Lake Limerick Country Club Reserve Study – Posted December 5, 2021
LLCC Membership,
As announced earlier this year, LLCC commissioned a Reserve Study developed by our expert consultant Association Reserves. The consultant was selected by a member committee after a competitive bid process. The purpose of a reserve study is understanding the future financial needs for repairing and replacing Lake Limerick’s physical assets.
As stated in the study, “a Reserve Study is the art and science of anticipating, and preparing for, an association’s major common area repair and replacement expenses. Partially art, because in this field we are making projections about the future. Partially science, because our work is a combination of research and well defined computations, following consistent National Reserve Study Standard principles.”
This report does not include water system assets which are addressed in a separate Water System Plan required by state law.
This is a long and detailed report and includes an overview of funding potentially required assets over a long range 30-year plan. The standing Committees have reviewed the report which has not yet been adopted by the Board. The Board has verified the assets included in the report and is reviewing the assumptions concerning repair and replacement cycles, and payment methods, prior to acceptance. In the interim, the Board has already included a large portion of the recent dues increase to start contributing to the funds that will be needed to fully fund a Reserve Account.
We are providing this report now, so you, as members, have ample time to review and understand it. The Reserve Study will be part of our upcoming Town Hall series of informational events planned to start in early 2022. Thanks for taking the time to go through this extensive report. We look forward to hearing your thoughts through the Town Hall and other channels in the new year.
Executive Summary and Reserve Study reports can be opened for reading from the following links
Lake Limerick Country Club Executive Summary
Lake Limerick Country Club Reserve Study
