Banbury Meadows Homeowners` Association

Transcription

RESERVE STUDY
Update w/o Site Visit Review
Banbury Meadows
Homeowners' Association
2012 Update - 2
Published - April 01, 2013
Prepared for the 2013 Fiscal Year
Browning Reserve Group
/ Emmett, ID 83617
Office (208) 365-0977
[email protected] / www.BrowningRG.com
© Browning Reserve Group 2013
1646
4/1/2013
12uwo4.4.68-460:nad
Version 4/1/2013 9:35:27 AM
Banbury Meadows
2012 Update - 2
Table of Contents
Section
Report
Page
Section I:
Summary of Association Reserves
1
30 Year Expense Forecast
Detailed
Section III:
30 Year Reserve Funding Plan
Cash Flow Method {c}
10
Section III-a:
Cash Flow Method - Ending Balances Chart
13
Section IV:
Fully Funded Balance and % Funded
14
Reserve Fund Balance Forecast
Component Method
15
Component Listing
Included Components
17
Tabular Component Listing
Included Components
23
Expenditures by Year
- Next Year
26
Section II:
Section V:
Section VI:
Section VII:
Section VII-a:
Section IX:
Section X:
Section X-a:
Section XI:
5
Directory of Reserve Study
Contractors
27
Auditor Notes
29
Supplementary Information for
Auditor
Component Method
31
Glossary
Reserve Study Terms
33
Addendum:
Homeowner Distribution Materials See Page ii for Details
1646
4/1/2013
12uwo4.4.68-460:nad
Version 4/1/2013 9:35:27 AM
TOC - i
Banbury Meadows
2012 Update - 2
Homeowner Distribution Materials
The following Reserve Study sections should be provided to each Homeowner.
Section
Idaho:
1646
4/1/2013
Report
Member Summary
12uwo4.4.68-460:nad
Version 4/1/2013 9:35:27 AM
TOC - ii
Section I
Update w/o Site Visit Review
Banbury Meadows Homeowners'
Association
2012 Update - 2
Published - April 01, 2013
Reserve Study Summary
A Reserve Study was conducted of Banbury Meadows Homeowners' Association (the
"Association"). An Update Without Site-Visit Review is an update with no on-site
visual observation upon where the following tasks are performed:



life and valuation estimates;
fund status;
and a funding plan.
Banbury Meadows Homeowners' Association is a Planned Development with a total of 321
Lots.
Summary of Reserves
For the first year of the Reserve Study, the reserve contribution is based upon the existing
budget unless otherwise noted in “Section III, Reserve Funding Plan.” In addition BRG
relied on the Association to provide an accurate Beginning Reserve Balance.
The status of the Association's reserves, as reflected in the following Reserve
Study, is as follows:
1.
2.
The Expenditure Forecast of the following Reserve Study identifies the major
components which the Association is obligated to repair, replace, restore or
maintain, as determined in accordance with the criteria specified above, and
specifies for each such component:
a.
Its current estimated replacement cost;
b.
Its estimated useful life; and
c.
Its estimated remaining useful life.
It is estimated that the total cash reserves necessary to repair, replace,
restore or maintain such major components (in the aggregate) during and at
the end of their first remaining useful life is $31,694.

