The Water's Edge Board undertook an effort to commission a Reserve Study for the purpose of ensuring our community budget has a reserve fund that is properly funded well into the future. The study was produced in conjunction with our HOA management company, John Poston and Company Inc., by Miller Dodson Associates, capital reserve consultants, and the Water's Edge Board.
The purpose of a reserve study is to consider the common community facilities, its value, its age, condition, and project both the cost to maintain and/or replace over time.
When will we need to repair the dock?
When do we need to resurface the pool?
What should it cost?
How much should we have in reserve for necessary repairs?
The result of the report is to provide our Board with a tool to help ensure we maintain reserve funds, contribute annually to it, in order to be able to pay for necessary capital improvements. Most homeowners who have lived under an HOA are all too familiar with assessments levied for unplanned expenses. Although a Reserve Study is not a "crystal ball" to all future events, it is based on professional guidance based on industry practices.
Thanks to the professional guidance of our Board, we can report that we not only have a Reserve Study that will help guide us moving forward, but that our reserve fund in our current budget is fully funded. This proactive oversight will help to separate Water's Edge from other communities and should be viewed positively by those interested in becoming part of it.
Given the proprietary information about our community contained in the study, its contents will not be posted online. If you have any specific questions about the study, you can reach out to email@example.com.