The following reserve funding summary was mailed to homeowners for the 2008 fiscal year:
Pleasanton Hills Homeowner Association
Assessment and Reserve Funding Disclosure Summary
(Civil Code § 1365.2.5) (1) The current assessment per unit is $600.00 per year. (2) Additional assessments that have already been scheduled to be imposed or charged, regardless of the purpose, if they have been approved by the Board and/or members: No increase for fiscal year 2008. | Date assessment is due | Amount per unit (annual)
(if assessments are variable, see note immediately below) | Purpose of the assessment | | 1/1/08 | $600.00 | To cover operating expenses and build-up reserve funds | | | Total: $600 | | (3) Based upon the most recent reserve study and other information available to the Board of Directors, will currently projected reserve account balances be sufficient at the end of each year to meet the association’s obligation for repair and/or replacement of major components during the next 30 years? (4) If the answer to #3 is no, what additional assessments or other contributions to reserves would be necessary to ensure that sufficient reserve funds will be available each year during the next 30 years? Not Applicable Approximate date
assessment will be due | Amount per unit per month | | | | | | | | | | | Total: | | (5) The following major components, which are included in the reserve study, are NOT included in the existing reserve funding: Not Applicable. No major components were unfunded based upon the last reserve study done by John Beatty & Company completed in June 2006 | Major component | Useful remaining
life in years | Reason this major component
was not included | | | | | | | | | | | | | (6) As of the last reserve study or update, the current balance in the reserve fund is $163,219.00. Based on the method of calculation in paragraph (4) of subdivision (b) of Section 1365.2.5, the required amount in the reserve fund is $161,158.00 NOTE: The financial representations set forth in this summary are based on the best estimates of the preparer at that time. The estimates are subject to change. DISCLAIMER: The information contained in this disclosure is a PROJECTION ONLY. Because the reserve study is a projection, the estimated lives and costs of components will likely change over time depending on a variety of factors such as (i) future inflation rates, (ii) levels of maintenance applied by future boards, unknown defects in materials that may lead to premature failures, etc. As a result, some components may experience longer lives while others will experience premature failures. Some components may cost less at the time of replacement while others may cost more. |
