As some of you are aware every 5 years we are required to do a reserve fund study.
We opted to conduct a reserve fund study earlier than this due to unexpected expenditures doing the grading upgrades and repairs.
This year we hired Wade Engineering Ltd to conduct the study. Wade Engineering has been doing engineering, repair and replacement estimates since 1986 as an independent consulting firm. They came highly recommended to us from our Bridgegate Property Management.
Based on our reserve fund study we have opted to increase our annual contribution to our reserve fund from our current $90,000.
We will allocate $130,020 a year to the fund in 2017 and $165,480 a year in 2018.
These increases are largely due to us dipping into the reserve fund early for grading work for the last two years.
We are also expecting extensive attic work that will need be carried out in the following few years.
We will need to increase our Condo Fees to accommodate the projected shortfall in the reserve fund.
Wade Engineering had conducted the survey prior to our September construction season so some of these items have already been fixed.
We have already completed the majority of downspout work recommended in the report.
The asphalt and storm drain repairs have already been complete.