somersett owners association 2017 budget package · 2019-08-27 · cash flow funding method. the...

SOMERSETT OWNERS ASSOCIATION

2017 Budget Package

FirstService Residential Somersett Office 7650 Town Square Way ● Reno, NV 89523 phone: 775.624.9152 fax: 775.787.4511

November 1, 2016 Dear Homeowner: Enclosed for your review are the 2017 Budgets for the General Common, The Club at Town Center & the Private Streets and Gates cost centers. Also included, is a summary of the latest Reserve Study for Somersett Owners Association. The monthly assessments for General Common will have an abatement of assessments each month of $11, bringing the amount due for owners to $69; The Club at Town Center is increasing from $78 to $89 per month to recapture the $11 abatement for special projects; and, the Private Streets & Gates assessments will remain the same at $52 per month for streets only and $64 for active gates and private streets. The Member summaries for each Reserve cost center are included in this mailer. The expected Reserve expenditure amounts for 2017 are as follows: General Common $384,587, The Club at Town Center $212,824 and the amount for Streets and Gates is $33,122. The Reserve Study has been prepared by Browning Reserve Group (an independent reserve study company). The study is produced by using the Cash Flow funding method.

The Annual Meeting will be held on Monday, November 14, 2016 at 4 pm. An agenda, along with the 2016 Board Election information, has been previously mailed to all owners. Along with the election, the Annual meeting will serve as the Budget Ratification meeting. In accordance with Nevada law, NRS 116.31151 (3), “Unless at that meeting a majority of all units’ owners, or any larger vote specified in the declaration, reject the proposed budget, the proposed budget is ratified, whether or not a quorum is present.” Per NRS116, a copy of the Association’s Collection Policy is also included in this mailer. Homeowners who become more than 60 days delinquent on any past due obligation to the Association will be subject to a $50.00 Pre‐collection Processing Fee. Complete and physical copies of all documentation included in this mailer are also available at the onsite Association office. Should you have any questions regarding this mailer, please contact Ryan Dominguez, Community Manager, at [email protected] , or 775‐787‐4500 x334. Sincerely, Board of Directors Somersett Owners Association

SOMERSETT OWNERS ASSOCIATION

Annual Members Meeting

ANNUAL MEETING AGENDA BUDGET RATIFICATION AND ELECTION

Wednesday, November 16, 2016

4 P.M. The Club at Town Center at 7650 Town Square Way

I. Call to Order and Introductions

II. Appointment of Inspectors of Election

III. Election – Tally of votes

The Association expects to start the remainder of the agenda items at approximately 5:15 pm

IV. Approval of the Minutes from the November 18, 2015 Annual Meeting

V. 2017 Budget Ratification The Budget is deemed ratified unless 75% of all voting owners reject the budget

VI. Announcement of Election Results

VII. Homeowner Open Forum: In accordance with NRS116.31083 this portion of the meeting is

devoted to unit owners’ comments and discussion. Please limit comments to a maximum of 3 minutes per unit.

VIII. Adjournment* *Immediately following the Annual Meeting we will be celebrating with appetizers and a no‐host bar in the Canyon View Room.

If there is not a quorum, the counting of the votes and the announcement of the results of the election will proceed and the budget will be deemed ratified.

Minutes are available on the website at Nevada.fsrconnect.com/Somersett

In accordance with NRS116.31083 the above agenda shall serve as notice of the Annual meeting for the Somersett Owners Association.

FirstService Residential Somersett Office 7650 Town Square Way ● Reno, NV 89523 phone: 775.624.9152 fax: 775.787.4511

Total Number of Units at YE 3,146 Avg Units 3,086Monthly Assessment 80.00$ 80.00$ 2017 Only Abatement (11.00)$ n/a

Assessments are collected Monthly 69.00$ 80.00$

2016

Annual Budget Per Unit

YE Annual

Projection Budget

Revenue40005 Assessments 2,555,070.00 67.68 2,785,074.00 2,717,120.00 40015 Assessment ‐ Commercial 54,000.00 1.43 46,946.00 46,944.00 40020 Assessment ‐ Non Member Cou 6,600.00 0.17 6,781.00 4,500.00 45125 Arc & Landscape Review Fees 24,000.00 0.64 33,895.00 18,000.00 45156 Late Fee 15,000.00 0.40 16,383.00 6,600.00 45245 Fines 31,800.00 0.84 35,890.00 6,000.00 45645 Interest ‐ Financial 420.00 0.01 415.00 360.00 45646 Interest ‐ Homeowner 2,100.00 0.06 2,241.00 1,800.00 46005 C9 Green Fee/Equip Rental/Merch 37,500.00 0.99 36,359.00 41,200.00 46015 Community Event Revenue 3,550.00 0.09 1,750.00 7,000.00 46245 ATM Fee ‐ ‐ ‐ ‐ 90000 Reserve Transfer (298,484.00) (7.91) (294,180.00) (294,180.00) 90001 Reserve Transfer ‐ Additional ‐ ‐