3.
[For purposes of this calculation, “necessary” is defined as the Fully
Funded Balance (FFB) (Component Current Cost X Effective Age / Useful
Life, including a provision for interest and inflation in future years.)]
The current amount of accumulated cash reserves actually set aside to repair,
replace, restore, or maintain such major components as of the fiscal year
ending December 31, 2013 is estimated to be $73,584, constituting 232.% of
the total expenditures anticipated for all such major components through their
first end of useful life replacement.
/ Emmett, ID 83617
Office (208) 365-0977
[email protected] / www.BrowningRG.com
1646
4/1/2013
12uwo4.4.68-460:nad
Version 4/1/2013 9:35:27 AM
2
Reserve Study - Update w/o Site Visit Review
Banbury Meadows Homeowners' Association
4.
Based upon the schedule of annual reserve contributions necessary to defray
the cost of repairing, replacing, restoring or maintaining such major
components in the years such expenditures are estimated to be required, it is
estimated that annual reserve contributions in the initial amount of $15,575
[$12.13 per Lot per quarter (average)] for the fiscal year ending December 31,
2013 (the first full fiscal year following first distribution of this report) will be
necessary in order to meet all such reserve expenditures when they are
projected to come due.
Funding Assessment
Based on the 30 year cash flow projection, the Association's reserves appear adequately
funded as the reserve fund ending balances remain positive throughout the replacement of
all major components during the next 30 years.
Idaho statute imposes no reserve funding level requirements nor does it address funding
level adequacy, and although one or more of the reserve fund percentages expressed in
this report may be less than one hundred percent, those percentages do not necessarily
indicate that the Association's reserves are inadequately funded.
Percent Funded Status
Based on paragraphs 1 - 3 above, the Association is 232.% funded. The following scale can
be used as a measure to determine the association’s financial picture whereas the lower the
percentage, the higher the likelihood of the Association requiring a special assessment, or
other large increases to the reserve contribution in the future.
Percent Funded
--------------- Poor ---------------
30%
-------------------- Fair ---------------------
70%
----------- Strong ------------
100%
Methodology
The above recommended reserve contribution for the next fiscal year (and future fiscal
years as outlined in Section III, Reserve Fund Balance Forecast) was developed using the
cash flow method. This is a method of developing a reserve funding plan where the
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.
Funding Goals
The funding goal employed for Banbury Meadows Homeowners' Association is
Threshold Funding:
Establishing a Reserve funding goal of keeping the Reserve
balance above a specified dollar or Percent Funded amount.
Depending on the threshold, this may be more or less
conservative than “Fully Funding.”
Limitations
The intention of the Reserve Study is to forecast the Association's ability to repair or
replace major components as they wear out in future years. The Reserve Study is not an
engineering report, and no destructive testing was performed. The costs outlined in the
study are for budgetary and planning purposes only, and actual bid costs would depend
upon the defined scope of work at the time repairs are made. Also, any latent defects are
excluded from this report.
Statutory Disclosures
Compliance
The Reserve Study complies with or exceeds all applicable statutes, if any.
Supplemental Disclosures
General:
BRG has no other involvement(s) with the Association which could result in actual or
perceived conflicts of interest.
Personnel Credentials:
N. Anthony Dann graduated from Cal State Northridge with Bachelors & Master of Science
degrees in Business Administration, Management and Finance.
Diane M. Dann has a Certified Property Manager designation from the Institute of Real
Estate Management.
Completeness:
BRG has found no material issues which, if not disclosed, would cause a distortion of the
Association's situation.
Reliance on Client Data:
Information provided by the official representative of the Association regarding financial,
physical, quantity, or historical issues will be deemed reliable by BRG.
Scope:
This Reserve Study is a reflection of information provided to BRG and assembled for the
Association's use, not for the purpose of performing an audit, quality/forensic analysis,
health and safety inspection, or background checks of historical records.
Reserve Balance:
The actual beginning reserve fund balance in this Reserve Study is based upon information
provided and was not audited.
Reserve Projects:
Information provided about reserve projects will be considered reliable. Any on-site
inspection should not be considered a project audit, quality inspection, or health and safety
review.
3
Component Quantities:
The Association warrants the previously developed component quantities are accurate and
reliable.
4
Section II
30 Year Expense Forecast - Detailed
2012 Update - 2
Current
Replacement
Reserve Component
Life
Useful /
Cost Remaining
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
02000 - Concrete
200 - Sidewalks, Curbs & Gutters
Common Area
Total
2,122
02000 - Concrete
5
7
2,122
2,610
3,025
2,610
3,025
03000 - Painting: Exterior
400 - Wrought Iron
160 Lin. Ft. Pump Station Fencing
1,358
6
4
500 - Light Poles
