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Board approves $9,400 reserve study to guide 30-year replacement funding plan
Summary
The board approved a Reserve Advisors proposal for $9,400 to produce a 30-year reserve study, to be paid from the reserve contingency line and used to plan capital replacements.
The Chimney Hill board voted to accept a Reserve Advisors proposal to perform a 30-year reserve study and report for $9,400, with the cost to be paid from the reserve fund contingency. James Walker presented the proposal, and Dennis Heberlein moved acceptance; Kate Trinklein seconded and the board approved the motion.
Board members discussed the value of a long-term replacement funding plan; homeowner Carlotta Gladding expressed support for developing a long-term strategy. The board tasked staff to proceed with the study and incorporate findings into future budgeting and communications to homeowners.
