Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Brevard County
Brevard County Space Coast: Palm Bay, Melbourne, Titusville area
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
Old 02-19-2019, 12:27 PM
Location: Florida
4,896 posts, read 14,151,919 times
Reputation: 2329


Originally Posted by jghorton View Post
The parking lot is part of the capital facilities and a reserve budget item (not part of the operating budget). If (and it should be) the parking lot repairs are specifically funded in the reserves, the board has the authority to spend those funds on parking lot repairs/ maintenance and NO an additional cost to HOA owners will not be incurred. If it is a major expenditure, HOA Owner approval may be required.

If the funds are not available in the reserves (or have been shifted to other reserve item/s, as approved by HOA owners), 1) Funds could be shifted within reserve accounts or 2) Special funding could be approved by HOA owners (assessment, loan, etc). An independent 'reserve study' should be conducted every year or two to ensure reserve items are properly funded.

Note: Reserves and Operating Budgets cannot be co-mingled -- Copies of both reserve and operating budgets should be readily available to HOA owners (and are probably distributed to owners at an annual meeting).
This exactly ^^^

Also, this is where a reserve study comes in handy with respect to how many remaining years of life before the parking lot needs to be resurfaced.

The OP didn't mention size or materials. An asphalt re-coat can be less costly (covers the cracks for the year that those who want to sell & get out before a big assessment if the reserves weren't funded properly for this project). I did this project for an association out on Siesta Key. They had excellent reserves but didn't want to spend the money the right way and did the asphalt re-coat instead of removal & re-laying. It lasted about a year, spent $50K and now have to do it the right way at double the cost with a $50K loss. I see this behavior a lot. If it's a rental driven community, more so than owners who are year round & have to drive on old surfaces. It'll eventually show on the reviews of the property; ratings games.
Reply With Quote Quick reply to this message

Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Loading data...
Based on 2000-2022 data
Loading data...

Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Brevard County
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top