Common Area Street Lights
6,435
10
0
6,435
8,648
12,150
10
0
12,150
16,329
1,450
10
0
1,450
1,949
510 - Mailboxes
Residential Mailboxes
520 - Fire Hydrants
Common Area
Total
21,393
1,528
20,035
1,825
1,528
28,750
04000 - Structural Repairs
910 - Building Maintenance
Pump Station #1
Total
530
10
3
530
580
779
580
779
18000 - Landscaping
100 - Irrigation: Misc.
Common Area
5,304
5
2
Wet Wells/Vaults
849
1
1
874
900
927
955
984
1,013
1,044
1,075
1,107
1,141
1,175
1,210
1,246
1,284
340 - Irrigation: Pumps
Pump Stations #1 thru #4
6,500
1
1
6,695
6,896
7,103
7,316
7,535
7,761
7,994
8,234
8,481
8,735
8,998
9,267
9,545
9,832
420 - General Repairs/Upgrades
Common Area Planters & Shrubs
5,304
5
2
Pump House #2 Landscaping
Project[nr:1]
3,490
1
0
Project[nr:1]
4,500
1
1
4,635
500 - Tree Maintenance
Common Area Trees
5,304
5
1
5,464
10,792
11,116
Total
18000 - Landscaping
31,252
5,628
6,524
5,628
7,563
6,524
7,563
3,490
3,490
17,668
6,334
19,051
8,030
8,271
8,519
15,109
7,343
22,086
9,309
9,588
9,876
17,515
25,603
18500 - Lakes / Ponds
330 - Aeration Heads / Diffusers
Pump House #2 Aeration System[nr:1]
800 - Reconstruction
Stream Bed Renovation[nr:1]
Total
8,190
1
0
13,976
1
1
22,166
8,190
14,395
8,190
14,395
20000 - Lighting
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
2012 to 2026
5
Current
Replacement
Life
Useful /
Reserve Component
Cost Remaining
200 - Street Lights
39 Common Area (25%)
2,234
3
2
205 - Street: Poles & Fixtures
Common Area
2,122
10
17
Total
20000 - Lighting
2012 Update - 2
2012
2013
4,356
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2,370
2,590
2,830
3,093
3,380
2,370
2,590
2,830
3,093
3,380
30000 - Miscellaneous
230 - Mailboxes
162 Residential Mailboxes (50%)[nr:2]
Total
36,178
6
12
51,581
36,178
51,581
31000 - Reserve Study
100 - 3 Year Update with Site Visit
Full Reserve Study
Total
1,061
3
1
1,061
1,093
1,194
1,305
1,426
1,558
1,093
1,194
1,305
1,426
1,558
546
597
652
713
779
32000 - Undesignated
100 - Miscellaneous
Miscellaneous Components
Total
530
3
1
530
Total Expenditures Inflated @ 3.00%
Total Current Replacement Cost
546
31,715
33,702
597
21,422
8,610
11,591
652
11,109
15,109
26,652
713
12,139
9,588
40,765
779
20,608
80,209
13,908
119,589
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
14,495
2012 to 2026
6
2012 Update - 2
Reserve Component
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
02000 - Concrete
Common Area
Total
02000 - Concrete
3,507
4,066
4,713
3,507
4,066
4,713
400 - Wrought Iron
2,179
500 - Light Poles
11,622
510 - Mailboxes
21,944
520 - Fire Hydrants
Common Area
Total
2,602
3,107
2,602
3,107
2,619
2,179
36,185
Pump Station #1
Total
1,047
1,047
18000 - Landscaping
Common Area
8,768
Wet Wells/Vaults
10,164
11,783
1,322
1,362
1,403
1,445
1,488
1,533
1,579
1,626
1,675
1,725
1,777
1,830
1,885
1,942
2,000
10,127
10,431
10,744
11,066
11,398
11,740
12,092
12,455
12,828
13,213
13,610
14,018
14,438
14,872
15,318
16,813
17,318
8,768
10,164
11,783
Project[nr:1]
Project[nr:1]
Common Area Trees
Total
8,512
18000 - Landscaping
11,449
20,305
9,868
29,681
12,511
12,886
13,273
23,539
11,440
34,409
14,503
14,938
15,387
27,288
39,889
Total
20000 - Lighting
200 - Street Lights
3,693
Common Area
3,507
Total
20000 - Lighting
7,200
4,035
4,409
4,818
5,265
4,713
4,035
4,409
4,818
4,713
5,265
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
2027 to 2041
7
2012 Update - 2
Reserve Component
2027
2028
2029
230 - Mailboxes
Total
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
61,590
61,590
Full Reserve Study
Total
1,702
1,860
2,033
2,221
2,427
1,702
1,860
2,033
2,221
2,427
851
930
1,016
1,111
1,214
100 - Miscellaneous
Total
851
Total Expenditures Inflated @ 3.00%
11,449
25,037
930
40,388
74,101
15,676
1,016
53,493
23,539
44,126
1,111
19,960
14,938
18,719
1,214
32,106
49,316
23,561
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
2027 to 2041
22,583
8
2012 Update - 2
Reserve Component
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
2027 to 2041
2041
9
Section III
30 Year Reserve Funding Plan Cash Flow Method
2012 Update - 2
*See Important footnotes
at end of this Section III.
2012
Beginning Balance
Inflated Expenditures @ 3.0%
Reserve Contribution
Lots/quarter @ 321
2013
2014
2015
2016
2017
2018
2019
2020
2021
83,593 1
66,711
73,584
68,516
77,078
83,519
91,343
96,114
90,336
100,114
31,715
33,702
21,422
8,610
11,591
11,109
15,109
26,652
12,139
9,588
14,833 2
15,575
16,354
17,172
18,031
18,933
19,880
20,874
21,918
23,014
12.13
12.74
13.37
14.04
14.75
15.48
16.26
17.07
17.92
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
0
11.55
Percentage Increase
25,000 3
Special Assessments / Other
0
0
0
0
0
0
0
0
Interest Pre Tax @ 0.00%
0
0
0
0
0
0
0
0
0
0
Ending Balance
66,711
73,584
68,516
77,078
83,519
91,343
96,114
90,336
100,114
113,540
2) Reserve Contribution provided by Banbury Board of Directors Treasurer.
1) Beginning Balance provided by Banbury Board of Directors Treasurer.
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Beginning Balance
113,540
96,940
101,705
48,137
61,671
75,440
93,103
98,050
88,547
46,258
40,765
20,608
80,209
13,908
14,495
11,449
25,037
40,388
74,101
15,676
24,165
25,373
26,642
27,441
28,264
29,112
29,985
30,885
31,812
31,812
Lots/quarter @ 321
18.82
19.76
20.75
21.37
22.01
22.67
23.35
24.05
24.78
24.78
Percentage Increase
5.0%
5.0%
5.0%
3.0%
3.0%
3.0%
3.0%
3.0%
3.0%
0.0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ending Balance
96,940
101,705
48,137
61,671
75,440
93,103
98,050
88,547
46,258
62,393
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
