In accordance with Civil Code 5550, Reserve Study Requirements, the Canyon Lake Property Owners Association Board of Directors is required to review the Reserve Study, or cause it to be reviewed, annually and consider and implement necessary adjustments to assure that sufficient contributions are made to cover all future expenses.
To that end, the Board of Director’s authorized, during the July 2020 Board Meeting, the formation of a Reserve Fund Sub-Committee, chaired by Director and Treasurer Jeanne O'Dell consisting of three (3) members from the Finance Committee and three (3) members from the Facilities Planning Committee.
The Sub-Committee Members are:
Finance Committee:
- Claude Beauchamp
- Renee Griffiths
- Dudley Thompson
Facilities Planning Committee:
- Steve Libring
- Bill Van Fleet
- Ed Dudziak
The Sub-Committee was tasked with:
- Reviewing the requirements of the applicable sections of the Civil Code.
- Reviewing the most current copy of the Repair / Replacement Reserve Study dated August 2018 for completeness, including identification of any “major” missing components.
- Reviewing available information for the Road Reserve Study including information noted in the 2020/ 2021 Annual Budget document and verbal information provided by the General Manager through the Board Liaison.
- Determining funding philosophy
- Recommending for concurrence by Finance Committee, funding levels by fiscal year for the next five years (21/22 through 25/26) based on the agreed upon funding philosophy.
The Sub-Committee has spent numerous hours over the last several months researching the applicable codes and reviewing the current Reserve Study. The Sub-Committee will be presenting their findings to the Finance Committee at their regularly scheduled October 20th meeting.
It is the intent of this assignment to not only to ensure that the Property Owners Association is in compliance with the code required annual review, but to provide the Finance Committee the Board and the General Manager justification for the contributions to the reserves that are necessary to ensure the Associations financial stability.
