161 W 950 S, St. George, UT 84770
111 unit professionally managed condominiums
111 unit professionally managed condominiums
Utah law requires all homeowner-elected boards to conduct a reserve analysis and update it every 6 years. A “reserve analysis" is an analysis to determine: (a) the need for a reserve fund to accumulate money to cover the cost of repairing, replacing, and restoring common areas that have a useful life of three years or more, but excluding any cost that can reasonably be funded from the association's general budget or other association funds, and (b) the appropriate amount of a reserve fund. The reserve study is used as a budget and assessment guideline for future maintenance, repairs, and major expenditures. The Board is not necessarily bound by the timeline and may choose to prioritize or make maintenance expenditures based on the current need as determined by the Board. Attached is the most recent Reserve Study, which gives homeowners an idea of the necessary funds required to maintain the common property owned by the HOA. Based on this study,, the reserve account was underfunded. Consequently, the Board elected to increase the monthly dues $40 per month to fund the reserve savings account
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Gardens South Condominiums, St. George UT