Thanks for the Email, however I did not receive the information regarding the State of Virginia laws. I believe you are referring to 55-514.1. Reserves for capital components. The act does not require any specific floor in the amount set aside for reserves. Rather, Section 55.514.1 requires a reserve study every five years and an annual review of the reserve study to be sure the reserves are adequate. The annual budgets are to include information about the reserves and the amount necessary for the reserves to maintained "as appropriate." What does the last reserve study show and the requirment of the fund? Just as a matter of information, how are we as members notified of the meetings and locations?
As always I appreciate all the work of the board, but I am a supporter of open and full discussions of all matters, and the input from the community is always a welcomed additions. Hope you are OK and enjoying the beautiful weather. With best wishes, Douglas C. Holbrook
- Posts: 11
Join date: 2009-09-03