1309 Gazebo - Replace 25 9 (1) Gazebo $6,500 $4,160 $0 $30.31 1310 Trellis - Replace 30 14 (1) 15 ft. x 15 ft. Trellis $4,500 $2,400 $0 $17.48 1602 Exterior Light Fixtures - Replace 16 5 (446) Fixtures $50,175 $34,495 $34,495 $365.54 1604 Pole Light Fixtures - Replace 20 4 (2) Lights $1,500 $1,200 $1,200 $8.74 1812 Landscaping - Renovate 20 4 Extensive Sq.ft. $8,750 $7,000 $7,000 $51.00 $1,310,594 $716,310 $296,447 $8,550 Current Fund Balance as a percentage of Ideal Balance: 41% 12
Yearly Cash Flow Year 2015 2016 2017 2018 2019 Starting Balance $296,447 $361,069 $460,048 $494,766 $424,538 Reserve Income $102,600 $105,678 $108,848 $112,114 $115,477 Interest Earnings $822 $1,026 $1,193 $1,149 $1,184 Special Assessments $0 $0 $0 $0 $0 Funds Available $399,869 $467,773 $570,090 $608,029 $541,200 Reserve Expenditures $38,800 $7,725 $75,324 $183,491 $18,177 Ending Balance $361,069 $460,048 $494,766 $424,538 $523,023 Year 2020 2021 2022 2023 2024 Starting Balance $523,023 $582,861 $695,028 $823,110 $791,876 Reserve Income $118,942 $122,510 $126,185 $129,971 $133,870 Interest Earnings $1,382 $1,597 $1,897 $2,019 $1,144 Special Assessments $0 $0 $0 $0 $0 Funds Available $643,346 $706,968 $823,110 $955,099 $926,890 Reserve Expenditures $60,485 $11,941 $0 $163,223 $803,275 Ending Balance $582,861 $695,028 $823,110 $791,876 $123,614 Year 2025 2026 2027 2028 2029 Starting Balance $123,614 $257,407 $387,362 $526,375 $634,295 Reserve Income $137,886 $142,022 $146,283 $150,672 $155,192 Interest Earnings $476 $806 $1,142 $1,451 $1,581 Special Assessments $0 $0 $0 $0 $0 Funds Available $261,977 $400,235 $534,787 $678,497 $791,068 Reserve Expenditures $4,569 $12,873 $8,412 $44,203 $160,070 Ending Balance $257,407 $387,362 $526,375 $634,295 $630,998 Year 2030 2031 2032 2033 2034 Starting Balance $630,998 $788,569 $907,993 $1,080,060 $960,172 Reserve Income $159,847 $164,643 $169,582 $174,670 $179,910 Interest Earnings $1,774 $2,120 $2,485 $2,550 $2,615 Special Assessments $0 $0 $0 $0 $0 Funds Available $792,620 $955,332 $1,080,060 $1,257,280 $1,142,696 Reserve Expenditures $4,051 $47,339 $0 $297,109 $10,872 Ending Balance $788,569 $907,993 $1,080,060 $960,172 $1,131,824 Year 2035 2036 2037 2038 2039 Starting Balance $1,131,824 $1,188,818 $1,274,354 $1,474,382 $1,621,336 Reserve Income $185,307 $190,866 $196,592 $202,490 $208,565 Interest Earnings $2,900 $3,079 $3,436 $3,869 $4,191 Special Assessments $0 $0 $0 $0 $0 Funds Available $1,320,032 $1,382,763 $1,474,382 $1,680,741 $1,834,092 Reserve Expenditures $131,214 $108,409 $0 $59,405 $101,945 Ending Balance $1,188,818 $1,274,354 $1,474,382 $1,621,336 $1,732,147 Year 2040 2041 2042 2043 2044 Starting Balance $1,732,147 $1,947,380 $1,366,914 $1,593,187 $1,763,257 Reserve Income $214,822 $221,266 $227,904 $234,741 $241,784 Interest Earnings $4,599 $4,142 $3,700 $4,195 $4,710 Special Assessments $0 $0 $0 $0 $0 Funds Available $1,951,568 $2,172,789 $1,598,518 $1,832,123 $2,009,750 Reserve Expenditures $4,188 $805,875 $5,331 $68,867 $4,713 Ending Balance $1,947,380 $1,366,914 $1,593,187 $1,763,257 $2,005,037 13
Yearly Reserve Expenditures - Graph $900,000 $800,000 $700,000 $600,000 Annual Totals $500,000 $400,000 $300,000 $200,000 $100,000 $- 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 Year 14
