2020-2021 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. Reserve Summary See enclosed Reserve Summary for your review.
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Reserve Funding Plan See enclosed Reserve Funding Plan for your review.
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Major Component Repairs The Board of Directors has not deferred or eliminated any repairs or replacements of any major reserve components .
5. 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 2020-2021 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 mechanisms to fund reserves. 6. Reserve Funding Mechanism As stated in the General Managers disclosure, Reserves are funded through a contribution of regular assessments.
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Procedures for calculating Reserves The procedures for calculating Reserves can be found by referencing the Reserve Summary.
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Outstanding Loans The Association does not have any outstanding loans. Insurance Summary See enclosed Insurance Summary for your review.
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