Beginning Balance
62,393
40,712
48,985
36,672
48,524
65,398
78,491
78,197
60,693
68,944
53,493
23,539
44,126
19,960
14,938
18,719
32,106
49,316
23,561
22,583
31,812
31,812
31,812
31,812
31,812
31,812
31,812
31,812
31,812
31,812
Lots/quarter @ 321
24.78
24.78
24.78
24.78
24.78
24.78
24.78
24.78
24.78
24.78
Percentage Increase
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Ending Balance
40,712
48,985
36,672
48,524
65,398
78,491
78,197
60,693
68,944
78,173
1646 04/01/2013 12uwo4.4.68-460:nad.ukn
Version 4/1/2013 9:35:27 AM
10
30 Year Reserve Funding PlanCash Flow Method
2012 Update - 2
Reserve Funding Plan - Footnotes
Period / Year
3)
01 / 2013
Simple Contribution of $25,000 represents a transfer of excess operating funds to the Reserve Account.
1646 04/01/2013 12uwo4.4.68-460:nad.ukn
Version 4/1/2013 9:35:27 AM
11
Section III-a
30 Year Reserve Funding Plan Cash Flow Method - Ending Balances
2012 Update - 2
$120,000
$100,000
Fund Balance
$80,000
$60,000
$40,000
$20,000
41
40
20
39
20
38
20
37
20
36
20
35
20
34
20
33
20
32
20
31
20
30
20
29
20
28
20
27
20
26
20
25
20
24
20
23
20
22
20
21
20
20
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
20
20
12
$0
Years
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
13
Section IV
30 Year Reserve Funding Plan Including Fully Funded Balance and % Funded
2012 Update - 2
Fully Funded
Balance
Year
Beginning
Balance
2012
83,593
61,032
109.3%
31,715
14,833
0
0
66,711
2013
66,711
31,694
232.2%
33,702
15,575
25,000
0
73,584
2014
73,584
32,833
208.7%
21,422
16,354
0
0
68,516
2015
68,516
27,596
279.3%
8,610
17,172
0
0
77,078
2016
77,078
36,355
229.7%
11,591
18,031
0
0
83,519
2017
83,519
42,929
212.8%
11,109
18,933
0
0
91,343
2018
91,343
50,892
188.9%
15,109
19,880
0
0
96,114
2019
96,114
55,786
161.9%
26,652
20,874
0
0
90,336
2020
90,336
56,056
178.6%
12,139
21,918
0
0
100,114
2021
100,114
72,316
157.0%
9,588
23,014
0
0
113,540
2022
113,540
92,503
104.8%
40,765
24,165
0
0
96,940
2023
96,940
82,021
124.0%
20,608
25,373
0
0
101,705
2024
101,705
92,848
51.8%
80,209
26,642
0
0
48,137
2025
48,137
43,498
141.8%
13,908
27,441
0
0
61,671
2026
61,671
61,873
121.9%
14,495
28,264
0
0
75,440
2027
75,440
81,136
114.7%
11,449
29,112
0
0
93,103
2028
93,103
105,084
93.3%
25,037
29,985
0
0
98,050
2029
98,050
116,754
75.8%
40,388
30,885
0
0
88,547
2030
88,547
113,992
40.6%
74,101
31,812
0
0
46,258
2031
46,258
66,910
93.3%
15,676
31,812
0
0
62,393
2032
62,393
79,367
51.3%
53,493
31,812
0
0
40,712
2033
40,712
54,045
90.6%
23,539
31,812
0
0
48,985
2034
48,985
59,638
61.5%
44,126
31,812
0
0
36,672
2035
36,672
45,041
107.7%
19,960
31,812
0
0
48,524
2036
48,524
55,768
117.3%
14,938
31,812
0
0
65,398
2037
65,398
72,888
107.7%
18,719
31,812
0
0
78,491
2038
78,491
87,552
89.3%
32,106
31,812
0
0
78,197
2039
78,197
89,820
67.6%
49,316
31,812
0
0
60,693
2040
60,693
75,412
91.4%
23,561
31,812
0
0
68,944
2041
68,944
88,109
88.7%
22,583
31,812
0
0
78,173
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
Percent
Funded
Inflated
Expenditures
@ 3.00%
Reserve
Contribution
Special Assessments
& Other Contributions
Interest
Ending
Balance
14
Section V
Reserve Fund Balance Forecast Component Method
2012 Update - 2
Current
Repl. Cost
Reserve Component
Useful Remaining
Life
Life
Estimated
Future
Replacement
Costs
Per
Year
2012 Fully
Funded
Balance
2013 Fully
Funded
Balance
2013
Line Item
Contribution
% Per Year
based on
Straight Line Cash Flow Method
02000 - Concrete
Common Area
2,122
5
7
2,610
326
265
312
1.32%
205
1,358
6
4
1,528
255
453
699
1.03%
160
6,435
10
0
6,435
644
6,435
663
2.60%
404
12,150
10
0
12,150
1,215
12,150
1,251
4.90%
764
1,450
10
0
1,450
145
1,450
149
0.59%
91
21,563
2,258
20,488
2,763
9.11%
1,419
400 - Wrought Iron
500 - Light Poles
510 - Mailboxes
520 - Fire Hydrants
Common Area
Sub-total [03000 - Painting: Exterior]
21,393
Pump Station #1
530
10
3
580
58
371
437
0.23%
36
5,304
5
2
5,628
1,126
3,183
4,371
4.54%
707
849
1
1
874
437
424
874
1.76%
275
6,500
1
1
6,695
3,348
3,250
6,695
13.51%
2,104
5,304
5
2
5,628
1,126
3,183
4,371
4.54%
707
3,490
1
0
0
0
3,490
0
0.00%
0
4,500
1
1
4,635
2,318
2,250
0
9.35%
1,456
5,304
5
1
5,464
1,093
4,244
5,464
4.41%
687
28,923
9,446
20,023
21,775
38.11%
5,936
18000 - Landscaping
Common Area
Wet Wells/Vaults
Pump House #2 Landscaping Project[nr:1]
Common Area Trees
Sub-total [18000 - Landscaping]
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
31,252
15
Reserve Fund Balance Forecast Component Method
2012 Update - 2
Current
Repl. Cost
Reserve Component
Useful Remaining
Life
Life
Estimated
Future
Replacement
Costs
Per
Year
2012 Fully
Funded
Balance
2013 Fully
Funded
Balance
2013
Line Item
Contribution
% Per Year
based on
Straight Line Cash Flow Method
Sub-total [18500 - Lakes / Ponds]
8,190
1
0
0
0
8,190
0
0.00%
0
13,976
1
1
14,395
7,198
6,988
0
29.04%
4,523
14,395
7,198
15,178
0
29.04%
4,523
22,166
20000 - Lighting
200 - Street Lights
Common Area
2,234
3
2
2,370
790
745
1,534
3.19%
497
2,122
10
17
3,507
195
118
129
0.79%
122
5,877
985
863
1,663
3.97%
619
4,356
Sub-total [20000 - Lighting]
230 - Mailboxes
36,178
6
12
51,581
3,968
2,783
3,105
16.01%
2,493
1,061
3
1
1,093
364
707
1,093
1.47%
229
530
3
1
546
182
354
546
0.73%
114
[A]
[B]
127,168
24,785
61,032
31,694
100.00%
15,575
[EndBal]
[EndBal]
[A]
[B]
109%
232%
Full Reserve Study
100 - Miscellaneous
119,589
Totals
Percent Funded
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
16
Section VI
Component Listing Included Components
2012 Update - 2
02000 - Concrete
Common Area
Useful Life 5
Quantity 1