Projected Reserve Expenditures by Year Year ID # Component Name Projected Total Per Cost Annum 2015 223 Carports - Repaint $29,500 1104 Pool Heater - Replace $4,000 1107 Pool Filter - Replace $1,200 1109 Wader Filter - Replace $700 1207 Basketball Equipment - Replace $1,400 1303 Play Area Groundcover - Refill $2,000 $38,800 2016 403 Concrete - Repair/Replace $7,725 $7,725 2017 204 Front Doors - Repaint $17,823 212 Metal Railing & Stair Risers - Repaint $55,644 508 Access Control System - Replace $1,857 $75,324 2018 201 Stucco Surfaces - Repair/Repaint $147,977 402 Asphalt - Seal Coat $32,891 1110 Pool & Wader Pumps - Replace $1,967 1121 Pool Furniture - Replace $656 $183,491 2019 1103 Wading Pool - Resurface $3,939 1307 Benches - Replace $2,701 1604 Pole Light Fixtures - Replace $1,688 1812 Landscaping - Renovate $9,848 $18,177 2020 1303 Play Area Groundcover - Refill $2,319 1602 Exterior Light Fixtures - Replace $58,167 $60,485 2021 801 Community Sign - Replace $1,194 1101 Pool - Resurface $10,746 $11,941 2022 No Expenditures Projected $0 2023 204 Front Doors - Repaint $21,282 212 Metal Railing & Stair Risers - Repaint $66,442 223 Carports - Repaint $37,370 402 Asphalt - Seal Coat $38,130 $163,223 2024 105 Pitched Roof - Comp Shingle - Replace $394,710 120 Rain Gutters/Downspouts - Replace $36,534 401 Asphalt - Overlay $330,801 1112 Pool Cover - Replace $2,610 1121 Pool Furniture - Replace $783 1301 Play Structures - Replace $29,357 1309 Gazebo - Replace $8,481 $803,275 2025 1207 Basketball Equipment - Replace $1,881 1303 Play Area Groundcover - Refill $2,688 $4,569 2026 403 Concrete - Repair/Replace $10,382 1110 Pool & Wader Pumps - Replace $2,492 $12,873 2027 1104 Pool Heater - Replace $5,703 1107 Pool Filter - Replace $1,711 1109 Wader Filter - Replace $998 $8,412 2028 402 Asphalt - Seal Coat $44,203 $44,203 2029 204 Front Doors - Repaint $25,412 212 Metal Railing & Stair Risers - Repaint $79,335 15
Year Comp ID Component Name Projected Cost Total Per Annum 508 Access Control System - Replace $2,647 1008 Vinyl Fencing - Replace $40,575 1103 Wading Pool - Resurface $5,294 1310 Trellis - Replace $6,807 $160,070 2030 1121 Pool Furniture - Replace $935 1303 Play Area Groundcover - Refill $3,116 $4,051 2031 223 Carports - Repaint $47,339 $47,339 2032 No Expenditures Projected $0 2033 201 Stucco Surfaces - Repair/Repaint $230,543 402 Asphalt - Seal Coat $51,243 1101 Pool - Resurface $15,322 $297,109 2034 1110 Pool & Wader Pumps - Replace $3,156 1112 Pool Cover - Replace $3,507 1307 Benches - Replace $4,208 $10,872 2035 204 Front Doors - Repaint $30,343 212 Metal Railing & Stair Risers - Repaint $94,731 1207 Basketball Equipment - Replace $2,529 1303 Play Area Groundcover - Refill $3,612 $131,214 2036 403 Concrete - Repair/Replace $13,952 1121 Pool Furniture - Replace $1,116 1602 Exterior Light Fixtures - Replace $93,340 $108,409 2037 No Expenditures Projected $0 2038 402 Asphalt - Seal Coat $59,405 $59,405 2039 223 Carports - Repaint $59,967 801 Community Sign - Replace $2,033 1103 Wading Pool - Resurface $7,115 1104 Pool Heater - Replace $8,131 1107 Pool Filter - Replace $2,439 1109 Wader Filter - Replace $1,423 1604 Pole Light Fixtures - Replace $3,049 1812 Landscaping - Renovate $17,787 $101,945 2040 1303 Play Area Groundcover - Refill $4,188 $4,188 2041 204 Front Doors - Repaint $36,231 212 Metal Railing & Stair Risers - Repaint $113,113 508 Access Control System - Replace $3,774 609 Composite Decking - Replace $652,757 $805,875 2042 1110 Pool & Wader Pumps - Replace $3,998 1121 Pool Furniture - Replace $1,333 $5,331 2043 402 Asphalt - Seal Coat $68,867 $68,867 2044 1112 Pool Cover - Replace $4,713 $4,713 16
