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2/12/2023 7:04:59 PM
 
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Section 5: OPA Board Subject: Too Much Money Msg# 1182231
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How about something simple for a recent board member:
The exact language in the new Maryland law is: “The annual budget of every condominium or HOA must include reserves equal to the funding amount recommended in the most recent reserve study.” Does OPA have in hand a written reserve study that states a recommended dollar amount for OPA reserves as of this proposed budget period? Here is a link to what looks to be the most recent the DMA Reserve Study 2021+Ocean+Pines+Association+Capital+Reserve+Executive+Analysis+11-23-2021.pdf Of special interest: Total Replacement Cost for Study Year (explain what that means 25% of that = $9,560,978 - I think we are around $8 million projected 40% of that = $15,297,565 So, if, as you seem to believe, the EXPERTS say we may need 40% -- how do we increase the reserves quickly by an additional $6 million? |
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For reference, the above message is a reply to a message where: Like you said, I'm not going to explain the budget and reserves on my phone. If you wish to disregard the GM, operations team, the B & F committee and the GM and listen to Stuart...well I smell an aroma now. |
) = $38,243,912.00
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