Page 11 - FY21 BUDGET booklet for residents PRELIMINARY V 073120 FINAL
P. 11
CAPITAL REPAIR AND REPLACEMENT PLAN
CAPITAL REPAIR & REPLACEMENT PLAN
Five-year future and current year income projections
FISCAL YEAR 2021 2022 2023 2024 2025
Brought Forward from Prior Year
Reserve Balance Brought Forward (pre audit) $ 3,500,000 $ 2,725,114 $ 1,877,118 $ 619,873 $ 2,649,217
Audited Portion of Association's
Unapproriated Equity (post audit)
Total Amount Brought Forward from Prior Year $ 3,500,000 $ 2,725,114 $ 1,877,118 $ 619,873 $ 2,649,217
Increases to Reserves
Total Contribution from Assessments $ 5,557,022 $ 5,946,014 $ 6,362,234 $ 6,807,591 $ 6,807,591
Contribution for Replacement Reserves $ 2,810,498 $ 3,199,490 $ 3,615,710 $ 4,612,446 $ 6,157,123
Contribution for Loans (Restricted Res.) $ 2,746,524 $ 2,746,524 $ 2,746,524 $ 2,195,145 $ 650,468
Loan or Special Assessment $ - $ - $ - $ -
Interest (non-loan funds) $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000
Enhancement Fund $ 750
Total Reserves Increases $ 5,567,772 $ 5,956,014 $ 6,372,234 $ 6,817,591 $ 6,817,591
Total Reserve Funds Available for FY $ 9,067,772 $ 8,681,128 $ 8,249,352 $ 7,437,464 $ 9,466,808
Annual Expenditures from Reserves
Annual Project Expenses $ 3,596,134 $ 4,057,486 $ 4,894,278 $ 2,593,102 $ 3,153,051
Annual Payments on Loans
Loan Expense 1 1,662,012 1,662,012 1,662,012 1,246,509
Loan Expense 2 501,384 501,384 501,384 501,384 501,384
Loan Expense 3 135,876 135,876 124,553
Loan Expense 4 447,252 447,252 447,252 447,252 149,084
Total Loan Expenses 2,746,524 2,746,524 2,735,201 2,195,145 650,468
Total Annual Expenditures from Reserves $ 6,342,658 $ 6,804,010 $ 7,629,479 $ 4,788,247 $ 3,803,519
ENDING RESERVE BALANCE $ 2,725,114 $ 1,877,118 $ 619,873 $ 2,649,217 $ 5,663,289
STABILIZATION FUND
Stabilization Balance Brought Forward $ 830,000 $ 830,000 $ 890,000 $ 950,000 $ 1,010,000
Contribution to Stabilization Fund $ 60,000 $ 60,000 $ 60,000 $ 60,000
Total Stabilization $ 830,000 $ 890,000 $ 950,000 $ 1,010,000 $ 1,070,000
YEAR END BALANCE, RESERVES PLUS
STABILIZATION $ 3,555,114 $ 2,767,118 $ 1,569,873 $ 3,659,217 $ 6,733,289
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