Total Revenue 2,431,556.00 64.41 2,671,554.00 2,555,344.00

Expense60005 P/R ‐ Administrative 255,000.00 6.75 214,656.00 214,656.00 70005 L/S ‐ Contract 912,000.00 24.16 829,962.00 864,999.96 70045 L/S ‐ Water Pressure Reduction 30,000.00 0.79 33,333.36 100,000.08 71005 L/S ‐ Renovations/Improvement 75,000.00 1.99 104,175.00 75,000.00 71040 L/S ‐ Ditch Maintenance 20,000.00 0.53 ‐ 20,000.00 71450 L/S ‐ East Park 2,000.04 0.05 1,875.00 4,500.00

L/S ‐ Tree Mapping 40,000.00 1.06 ‐ ‐ L/S ‐ Irrigation Systems 80,000.00 2.12 ‐ ‐

72000 R/M ‐ P/R Maintenance Allocation 32,400.00 0.86 28,980.00 28,980.00 72010 R/M ‐ Supplies, Small Tools & 3,600.00 0.10 3,254.00 6,000.00 72090 R/M ‐ Snow Plowing & Sanding 10,000.00 0.26 10,941.00 4,500.00 72240 C9 Operations 318,000.00 8.42 313,210.00 300,000.00 72435 Special Projects 100,000.00 2.65 53,655.70 100,000.08 72480 Contracted Services 7,500.00 0.20 20,619.00 8,200.00 72500 Abandoned Property Clean up ‐ ‐ ‐ ‐ 74005 Electricity 30,000.00 0.79 28,713.00 30,000.00 74065 Water 334,059.00 8.85 327,728.00 340,000.00 74070 Sewer & Waste Removal 620.00 0.02 2,394.00 1,200.00 74125 Telephone 1,320.00 0.03 1,062.00 1,500.00 75085 Patrol Service 60,000.00 1.59 32,540.00 30,000.00 76025 Facilities Rental ‐ SOA offices 30,000.00 0.79 ‐ ‐ 76035 Canyon Nine Operational Expen 4,200.00 0.11 3,720.00 6,000.00 77005 Bad Debt 25,550.70 0.68 24,942.20 27,171.20 77015 Fees & Permits 22,000.00 0.58 21,506.25 22,820.04 77070 Reserve Study Preparation 200.00 0.01 4,500.00 4,500.00 77135 Board Training/Education 4,800.00 0.13 4,159.00 7,159.00 77200 Management Fees 78,223.31 2.07 77,051.00 70,826.20 77230 Office Supplies 3,000.00 0.08 2,625.00 5,400.00 77260 Postage/Printing 19,800.00 0.52 16,969.00 20,400.00 77270 Community Website & Newslette 8,000.00 0.21 4,065.00 9,000.00 77350 Community Events 16,500.00 0.44 15,570.00 16,500.00 77530 Bank/Credit Card Service Charg 1,918.00 0.05 1,700.00 ‐ 77730 Architect Review ‐ Landscape & 24,000.00 0.64 24,925.00 18,000.00 77740 Consulting/Professional Service 22,800.00 0.60 22,665.00 18,000.00 77750 Audit & Tax Service 4,500.00 0.12 3,836.00 4,500.00 77760 Legal Fees 138,000.00 3.66 138,130.00 105,000.00 72235 Loan Interest ‐ SGCC 116,082.00 3.07 123,044.13 123,494.52 77900 Loan Interest ‐ Canyon 9 22,028.02 0.58 23,853.79 23,849.79 77950 Depreciation Expense 2,400.00 0.06 2,402.00 ‐ 78005 Taxes ‐ Real Property 6,000.00 0.16 5,580.00 6,000.00 78105 Ins ‐ Liability & Property 12,000.00 0.32 10,729.00 12,000.00 78190 Ins ‐ Directors & Officers 22,800.00 0.60 22,833.00 20,646.00 78210 Ins ‐ Special Events 1,500.00 0.04 1,498.00 2,220.00 78240 Ins ‐ Workmens Comp 2,400.00 0.06 2,241.00 1,200.00