Remaining Life
7
Unit of Measure Lump Sum
Cost /LS $2,122
% Included 100.00%
Summary
Total Cost/Study $2,122
Replacement Year 2019
Future Cost $2,610
This is to repair, replace or grind failed concrete sidewalks, curbs and gutters to remove trip hazards and maintain
functionality. Since the concrete useful life exceeds the scope of this study, this provides for repairs only and not
full replacement.
400 - Wrought Iron
Useful Life 6
Remaining Life
4
Quantity 160
Unit of Measure Linear Feet
Cost /l.f. $8.49
% Included 100.00%
Summary
Future Cost $1,528
This is to paint the wrought iron fencing with a direct to metal product. Includes preparation, sanding, scraping
and primer as necessary.
Linear footage is approximate by BRG measurement.
500 - Light Poles
Useful Life 10
Quantity 1
Remaining Life
0
Cost /LS $6,435
% Included 100.00%
Summary
Future Cost $6,435
This is to prep and paint with a direct to metal product the street lights in the common areas of the association.
Count is approximate by BRG.
Useful Life 10
Quantity 1
510 - Mailboxes
Remaining Life
0
Cost /LS $12,150
% Included 100.00%
Summary
Future Cost $12,150
This is to prep and paint with a direct to metal product the residential mailboxes in the common area.
31 Singles;
131 Doubles;
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
17
2012 Update - 2
Useful Life 10
Quantity 1
520 - Fire Hydrants
Common Area
Remaining Life
0
Cost /LS $1,450
% Included 100.00%
Summary
Future Cost $1,450
This is to prep and paint with a direct to metal product the fire hydrants located in the common area of the
association.
Useful Life 10
Quantity 1
Pump Station #1
Remaining Life
3
Cost /LS $530
% Included 100.00%
Summary
Total Cost/Study $530
Future Cost $580
This is to have funds available for on-going repairs such as:
Painting;
Wood trim replacement/repair;
Concrete block maintenance/replacement;
Roof repairs/replacement;
Door replacement;
Drains;
18000 - Landscaping
Useful Life 5
Quantity 1
Common Area
Remaining Life
2
Cost /LS $5,304
% Included 100.00%
Summary
Future Cost $5,628
This is for major repairs to the irrigation components in excess of the operating budget. Includes replacement, as
needed, of 2 heavy duty Hunter 18 station controllers, 16 remote timers, approximately 20 gate and other type
valves and underground PVC or poly pipe sprinkler lines. Cost estimate and useful life provided by Chaun Stone.
Costing provided by Stone Landscaping LLC
Useful Life 1
Quantity 1
Wet Wells/Vaults
Remaining Life
1
Cost /LS $849
% Included 100.00%
Summary
Future Cost $874
This is for ongoing annual cleaning of the four wet wells/vaults to remove sand and silt and improve operating
efficiency. Cost estimate and useful life provided by Frank Englebrecht.
Costing provided by Caron Pump Co.
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
18
2012 Update - 2
18000 - Landscaping
Useful Life 1
Quantity 1
Remaining Life
1
Cost /LS $6,500
% Included 100.00%
Summary
Future Cost $6,695
This is to repair/replace the mechanical components of the pressurized irrigation system located at the four pump
stations. Includes 9 irrigation pumps (7 1/2 to 10 HP), 2 D water pumps (station #1). Pumps are Gould or
Crown Brands. Also includes 4 Amiad filtration systems (filter controllers and screens), several control panels,
variable frequency devices, pressure transducers and other minor mechanical components such as gauges, valves,
etc. Cost estimate and useful life provided by Frank Englebrecht.
Useful Life 5
Quantity 1
Remaining Life
2
Cost /LS $5,304
% Included 100.00%
Summary
Future Cost $5,628
This is to have funds in excess of the operating budget for miscellaneous plantings, removals and other work as
directed by the association. Cost estimate and useful life provided by Chaun Stone.
Useful Life 1
Quantity 1
Pump House #2 Landscaping Project
Remaining Life
Treatment [nr:1]
0
Cost /LS $3,490
% Included 100.00%
Summary
Future Cost $3,490
This was to improve the landscaping around pump house #2.
Useful Life 1
Quantity 1
Remaining Life
Treatment [nr:1]
1
Cost /LS $4,500
% Included 100.00%
Summary
Future Cost $4,635
This is an estimate to improve the landscaping around pump house #4.
Useful Life 5
Quantity 1
Common Area Trees
Remaining Life
1
Cost /LS $5,304
% Included 100.00%
Summary
Future Cost $5,464
This is to prune, remove and replace trees as needed to enhance the association's landscaping and to avoid
branch and root damage to nearby objects. This is in excess of the operating budget. Cost estimate and useful
life provided by Chaun Stone.
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
19
2012 Update - 2
Useful Life 1
Quantity 1
Pump House #2 Aeration System
Remaining Life
Treatment [nr:1]
0
Cost /LS $8,190
% Included 100.00%
Summary
Future Cost $8,190
This was to install a new aeration system at pump house #2.
Useful Life 1
Quantity 1
Stream Bed Renovation
Remaining Life
Treatment [nr:1]
1
Cost /LS $13,976
% Included 100.00%
Summary
Future Cost $14,395
This is to excavate built up sediment and vegetation within the stream bed to improve water flow and aesthetic
appearance. Project will include removal of sediment from grounds, re-grading of the stream bed, clean up and
removal of shoreline vegetation. Cost estimate provided by Hans Brandt.
Costing provided by Total Maintenance Solutions
20000 - Lighting
200 - Street Lights
Useful Life 3
Quantity 39
Remaining Life
2
Unit of Measure Items
Cost /Itm $229
% Included 25.00%
Summary
Qty * $/Itm $8,937
Future Cost $2,370
