You may have heard that a Reserve Study was recently conducted by an independent firm for Twin Lakes of Brandon HOA.
A reserve study is a study that makes an assessment of the useful life of all the major capital items/systems in Twin Lakes of Brandon and how much they are likely to cost when they wear out. Examples of these capital items/systems include:
- Park Playground Equipment/Stage/Picnic Tables/Grills/Trash Receptacles
- Tennis/Basketball Courts
- Gate House
- Pool/Restrooms/Parking/Sidewalks
- Vinyl/Wood Fences
- Lake Shorelines/Erosion Control
- Gazebos
- Signage (Entrance/ Neighborhoods)
Based on a thorough assessment performed by this independent firm the table below was provided which shows the amount of money the Board is required to set aside each year in order to have enough money available to replace those items when they do wear out.
Since the amount required to be placed in the reserve fund increased from $28,052 in 2020 to $47,300 in 2021 or $19,248 the Board thoroughly scrutinized each expense line item and while we were able to reduce the operating budget a slight increase of $12 a year in the HOA assessment fee was still required in order to achieve a balanced budget
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