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7/27/2022 4:58:00 PM
 
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Section 5: OPA Board Subject: Perrone Resigns As OPA Treasurer Msg# 1165039
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How does a reserve specialist determine and specify under the new state law that 25% of infrastructure value is adequate? Seems to me the law leaves the dollar amount solely up to some certified specialist. Perhaps different specialists might provide a different minimum reserve amount. 
Hopefully OPA complies with total cash in reserves. Even a 5% increase to 30% could mean collecting another one or two million next year In the assessment. |
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For reference, the above message is a reply to a message where: Do our reserves currently meet the amount our most recent reserve study says we need? Maybe. As a result of the DMA Reserve Study recap in November, it was concluded that our reserve goal should be +/- 25% of our assets. However, that was before OPA took responsibility for cluster mailbox replacement. Those assets must be added to our reserves along with a sound plan to beef up road replacement reserves. Reserve management is a moving target. I personally believe OPA has been in a sound position thanks to the work of Gene Ringsdorf over the years. That new law was needed because sadly, some COA/HOA don’t have reserves. And, an example of that is the building collapse tragedy in FL - with a mindset let’s let the next guy worry about it. Tom |
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