Florida Owners - Please vote "yes" to to waive the full funding of reserves

[dioxide45]

I think HGVC have done a great job at preparing for updates and not over-inflating the costs of the issues to be addressed. That being said, the recent info that came out for Tuscany had a number of errors, so make sure you look at the info sent. For instance one line for painting didn't have any statutory reserves/costs but the lower waivered amount did. In addition, if you look at the side by side comparisons, there are two additional line items where the funding with the waiver > statutory funding (made no sense for me). I'm waiting for a call back as the GM of the property already did touch base with me. I wish that there was a 5 OR 10 year plan put in place to slowly get the reserves to 100% -there is no reason not to do that. I feel like the option is just all (to 100%) or nothing (waiver).

But what is 100%? Based on required state statutes or based on the reserve study and inspections obtained by the HOA? Or something else?

 

[ocdb8r]

But what is 100%? Based on required state statutes or based on the reserve study and inspections obtained by the HOA? Or something else?

The FL statute requires a Structural Integrity Reserve Study (what this includes and the standards are in the statute - it covers the foundation, beams, columns, slabs, roofing system and mechanical, electrical, and plumbing elements) to be conducted at least every 10 years. The "full funding" requirement is that reserves must be fully funded based on the estimated costs (based on expected life to replace/repair) provided in the Structural Integrity Reserve Study. This does not impact other items often covered in reserves like furniture, painting, landscaping...etc (which may explain why @TravelinZiggy did not have those items on the "fully funded" required list presented by the Tuscany Village HOA).