Component Evaluation Comp #: 105 Pitched Roof - Comp Shingle - Replace Building Roofs Approx 80,670 Sq.ft. Quantity description: Life Expectancy: 25 Remaining Life: 9 Best Cost: $282,345 $3.50/Sq.ft.; Estimate to replace roof 80,500 Sq.ft. - (14) @ 5,750 Sq.ft. per Building 170 Sq.ft. - Pool Building 80,760 Sq.ft. - Total Worst Cost: $322,680 $4.00/Sq.ft.; Higher estimate Source of Information: CSL Costs Database The roofs are in good condition. No problems were noted at the time of the inspection. Typically this type of roofing material has a useful life of approximately 20-25 years. Inspect this component regularly and make local repairs as necessary as an operating expense to ensure full life from this component. Remaining life based on current age. Page 1 of 37
Comp #: 120 Rain Gutters/Downspouts - Replace Building Roofs Approx 5,600 Linear ft. Quantity description: Life Expectancy: 25 Remaining Life: 9 5,600 Linear ft. - (14) @ 400 Linear ft. per Bldg. Best Cost: $25,200 $4.50/Linear ft.; Estimate to replace Worst Cost: $30,800 $5.50/Linear ft.; Higher estimate Source of Information: CSL Cost Database The rain gutters and downspouts are in good condition. No problems were noted at the time of the inspection. We recommend replacing the rain gutters and downspouts at the same time as the roof replacement (see Comp# 105 Pitched Roof - Comp Shingle - Replace) to ensure proper function and to take advantage of the cost savings benefits. We recommend funding to replace these gutters and downspouts every 25 years. Remaining life based on current age. Page 2 of 37
Comp #: 123 Carport Roofs - Replace Community Streets Approx 24,200 Sq.ft. Quantity description: Life Expectancy: N/A Remaining Life: Best Cost: $0 20,750 Sq.ft. - (24) - 54 ft. x 16 ft. - Carport 3,450 Sq.ft. - (2) - 108 ft. x 16 ft. - Carport 24,200 Sq.ft. - Total Worst Cost: $0 Source of Information: The carport roofs are generally in good condition. No expectation to completely replace the carport roofs. Due to minimal replacement cost and an extended useful life, reserve funding is not appropriate. Repair and replace this component as necessary as an operating expense. No reserve funding necessary. Page 3 of 37
Comp #: 201 Stucco Surfaces - Repair/Repaint Building Exteriors Approx 67,710 Sq.ft. Quantity description: Life Expectancy: 15 Remaining Life: 3 Best Cost: $101,565 $1.50/Sq.ft.; Estimate to repair/repaint 67,200 Sq.ft. - (14) @ 4,800 Sq.ft. per Building 510 Sq.ft. - Pool Building 67,710 Sq.ft. - Total Worst Cost: $169,275 $2.50/Sq.ft.; Higher estimate Source of Information: CSL Costs Database The stucco surfaces are in fair condition. Minor cracking and discoloration were noted at the time of the inspection. We recommend funding to repair/repaint this component approximately every 12-15 years to protect the stucco surface and maintain appearance. Remaining life based on current age and condition. Page 4 of 37
Comp #: 204 Front Doors - Repaint Unit Front Doors (168 ) Front Doors Life Expectancy: 6 Remaining Life: 2 Best Cost: $12,600 $75/Door; Estimate to repaint doors Worst Cost: $21,000 $125/Door; Higher estimate Source of Information: CSL Costs Database The painted front door surfaces are generally in fair condition. Marking and scuffing were noted at the time of the inspection. Repaint doors approximately every 6 years to maintain appearance and protect surfaces. Remaining life based on average condition. Page 5 of 37
