Review/update responsibility

Revision

Reference

Florida Statute 720.303

MRR reserves principles

• Major repair and replacement costs will be funded over the life of the asset, not at the time the costs are incurred, i.e., assessments and fees will not be levied “as needed” to fund MRR expenditures except when unforeseen requirements arise that cannot be accommodated by current reserves or accumulated gradually in time to meet the funding requirement.
• Assessments and fees levied to fund MRR Reserves, where possible, will be level amounts or include gradual increases based on projected costs (including inflation projections) for planned expenditures over a period of years with the intent to establish an assessment structure that is relatively stable and predictable as well as equitable for current and future Association members.
• MRR costs for certain Tier 2 and all Tier 3 Amenities (see QHRRP 7000-010 (Amenity Tier Classifications)) will be funded by user fees.
• Investments of and loans from MRR Reserves cash are to be made within the limitations of the Investment and ATCF policies and in a manner that ensures sufficient liquidity to meet reserve cash requirements.