Total Expenses 2,900,201.07 76.82 2,565,642.43 2,654,222.87

Excess of Revenue or (Expense) (468,645.07) (12.41) 105,911.57 (98,878.87)

Adjustments:YE Surplus/Carry Forward 202,019.76 5.35 115,694.46 115,694.46Transfer Fund Revenue 150,000.00 3.97 150,000.00 0.00SGCC Loan Principal Adjustment (143,405.06) (3.80) (136,442.37) ‐135,992.28C9 Loan Principal Adjustment (37,369.00) (0.99) (35,545.90) ‐35,546.28Depreciation Expense 2,400.00 0.06 2,402.00 2,916.00

Prior Year Transfer Fees 295,000.00 7.81 ‐

Adjusted Net Revenue/(Expense) 0.63 0.00 202,019.76 ‐151,806.97

Somersett Owners Association

2017 Operating Fund Budget

General Common

2017

Total Number of YE Units 1,934 Avg Units 1,875

Assessments are collected Monthly 89.00$

2017 2016

Annual Budget Per Unit YE Projection Budget

Revenue40005 Assessments 2,002,678.00 86.29 1,626,974.00 1,554,774.00 40020 Assessment ‐ Non Me 18,000.00 0.78 22,742.00 24,000.00 45550 Activity Fee 41,000.00 1.77 46,634.00 33,500.00 45555 Swim Lesson Fee 7,700.00 0.33 7,775.00 9,000.00 45560 Massage Fee 21,600.00 0.93 19,412.00 15,000.00 45565 Guest Fees for Facilit 28,400.00 1.22 31,893.00 25,000.00 45570 Instruction Revenue 30,000.00 1.29 29,610.00 42,000.00 45575 Private Party/Room R 7,500.00 0.32 7,620.00 25,000.00 45580 Kids Camp 42,900.00 1.85 51,935.00 42,000.00 45645 Interest ‐ Financial ‐ ‐ 4.00 ‐ 45845 Sales ‐ Food 25,500.00 1.10 14,367.00 24,000.00 45885 Sales ‐ Alcohol 25,100.00 1.08 13,124.00 25,100.00 45925 Sales ‐ Non Alcohol 11,900.00 0.51 5,626.00 11,900.00 46245 ATM Fee ‐ ‐ 50.00 1,250.00 90000 Reserve Transfer (241,489.08) (10.41) (233,773.85) (233,774.04) 90001 Reserve Transfer ‐ Additional ‐ ‐

Total Revenue 2,020,788.92 87.07 1,643,992.15 1,598,749.96

Expense50005 COS ‐ Supplies 4,000.00 0.17 3,950.00 4,000.00 50010 COS ‐ Food 17,400.00 0.75 12,648.00 15,200.00 50015 COS ‐ Alcohol 10,050.00 0.43 4,841.00 10,050.00 50025 COS ‐ Non Alcohol 8,400.00 0.36 8,532.00 7,528.00 60005 P/R ‐ Administrative 700,000.00 30.16 591,105.00 634,382.00 70005 L/S ‐ Contract 18,000.00 0.78 17,270.00 18,000.00 72000 R/M ‐ P/R Maintenance Al 64,500.00 2.78 77,580.00 77,580.00 72010 R/M ‐ Supplies, Small 3,600.00 0.16 1,676.00 4,800.00 72200 R/M ‐ Janitorial Suppl 7,500.00 0.32 7,189.00 12,000.00 72298 Pool/Spa ‐ Chemicals 9,500.00 0.41 8,836.00 9,300.00 72300 R/M Pool 11,000.00 0.47 10,670.00 12,000.00 72317 Pool ‐ Utilities 12,000.00 0.52 10,429.00 13,200.00 72368 Activity Supplies 22,700.00 0.98 23,846.00 22,700.00 72435 Special Projects 50,000.00 2.15 48,081.35 80,000.04