Comp #: 212 Metal Railing & Stair Risers - Repaint Balconies, Common Area & Stairwells Approx 5,245 Linear ft. Quantity description: Life Expectancy: 6 Remaining Life: 2 Best Cost: $47,205 $9/Linear ft.; Estimate to repaint 2,030 Linear ft. (7) @ 290 per 8 Balcony Bldg. 2,975 Linear ft. (7) @ 425 per 16 Balcony Bldg. 240 Linear ft. - Common Area 5,245 Linear ft. - Total Railing Worst Cost: $57,695 $11/Linear ft; Higher estimate Source of Information: CSL Costs Database The painted metal surfaces are in fair condition. Areas of rust were noted at the time of the inspection. Expect to paint these surfaces approximately every 6 years to maintain appearance and protect metal surfaces. Remaining life based on current condition. Page 6 of 37
Comp #: 223 Carports - Repaint Community Parking Areas Approx 1,512 Linear ft. Quantity description: Life Expectancy: 8 Remaining Life: 0 Best Cost: $22,000 Estimate to repaint carports (24) - 54 ft. x 16 ft. - Carport (2) - 108 ft. x 16 ft. - Carport (26) - Total Carports Worst Cost: $37,000 Higher estimate for more prep work Source of Information: CSL Costs Database The paint on the carport structure is in fair to poor condition. Areas of missing paint and rust were noted at the time of the inspection. Repaint this component approximately every 6-8 years to maintain appearance and protect metal surfaces. Remaining life based on current condition. Page 7 of 37
Comp #: 390 Brick Siding - Replace Building Exteriors Approx 30,450 Sq.ft. Quantity description: Life Expectancy: N/A Remaining Life: Best Cost: $0 30,450 Sq.ft. - (14) @ 2,175 Sq.ft. per Building Worst Cost: $0 Source of Information: The brick siding is in good condition. This component has an extended useful life. We recommend making local repairs as necessary as an operating expense. No reserve funding necessary. Page 8 of 37
Comp #: 401 Asphalt - Overlay Community Streets Approx 144,875 Sq.ft. Life Expectancy: 25 Remaining Life: 9 Best Cost: $217,313 $1.50/Sq.ft.; Estimate for overlay Worst Cost: $289,750 $2.00/Sq.ft.; Higher estimate Source of Information: CSL Costs Database The asphalt streets are in good condition. Cracking was noted at the time of the inspection. An asphalt overlay generally has a useful life of 20-25 years. Maintain seal coat schedule to ensure full useful life (see Comp# 402 Asphalt - Seal Coat). Remaining life based on current age. Page 9 of 37
Comp #: 402 Asphalt - Seal Coat Community Streets Approx 144,875 Sq.ft. Life Expectancy: 5 Remaining Life: 3 Best Cost: $30,100 Estimate for seal coat Worst Cost: $30,100 Estimate for seal coat Source of Information: Research with Client The asphalt seal coat is in good condition. Cracking was noted at the time of the inspection. Seal asphalt surfaces regularly to prevent premature overlay (see Comp# 401 Asphalt - Overlay). Asphalt surfaces should be sealed every 3-5 years. Remaining life based on current age. Page 10 of 37
Comp #: 403 Concrete - Repair/Replace Common Area Extensive Sq.ft. Life Expectancy: 10 Remaining Life: 1 Best Cost: $5,000 Allowance to repair/replace Worst Cost: $10,000 Higher allowance for more repairs/replacements Source of Information: CSL Cost Database The concrete is generally in good condition. Areas of cracking and spalling were noted at the time of the inspection. No expectation to completely replace the concrete surfaces. We recommend making local repairs as necessary as an operating expense and funding to make more significant repairs approximately every 10 years. Page 11 of 37
Comp #: 508 Access Control System - Replace Pool Area (1) System Life Expectancy: 12 Remaining Life: 2 Best Cost: $1,500 Estimate to replace system Worst Cost: $2,000 Higher estimate Source of Information: CSL Cost Database The access control system is in working condition. No problems were noted or reported at the time of the inspection. We recommend funding to replace this system approximately every 12 years to ensure proper function and keep up with current technology. Remaining life based on current age. Page 12 of 37