This is to replace a percentage of the association street lights. Since the core light standard and fixture useful life
exceeds the scope of this study, this component is for partial replacement only. Cost estimates provided by Steve
Ragan.
Ballast $106;
Bulb $27;
Photocell $13;
Labor $70;
Total $216
Street light count is approximate by BRG.
Costing provided by Alloway Electric
Common Area
Useful Life 10
Quantity 1
Remaining Life
17
Cost /Itm $2,122
% Included 100.00%
Summary
Future Cost $3,507
This is to replace the pole and fixture. The life of the poles and fixtures should exceed the scope of this study. As
such, we are projecting to replace 1 pole and fixture every 10 years. Repairs can also be made from this line
item.
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
20
2012 Update - 2
Useful Life 6
Remaining Life
Treatment [nr:2]
12
Quantity 162
230 - Mailboxes
162 Residential Mailboxes (50%)
Cost /Itm $447
% Included 50.00%
Summary
Qty * $/Itm $72,355
Future Cost $51,581
This is to replace the mailboxes over a two year period. Cost per item is an average based on the following:
31 Singles @ $300 ea = $9,300;
131 Doubles @ $450 ea = $58,950;
Total for 162 items = $68, 250 ($421 average)
Item costs are approximate based on information accessed through the internet. Count is approximate by BRG.
Full Reserve Study
Useful Life 3
Quantity 1
Remaining Life
1
Cost /LS $1,061
% Included 100.00%
Summary
Future Cost $1,093
This is for the 3 year full study which includes a visual observation of the accessible reserve components.
Costing provided by BRG Northwest, LLC
100 - Miscellaneous
Useful Life 3
Quantity 1
Remaining Life
1
Cost /LS $530
% Included 100.00%
Summary
Future Cost $546
This is to have funds available for cost of repairs, replacement and maintenance of smaller reserve components
such as:
Masonry walls;
Common area signage;
Landscape lights;
Pilasters;
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
21
2012 Update - 2
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
22
Section VII
Component Tabular Listing
2012 Update - 2
Included Components
Current
Replacement Cost
Component
Useful
Life
Remaining
Life
Quantity
Cost/
U of M
Treatment
Location
02000 - Concrete
$2,122
5
7
1
$2,122/LS
Common Area
400 - Wrought Iron
$1,358
6
4
160
$8.49/l.f.
500 - Light Poles
$6,435
10
0
1
$6,435/LS
$12,150
10
0
1
$12,150/LS
$1,450
10
0
1
$1,450/LS
$530
10
3
1
$530/LS
$5,304
5
2
1
$5,304/LS
510 - Mailboxes
520 - Fire Hydrants
Pump Station Fencing
Common Area
Pump Station #1
18000 - Landscaping
Common Area
$849
1
1
1
$849/LS
$6,500
1
1
1
$6,500/LS
Wet Wells/Vaults
$5,304
5
2
1
$5,304/LS
$3,490
1
0
1
$3,490/LS [nr:1]
$4,500
1
1
1
$4,500/LS [nr:1]
$5,304
5
1
1
$5,304/LS
Common Area Trees
$8,190
1
0
1
$8,190/LS [nr:1]
$13,976
1
1
1
$13,976/LS [nr:1]
200 - Street Lights
$2,234
3
2
39
$229/Itm (25%)
$2,122
10
17
1
$36,178
6
12
162
$1,061
3
1
1
20000 - Lighting
$2,122/Itm
Common Area
Common Area
230 - Mailboxes
$447/Itm (50%) [nr:2]
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
$1,061/LS
Full Reserve Study
23
2012 Update - 2
Current
Replacement Cost
Component
Useful
Life
Remaining
Life
Quantity
Cost/
U of M
Included Components
Treatment
Location
100 - Miscellaneous
$530
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
3
1
1
$530/LS
24
2012 Update - 2
Current
Replacement Cost
Component
Useful
Life
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
Remaining
Life
Quantity
Cost/
U of M
Included Components
Treatment
Location
25
Section VII-a
Expenditures by Year - Next Year
2012 Update - 2
Life
Useful
Reserve Component
Current
Replacement Cost
Forecast
Inflated Cost @ 3.00%
2012
500 - Light Poles
10
6,435
510 - Mailboxes
10
12,150
520 - Fire Hydrants
Common Area
10
1,450
03000 - Painting: Exterior:
20,035
1
3,490
1
8,190
Total
20,035
18000 - Landscaping
Total 2012:
1646
4/1/2013
12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
31,715
26
Section IX
Directory of Reserve Study Contractors
2012 Update - 2
Alloway Electric
Steve Ragan
502 E. 45th Street
Boise, ID 83714
Phone: (208) 344-2508
License #:
20000 - Lighting
200 - Street Lights
Common Area
BRG Northwest, LLC
Tony Dann
P. O. Box 633
EMMETT, ID 83617
Phone: (208) 365-0977
License #:
Full Reserve Study
Caron Pump Co.
Frank Engelbrecht
P O Box 909
Eagle, ID 83616
Phone: (208) 939-9198
License #:
18000 - Landscaping
Wet Wells/Vaults
Stone Landscaping LLC
Chaun Stone
P O Box 4774
Boise, ID 83711
Phone: (208) 412-5344
License #:
18000 - Landscaping
Common Area
Common Area Trees
Total Maintenance Solutions
Hans Brandt
507 E. 45th Street
Boise, ID 83714
Phone: (208) 863-5033
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
License #:
27
Directory of Reserve Study Contractors
2012 Update - 2
1646 04/01/2013 12uwo4.4.68-460:nad.uk
Version 4/1/2013 9:35:27 AM
28
Section X
Notes to the Auditor
2012 Update - 2
This report is intended to assist the auditor while preparing the audit, review or compilation
of Banbury Meadows Homeowners' Association’s (the "Association") financial documents.
Browning Reserve Group ("BRG") prepared a reserve study for the Association during the
2012 fiscal year. This was done to help determine the Association's reserve contribution for
the next fiscal year (2013) and future fiscal years. In addition, BRG prepared the proper
statutory disclosures for distribution to the Association members.
This reserve study is an Update w/o Site Visit Review. An Update Without Site-Visit
Review is an update with no on-site visual observation upon where the following tasks are
performed:



