2023-2024 ANNUAL BUDGET REPORT
1. Budget Summary See enclosed Budget Summary for your review. The complete Budget may be obtained by a request to evitrano@orps.com. 2. Assessment & Reserve Funding Disclosure Summary See enclosed Assessment and Reserve Funding Disclosure Summary for your review, which includes a: A. Reserve Funding Summary B. Reserve Funding Plan C. Procedures for Calculating Reserves 3. Major Component Repairs The Board of Directors has not deferred or eliminated any repairs or replacements of any major reserve components . Anticipated Special Assessments The Board of Directors does not, at this time, anticipate the need to apply a special assessment during the course of the current fiscal year to repair, replace, or restore any major component or to provide adequate reserves, therefore. However, the Board reserves the right to approve a special assessment for unplanned major expenses in the upcoming year. At the present time, the Board of Directors uses that portion of the monthly assessments allocated to reserves as its mechanism to fund reserves. 5. Outstanding Loans The Association does not have any outstanding loans. 4.
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Insurance Summary See enclosed Insurance Summary for your review.
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Charges for Documents Provided See enclosed for Charges for Documents provided for your review.
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