Comp #: 609 Composite Decking - Replace Unit Balconies Approx 13,160 Sq.ft. Quantity description: Life Expectancy: 30 Remaining Life: 26 Best Cost: $263,200 $20/Sq.ft.; Estimate to repair/replace Worst Cost: $342,160 $26/Sq.ft.; Higher estimate (12 ft. x 6.5 ft.) 8,960 Sq.ft. - (112) @ 80 Sq.ft. per Balcony (11 ft. x 6.5 ft.) 4,200 Sq.ft. - (56) @ 75 Sq.ft. per Balcony 13,160 Sq.ft. - Total Source of Information: Actual Cost History The composite decking is in good condition. There is no expectation to completely replace this type of decking. Make local repairs as necessary as an operating expense. We recommend funding to make more significant repairs approximately every 25-30 years. Remaining life based on current age. Page 13 of 37
Comp #: 690 Stair Treads - Replace Building Stairwells (603) Treads Life Expectancy: N/A Remaining Life: Best Cost: $0 Worst Cost: $0 Source of Information: The concrete stair treads are in generally good condition. No expectation to replace all the stair treads at one time. Due to the minimal cost of replacing individual treads and the yearly frequency of replacements, we recommend replacing them as necessary as an operating expense. No reserve funding necessary. Page 14 of 37
Comp #: 801 Community Sign - Replace Entrance to Community (1) Sign Life Expectancy: 18 Remaining Life: 6 Best Cost: $500 $500/Sign; Estimate to replace Worst Cost: $1,500 $1,500/Sign; Higher estimate Source of Information: CSL Costs Database The community sign is in fair condition. Minor damage, fading and thinning paint were noted at the time of the inspection. Repaint the sign as necessary as an operating expense. We recommend refurbishing the sign approximately every 18 years to ensure appearance and to keep up with current decorative tastes. Remaining life is based on current age. Page 15 of 37
Comp #: 803 Mailboxes - Replace Entrance to Community (20) Mailbox Clusters Quantity description: Life Expectancy: N/A Remaining Life: Best Cost: $0 Worst Cost: $0 (2) - 12 box - Cluster (9) - 16 box - Cluster (1) - 1 outgoing, 2 parcel - Cluster (8) - 2 parcel - Cluster (20) - Total Clusters Source of Information: The mailboxes are in good condition. Typically these mailboxes are owned and maintained by the postal service. No reserve funding necessary. Page 16 of 37
Comp #: 806 Building & Unit Signs - Replace Building Exteriors (196) Signs Quantity description: Life Expectancy: N/A Remaining Life: Best Cost: $0 (14) - Building Number Set (14) - Building Sign (168) - Unit Number Set (196) - Total Signs Worst Cost: $0 Source of Information: The building and unit signs are in good to fair condition. Due to the minimal cost associated with replacing this component, reserve funding is not appropriate. Replace as necessary as an operating expense. No reserve funding necessary. Page 17 of 37
Comp #: 1003 Chain Link Fencing - Replace Basketball Court Approx 290 Linear Ft. Quantity description: Life Expectancy: N/A Remaining Life: Best Cost: $0 220 Linear ft. - Basketball Court 70 Linear ft. - Dumpster Enclosures 290 Linear ft. - Total Fencing Worst Cost: $0 Source of Information: The chain link fencing is in good to fair condition. No problems were noted at the time of the inspection. Due to the extended useful life associated with this component, reserve funding is not appropriate. Make local repairs as necessary as an operating expense. No reserve funding necessary. Page 18 of 37