life and valuation estimates;
fund status;
and a funding plan. Please note, as this study update did not require a site visit, and
relied completely on the information provided, it is possible BRG has never visited
Banbury Meadows Homeowners' Association.
For BRG reserve studies, the year in which the study is being conducted, is the first year of
the study. For example, this study is being prepared during 2012 and is the Association’s
first year in the study. This enables BRG to use a starting point which ties to the last
audited financial statement, December 31, 2011. You will notice in Section III, Reserve
Fund Balance Forecast, a Beginning Reserve Balance of $83,593 is being used which ties to
the last completed audit or review of the Association’s financial statements. BRG then re builds the first year of the study, in this case 2012, and estimates an ending reserve fund
balance. Again, see Section III and the 2012 ending reserve balance estimate of $66,711.
“Re-building” the first year of the study as mentioned above simply means using the 2012
adopted budget for the 2012 reserve contribution. Finally, the 2012 reserve expenses both
actual and projected are estimated.
We find by using the above method a more accurate reserve study is possible because the
beginning reserve fund balance ties directly to the Association’s audited financial statement
or, in the absence of an audit or review, the year end balance sheet. There is no need to
rely on others for determining mid year reserve balances or estimating current year ending
reserve balances. This approach forces all involved, to look at the current year’s reserve
fund activities so a more accurate ending reserve fund balance can be estimated.
1646 04/01/2013 12uwo4.4.68-460:nad.ukn
Version 4/1/2013 9:35:27 AM
29
Notes to the Auditor
2012 Update - 2
With respect to the reserve component information on the next page/s, here are the
calculations:
FFB = Current Cost X Effective Age / Useful Life
% Funded = First Year Estimated Ending Reserve Balance / FFB
Please see Section V - Reserve Fund Balance Forecast.
1646 04/01/2013 12uwo4.4.68-460:nad.ukn
Version 4/1/2013 9:35:27 AM
30
Schedule of Supplementary Information for Auditor
Component Method
2012 Update - 2
Current
Repl. Cost
Reserve Component
Useful Remaining
Life
Life
2012 Fully
Funded
Balance
2013 Fully
Funded
Balance
2013 Line Item
Contribution
based on
Cash Flow Method
02000 - Concrete
Common Area
2,122
5
7
265
312
205
400 - Wrought Iron
1,358
6
4
453
699
160
6,435
10
0
6,435
663
404
12,150
10
0
12,150
1,251
764
1,450
10
0
1,450
149
91
530
10
3
371
437
36
Common Area
Wet Wells/Vaults
5,304
5
2
3,183
4,371
707
849
1
1
424
874
275
6,500
1
1
3,250
6,695
2,104
5,304
5
2
3,183
4,371
707
3,490
1
0
3,490
0
0
Common Area Trees
4,500
1
1
2,250
0
1,456
5,304
5
1
4,244
5,464
687
8,190
1
0
8,190
0
0
13,976
1
1
6,988
0
4,523
2,234
3
2
745
1,534
497
2,122
10
17
118
129
122
36,178
6
12
2,783
3,105
2,493
1,061
3
1
707
1,093
229
530
3
1
354
546
114
500 - Light Poles
510 - Mailboxes
520 - Fire Hydrants
Common Area
Pump Station #1
18000 - Landscaping
20000 - Lighting
200 - Street Lights
Common Area
230 - Mailboxes
Full Reserve Study
100 - Miscellaneous
1646 04/01/2013 December 31
Version 4/1/2013 9:35:27 AM
31
Schedule of Supplementary Information for AuditorComponent Method
2012 Update - 2
Current
Repl. Cost
Reserve Component
Useful Remaining
Life
Life
2012 Fully
Funded
Balance
[A]
119,589
Totals
Percent Funded
1646 04/01/2013 December 31
Version 4/1/2013 9:35:27 AM
2013 Fully
Funded
Balance
2013 Line Item
Contribution
based on
Cash Flow Method
[B]
61,032
31,694
[EndBal]
[EndBal]
[A]
[B]
109%
232%
15,575
32
Section XI
Glossary of Reserve Study Terms
2012 Update - 2
Terms & Definitions CAI
CASH FLOW METHOD: 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.
COMPONENT INVENTORY: The task of selecting and quantifying Reserve Components.
This task can be accomplished through on-site visual observations, review of association
design and organizational documents, a review of established association precedents, and
discussion with appropriate representative(s) of the association or cooperative.
COMPONENT METHOD: A method of developing a Reserve Funding Plan where the total
contribution is based on the sum of contributions for individual components. See “Cash
Flow Method.
COMPONENT: The individual line items in the Reserve Study, developed or updated in the
Physical Analysis. These elements form the building blocks for the Reserve Study.
Components typically are: 1) Association responsibility, 2) with limited Useful Life
expectancies, 3) predictable Remaining Useful Life expectancies, 4) above a minimum
threshold cost, and 5) as required by local codes.
CONDITION ASSESSMENT: The task of evaluating the current condition of the
component based on observed or reported characteristics.
CURRENT REPLACEMENT COST: See “Replacement Cost."
DEFICIT: An actual (or projected) Reserve Balance less than the Fully Funded Balance.
The opposite would be a Surplus.
EFFECTIVE AGE: The difference between Useful Life and Remaining Useful Life. Not
always equivalent to chronological age, since some components age irregularly. Used
primarily in computations.
FINANCIAL ANALYSIS: The portion of a Reserve Study where current status of the
Reserves (measured as cash or Percent Funded) and a recommended Reserve contribution
rate (Reserve Funding Plan) are derived, and the projected Reserve income and expense
over time is presented. The Financial Analysis is one of the two parts of a Reserve Study.
1646 04/01/2013 12uwo4.4.68-460:nad.ukn
Version 4/1/2013 9:35:27 AM
33
Glossaryof Reserve Study Terms
2012 Update - 2
FULLY FUNDED BALANCE (FFB): Total Accrued Depreciation. An indicator against which
Actual (or projected) Reserve balance can be compared. The Reserve balance that is in
direct proportion to the fraction of life “used up” of the current Repair or Replacement cost.
This number is calculated for each component, then summed together for an association
total. Two formulae can be utilized, depending on the provider’s sensitivity to interest and
inflation effects. Note: Both yield identical results when interest and inflation are
equivalent.
FFB = Current Cost X Effective Age / Useful Life
or
FFB = (Current Cost X Effective Age / Useful Life) +
[(Current Cost X Effective Age / Useful Life) / (1 + Interest Rate) ^ Remaining Life] [(Current Cost X Effective Age / Useful Life) / (1 + Inflation Rate) ^ Remaining Life]
FULLY FUNDED: 100% Funded. When the actual (or projected) Reserve balance is equal
to the Fully Funded Balance.
FUND STATUS: The status of the reserve fund as compared to an established benchmark
such as percent funding.
FUNDING GOALS: Independent of methodology utilized, the following represent the basic
categories of Funding Plan goals:
Baseline Funding:
Establishing a Reserve funding goal of keeping the Reserve cash
balance above zero.
Full Funding:
Setting a Reserve funding goal of attaining and maintaining
Reserves at or near 100% funded.
Statutory Funding: Establishing a Reserve funding goal of setting aside the specific
minimum amount of Reserves required by local statues.
Threshold Funding: Establishing a Reserve funding goal of keeping the Reserve
balance above a specified dollar or Percent Funded amount.
Depending on the threshold, this may be more or less
conservative than “Fully Funding."
FUNDING PLAN: An association’s plan to provide income to a Reserve fund to offset
anticipated expenditures from that fund.
FUNDING PRINCIPLES:
 Sufficient Funds When Required
 Stable Contribution Rate over the Years
 Evenly Distributed Contributions over the Years
 Fiscally Responsible
LIFE AND VALUATION ESTIMATES: The task of estimating Useful Life, Remaining
Useful Life, and Repair or Replacement Costs for the Reserve components.
PERCENT FUNDED: The ratio, at a particular point of time (typically the beginning of the
Fiscal Year), of the actual (or projected) Reserve Balance to the Fully Funded Balance,
expressed as a percentage.
PHYSICAL ANALYSIS: The portion of the Reserve Study where the Component Inventory,
Condition Assessment, and Life and Valuation Estimate tasks are performed. This
represents one of the two parts of the Reserve Study.
1646 04/01/2013 12uwo4.4.68-460:nad.ukn
Version 4/1/2013 9:35:27 AM
34
2012 Update - 2
REMAINING USEFUL LIFE (RUL): Also referred to as “Remaining Life” (RL). The
estimated time, in years, that a reserve component can be expected to continue to serve its
intended function. Projects anticipated to occur in the initial year have “zero” Remaining
Useful Life.
REPLACEMENT COST: The cost of replacing, repairing, or restoring a Reserve Component
