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Brevard County Space Coast: Palm Bay, Melbourne, Titusville area
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Old 02-19-2019, 12:27 PM
 
Location: Florida
4,896 posts, read 14,151,919 times
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Quote:
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.
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