Comp #: 1008 Vinyl Fencing - Replace Dumpster Area, Perimeter & Pool Fencing Approx 925 Linear Ft. Quantity description: Life Expectancy: 30 Remaining Life: 14 Best Cost: $24,050 $26/Linear ft.; Estimate to replace vinyl fence Worst Cost: $29,600 $32/Linear ft.; Higher estimate 165 Linear ft. - Dumpster 225 Linear ft. - Pool 500 Linear ft. - South Perimeter 35 Linear ft. - West Perimeter 925 Linear ft. - Total Fencing Source of Information: CSL Costs Database The vinyl fencing is in good condition. No problems were noted at the time of the inspection. This type of fencing material has a relatively long useful life. Reserve to replace the vinyl fencing every 25-30 years. Remaining life based on current age. Page 19 of 37
Comp #: 1101 Pool - Resurface Pool Area (1) 18 ft. x 35 ft. Pool Life Expectancy: 12 Remaining Life: 6 Best Cost: $8,000 Estimate to resurface pool Worst Cost: $10,000 Higher estimate Source of Information: CSL Costs Database The pool surface is in good condition. No problems were noted at the time of the inspection. We recommend funding to resurface this component every 10-12 years. Remaining life based on current age. Page 20 of 37
Comp #: 1103 Wading Pool - Resurface Pool Area (1) 10 ft. x 10 ft. Life Expectancy: 10 Remaining Life: 4 Best Cost: $3,500 Estimate to resurface pool Worst Cost: $3,500 Higher estimate Source of Information: CSL Costs Database The wading pool surface is in good condition. No problems were noted at the time of the inspection. Expect to resurface this component approximately every 8-10 years. Remaining life based on current age. Page 21 of 37
Comp #: 1104 Pool Heater - Replace Pool Equipment Room (1) Pool Heater Description: Life Expectancy: 12 Remaining Life: 0 (1) - Purex Triton MiniMax Plus, 400,000 BTU Best Cost: $3,500 Estimate to replace heater Worst Cost: $4,500 Higher estimate Source of Information: CSL Costs Database Unable to inspect this component at the time of the inspection. This component has passed its useful life and we recommend funding to replace it in the near future. This type of pool heater typically has a useful life of approximately 12 years. Remaining life based on current age and condition. Page 22 of 37
Comp #: 1107 Pool Filter - Replace Pool Equipment Room (1) Pool Filter Description: Life Expectancy: 12 Remaining Life: 0 (1) - Pentair Purex Triton II, TR-140 Best Cost: $1,100 Estimate to replace filter Worst Cost: $1,300 Higher estimate Source of Information: CSL Costs Database Unable to inspect this component at the time of the inspection. This component has passed its useful life and we recommend funding to replace it in the near future. This type of pool filter has a life expectancy of approximately 12 years. Remaining life based on current age and condition. Page 23 of 37
Comp #: 1109 Wading Pool Filter - Replace Pool Equipment Room (1) Wading Pool Filter Description: Life Expectancy: 12 Remaining Life: 0 (1) - Purex Triton II, TR-50 Best Cost: $600 Estimate to replace filter Worst Cost: $800 Higher estimate Source of Information: CSL Costs Database Unable to inspect this component at the time of the inspection. This component has passed its useful life and we recommend funding to replace it in the near future. This type of pool filter has a life expectancy of approximately 12 years. Remaining life based on current age and condition. Page 24 of 37