to its original functional condition. The Current Replacement Cost would be the cost to
replace, repair, or restore the component during that particular year.
RESERVE BALANCE: Actual or projected funds as of a particular point in time that the
association has identified for use to defray the future repair or replacement of those major
components which the association is obligated to maintain. Also known as Reserves,
Reserve Accounts and Cash Reserves. Based upon information provided and not audited.
RESERVE PROVIDER: An individual that prepares Reserve Studies.
RESERVE STUDY: A budget planning tool which identifies the current status of the
Reserve fund and a stable and equitable Funding Plan to offset the anticipated future major
common area expenditures. The Reserve Study consists of two parts: the Physical Analysis
and the Financial Analysis.
RESPONSIBLE CHARGE: A reserve specialist in responsible charge of a reserve study
shall render regular and effective supervision to those individuals performing services which
directly and materially affect the quality and competence rendered by the reserve
specialist. A reserve specialist shall maintain such records as are reasonably necessary to
establish that the reserve specialist exercised regular and effective supervision of a reserve
study of which he was in responsible charge. A reserve specialist engaged in any of the
following acts or practices shall be deemed not to have rendered the regular and effective
supervision required herein:
1. The regular and continuous absence from principal office premises from which
professional services are rendered; expect for performance of field work or
presence in a field office maintained exclusively for a specific project;
2. The failure to personally inspect or review the work of subordinates where
necessary and appropriate;
3. The rendering of a limited, cursory or perfunctory review of plans or projects in
lieu of an appropriate detailed review;
4. The failure to personally be available on a reasonable basis or with adequate
advance notice for consultation and inspection where circumstances require
personal availability.
SPECIAL ASSESSMENT: An assessment levied on the members of an association in
addition to regular assessments. Special Assessments are often regulated by governing
documents or local statutes.
SURPLUS: An actual (or projected) Reserve Balance greater than the Fully Funded
Balance. See “Deficit.”
USEFUL LIFE (UL): Total Useful Life or Depreciable Life. The estimated time, in years,
that a reserve component can be expected to serve its intended function if properly
constructed in its present application or installation.
The above terms and definitions are from the Community Associations Institute (CAI) national standards.
1646 04/01/2013 12uwo4.4.68-460:nad.ukn
Version 4/1/2013 9:35:27 AM
35
2012 Update - 2
Terms & Definitions BRG
Browning Reserve Group reserve studies use several terms that are unique to our reports.
Our specialized systems have been developed to offer flexibility in many areas of our
reporting. Please see below for definitions of abbreviations and symbols used in many of
our reserve studies.
NR-1 (LIMITED RECURRENCE, 1 TIME): This signifies a major reserve component
recurs for only a fixed umber of cycles. Most often used to display a cost in a specific year
only, NR-1 signifies the component only occurs one time. An NR -2 means the component
will display for two cycles and so on. This makes it easy to enter one -time costs that pop up
from time to time, or to display a cost that may be unique at one replacement date only.
SE-2 (SPREAD EVENLY OVER 2 YEARS): This signifies the major component, when
replaced is spread evenly over 2 or more years. For example if a component will be
replaced in year 8 of the study, and there is a SE-2, then the component will be replaced
over 2 years, year 8 and year 9. Although the component is split over 2 or more years,
each subsequent year will increase by the study’s inflation factor. An SE -3 signifies the
component is split over three years and so on.
NSE-2 (SPREAD NON-EVENLY OVER 2 YEARS): Similar to above, but the spread is not
equal in each year. The spread is entered at a different amount for each year in the spread.
The total of the spread will always equal 100% of the total replacement cost, excluding
inflation.
% (PERCENT TO INCLUDE): This signifies that the component is being replaced at less
than 100 percent of its replacement cost or quantity. Perhaps a component is replaced
partially at each replacement year. Another example would be to do a small portion of the
work at each replacement year. Oftentimes wood fencing is replaced over several cycles,
and the study will display a percentage of the fence at each replacement cycle.
DELAYED START (REMAINING LIFE GREATER THAN USEFUL): In many instances a
component's replacement cycle may not begin immediately, so the replacement cycle start
is delayed. Delay is accomplished by setting the remaining life greater than the useful life.
ZERO REMAINING LIFE: Zero remaining life signifies that the component is replaced in
the year which the study is prepared. All replacements are reflected in their replacement
year, and the year in which the study is prepared is no different than any other year.
1646 04/01/2013 12uwo4.4.68-460:nad.ukn
Version 4/1/2013 9:35:27 AM
36
Idaho Member Summary
2012 Update - 2
April 01, 2013
This is a summary of the Reserve Study that has been performed for Banbury Meadows
Homeowners' Association, (the "Association"). This study was done in compliance with
applicable professional standards and is being provided to you, as a member of the
Association, as prescribed under these standards. A complete Reserve Study copy is
available (through the Association) for review by members of the Association.
The intention of the Reserve Study is to forecast the Association's ability to repair or
replace major components as they wear out in future years. This is done utilizing the "Cash
Flow Method." This is a method of developing a reserve funding plan where the
contributions to the reserve fund are designed to offset the variable annual expenditures
from the reserve fund.
Browning Reserve Group prepared this Update w/o Site Visit Review for the January 1,
2013 - December 31, 2013 fiscal year.
Banbury Meadows Homeowners' Association is a Planned Development with a total of 321
Lots.
At the time this summary was prepared, the assumed long-term before-tax interest rate
earned on reserve funds was Zero% per year, and the assumed long-term inflation rate to
be applied to major component repair and replacement costs was 3.0% per year.
The Reserve Study is not an engineering report, and no destructive testing was performed.
The costs outlined in the study are for budgetary and planning purposes only, and actual
bid costs would depend upon the defined scope of work at the time repairs are made. Also,
any latent defects are excluded from this report.
Funding Assessment
Based on the 30 year cash flow projection, the Association's reserves appear adequately
funded as the reserve fund ending balances remain positive throughout the replacement of
all major components during the next 30 years.
Idaho statute imposes no reserve funding level requirements nor does it address funding
level adequacy, and although one or more of the reserve fund percentages expressed in
this report may be less than one hundred percent, those percentages do not necessarily
indicate that the Association's reserves are inadequately funded.
1646 04/01/2013 12uwo4.4.68-460:n
Version 4/1/2013 9:35:27 AM
1
Idaho Member Summary
2012 Update - 2
Current
Replacement
Cost
Reserve Component
2,122
02000 - Concrete
21,393
530
18000 - Landscaping
31,252
22,166
4,356
20000 - Lighting
Useful
Life
Remaining
Life
2012
Fully
Funded
Balance
2013
Fully
Funded
Balance
2013
Line Item
Contribution
based on
Cash Flow Method
5-5
7-7
265
312
205
6-10
0-4
20,488
2,763
1,419
10-10
3-3
371
437
36
1-5
0-2
20,023
21,775
5,936
15,178
0
4,523
863
1,663
619
2,783
3,105
2,493
1-1
0-1
3-10
2-17
36,178
6-6
12-12
1,061
3-3
1-1
707
1,093
229
530
3-3
1-1
354
546
114
$61,032
$31,694
$15,575
$66,711
$73,584
Totals
$119,589
Estimated Ending Balance
Percent Funded
1646 04/01/2013 12uwo4.4.68-460:n
Version 4/1/2013 9:35:27 AM
109.3%
232.2%
$12.13
/Lot/quarter @ 321
2

Banbury Meadows Homeowners` Association

Transcription

Similar documents

Newsletter July 2008

February 8th at 12:45 pm CINEPLANET 16

SHAKIRA`S SANCTUARY SABBATICAL

Bev Jumpsuits – those above have booties, tan suit has pull

Knuthöjdsmossen

m SEP2l r , OEPAR-^IYSIS - Federal Reserve Bank of Cleveland

i Hotell Forsen

Joint Forces Training Base Troy Edgar Los Alamitos Councilmember

Mokaikai Game Reserve