Comp #: 1110 Pool & Wader Pumps - Replace Pool Equipment Room (2) Pumps Description: Life Expectancy: 8 Remaining Life: 3 Best Cost: $1,600 $800/Pump; Estimate to replace pump (1) - Whisperflo, 1.5HP (1) - Whisperflo,.5 HP (2) - Total Pumps Worst Cost: $2,000 $1,000/Pump; Higher estimate Source of Information: CSL Costs Database Unable to inspect this component at the time of the inspection. No problems were reported at time of the inspection. We recommend funding to replace this component approximately every 8-10 years. Remaining life based on current average age. Page 25 of 37
Comp #: 1111 Pool Chlorinator - Replace Pool Equipment Room (1) Chlorinator Quantity description: Life Expectancy: N/A Remaining Life: Best Cost: $0 (1) Pentair Rainbow Lifegard Automatic Chlorine/Bromine Off-Line Feeder Model: 300-29X Worst Cost: $0 Source of Information: Unable to inspect this component at the time of the inspection. Due to the minimal cost associated with replacing this component reserve funding is not appropriate. Replace as necessary as an operating expense. No reserve funding necessary. Page 26 of 37
Comp #: 1112 Pool Cover - Replace Pool Area (1) Pool Cover Life Expectancy: 10 Remaining Life: 9 Best Cost: $2,000 Estimate to replace pool cover Worst Cost: $2,000 Estimate to replace pool cover Source of Information: Research with Client The pool cover is in good condition. We recommend funding to replace this cover every 10 years. Remaining life based on current age and condition. Page 27 of 37
Comp #: 1121 Pool Furniture - Replace Pool Area (33) Pieces Quantity description: Life Expectancy: 6 Remaining Life: 3 Best Cost: $400 Allowance to make replacements Worst Cost: $800 Higher allowance (6) - Chair, Fabric (7) - Chair, Strap (6) - Chaise Lounge, Fabric (10) - Chaise Lounge, Strap (3) - Table, Metal (1) - Table, Plastic (33) - Total Pieces Source of Information: CSL Costs Database The pool furniture is in fair condition. We recommend funding an allowance to make replacements to this component approximately every 6 years. Remaining life based on current age and condition. Page 28 of 37
Comp #: 1207 Basketball Equipment - Replace Basketball Court (2) Backboards Life Expectancy: 10 Remaining Life: 0 Best Cost: $1,200 $600/Backboard; Estimate to replace Worst Cost: $1,600 $800/Backboard; Higher estimate Source of Information: CSL Cost Database The basketball equipment is in fair to poor condition. There is no expectation to replace the poles. We recommend funding to replace the backboard and rim approximately every 8-10 years. Remaining life is based on current age and condition. Page 29 of 37
Comp #: 1301 Play Structures - Replace Play Areas (3) Play Structures Life Expectancy: 25 Remaining Life: 9 Best Cost: $15,000 $5,000/Structure; Estimate to replace Worst Cost: $30,000 $10,000/Structure; Higher estimate Source of Information: CSL Costs Database The play structures are in fair condition. Worn canopies in need of replacement were noted at the time of the inspection. Expect a useful life of approximately 20-25 years from this component. Remaining life based on current age and condition. Page 30 of 37
Comp #: 1303 Play Area Groundcover - Refill Play Areas Approx 2,425 Sq.ft. Quantity description: Life Expectancy: 5 Remaining Life: 0 Best Cost: $1,750 Estimate to refill 975 Sq.ft. - East 550 Sq.ft. - South 900 Sq.ft. - West 2,425 Sq.ft. - Total Worst Cost: $2,250 Higher estimate Source of Information: CSL Costs Database The play area groundcover is in fair to poor condition. Areas of thin coverage, uneven areas and weed intrusion were noted at the time of the inspection. Expect to refill groundcover bed approximately every 3-5 years to maintain appearance and ensure proper function as a safety component. Remaining life is based on current condition. Page 31 of 37
Comp #: 1307 Benches - Replace Common Area (4) Benches Life Expectancy: 15 Remaining Life: 4 Best Cost: $2,000 $500/Bench; Estimate to replace Worst Cost: $2,800 $700/Bench; Higher estimate Source of Information: CSL Cost Database The benches are in good condition. No problems were noted at the time of the inspection. Expect a useful life of approximately 12-15 years from this component. Remaining life based on current age and condition. Page 32 of 37
Comp #: 1309 Gazebo - Replace Common Area (1) Gazebo Life Expectancy: 25 Remaining Life: 9 Best Cost: $5,000 Estimate to replace Worst Cost: $8,000 Higher estimate Source of Information: CSL Costs Database The gazebo is in good condition. Although this component may reach an extended life we recommend funding to completely replace it approximately every 25 years. Make repairs as necessary as an operating expense to ensure full life. Remaining life based on current age. Page 33 of 37
Comp #: 1310 Trellis - Replace Pool Area (1) 15 ft. x 15 ft. Trellis Life Expectancy: 30 Remaining Life: 14 Best Cost: $3,500 Estimate to replace Worst Cost: $5,500 Higher estimate Source of Information: CSL Cost Database The trellis is in good condition. Although this component may reach an extended life we recommend funding to completely replace it approximately every 30 years. Remaining life based on current age and condition. Page 34 of 37
Comp #: 1602 Exterior Light Fixtures - Replace Building Exterior, Unit Entrance & Balcony (446) Fixtures Quantity description: Life Expectancy: 16 Remaining Life: 5 Best Cost: $33,450 $75/Fixture; Estimate to replace Worst Cost: $66,900 $150/Fixture; Higher estimate (42) - Building Exterior, Emergency (68) - Building Exterior, Wallpacks (168) - Unit Balcony (168) - Unit Front Door (446) - Total Fixtures Source of Information: CSL Costs Database The exterior light fixtures are generally in good condition. No problems were noted at the time of the inspection. Expect to replace this component approximately every 16-18 years to maintain appearance and function. Remaining life based on current age and condition. Page 35 of 37
Comp #: 1604 Pole Light Fixtures - Replace Common Area (2) Lights Life Expectancy: 20 Remaining Life: 4 Best Cost: $1,000 $500/Fixture; Estimate to replace Worst Cost: $2,000 $1,000/Fixture; Higher estimate Source of Information: CSL Cost Database The pole light fixtures are in good condition. No problems noted at the time of inspection. No expectation to replace the light poles. Paint poles as necessary as an operating expense. We recommend funding to replace the light fixtures approximately every 20 years to ensure proper function. Remaining life based on current age. Page 36 of 37
Comp #: 1812 Landscaping - Renovate Common Area Extensive Sq.ft. Life Expectancy: 20 Remaining Life: 4 Best Cost: $7,500 Allowance to renovate landscaping Worst Cost: $10,000 Higher allowance Source of Information: CSL Cost Database The landscaping is in good condition. No expectation to completely re-landscape the community. We recommend funding for an allowance to renovate the landscaping and irrigation system to maintain appearance and keep up with current decorative tastes. This component should be funded approximately every 20 years. Remaining life based on current age. Page 37 of 37