Special Projects‐TCTC expansion 450,000.00 19.39 ‐ ‐ 72440 R/M ‐ Building 30,000.00 1.29 24,013.00 30,000.00 72480 Contracted Services 96,700.00 4.17 94,658.00 94,840.00 74005 Electricity 38,400.00 1.65 36,112.00 40,500.00 74065 Water 9,908.00 0.43 8,035.00 7,200.00 74070 Sewer & Waste Remo 15,600.00 0.67 14,073.00 14,500.00 74095 Gas 15,326.00 0.66 14,226.00 12,000.00 74125 Telephone 3,600.00 0.16 3,368.00 3,300.00 75085 Patrol Service 2,400.00 0.10 1,187.00 1,200.00 76025 Facility Rental/Expens 300.00 0.01 200.00 600.00 76030 Complimentary Supplie 12,000.00 0.52 10,941.00 14,400.00 77005 Bad Debt 20,026.78 0.86 15,793.64 15,547.74 77015 Fees & Permits 16,000.00 0.69 13,852.00 14,500.00 77110 Travel/Mileage Expen 3,600.00 0.16 1,750.00 3,600.00 77125 Recruitment/Employe 14,500.00 0.62 11,808.00 11,500.00 77135 Education/Training 500.00 0.02 300.00 ‐ 77200 Management Fees 22,198.35 0.96 20,216.00 19,933.00 77230 Office Supplies 6,000.00 0.26 5,793.00 3,600.00 77260 Postage/Printing 6,000.00 0.26 5,064.00 2,700.00 77270 Community Website & 11,350.00 0.49 11,220.00 11,350.00 77290 Mobile Phones/Radios 3,600.00 0.16 3,125.00 3,600.00 77530 Bank/Credit Card Ser 3,900.00 0.17 3,682.00 5,300.00 77630 Massage Therapist Pa 17,100.00 0.74 16,194.00 12,000.00 77632 Fitness Instructors 84,000.00 3.62 79,190.00 84,000.00 77645 R/M ‐ Fitness Supplie 13,224.00 0.57 11,889.00 18,000.00 77707 Summer Camp 15,750.00 0.68 13,583.00 11,750.00 77750 Audit & Tax Service 3,000.00 0.13 2,372.00 2,800.00 77755 Cash Over/Short ‐ ‐ 5.00 ‐ 77760 Legal Fees 6,000.00 0.26 2,000.00 6,000.00 77900 Loan Interest ‐ TCTC 102,797.21 4.43 111,295.72 111,298.79 77950 Depreciation Expense 252,684.00 10.89 247,869.00 252,624.00 78005 Taxes ‐ Real Propert 4,800.00 0.21 3,895.00 4,440.00 78105 Ins ‐ Liability & Prope 42,000.00 1.81 38,023.00 44,400.00

Total Expenses 2,261,914.34 97.46 1,652,385.71 1,778,223.57

Excess of Revenue or (Expense) (241,125.42) (10.39) (8,393.56) (179,473.61)

Adjustments:YE Surplus/Carry forward 162,827.13 7.02 89,234.37 89,234.37 TCTC Loan Principal (174,385.00) (7.51) (165,882.68) (165,882.97) Depreciation Expense 252,684.00 10.89 247,869.00 252,624.00 Adjusted Net Revenue/(Expense) 0.71 0.00 162,827.13 (92,732.58)



TCTC

Total Number of Homeowners 797$

Assessments are collected Monthly 64.00$

Annual Budget Per Unit Projected Total Budget

Revenue40005 Assessments 611,792.00 64.00 503,616.00 502,288.00 45156 Late Fee ‐ ‐ ‐ ‐ 45245 Fines ‐ ‐ ‐ ‐ 45645 Interest ‐ Financial ‐ ‐ ‐ ‐ 45646 Interest ‐ HO 600.00 0.06 650.00 ‐ 45405 Gate Transmitters/Clic 2,950.00 0.31 2,975.00 600.00 46702 Prior Year Carryover ‐ ‐ ‐ ‐ 90000 Reserve Transfer (318,171.00) (33.28) (307,560.00) (307,560.00) 90001 Reserve Transfer ‐ Additional ‐ ‐ ‐ ‐

Total Revenue 297,171.00 31.09 199,681.00 195,328.00

Expense60005 P/R ‐ Administrative 56,625.00 5.92 50,700.00 50,700.00 72000 R/M ‐ Maintenance Allocation 32,400.00 3.39 37,440.00 37,440.00 72010 R/M ‐ Supplies, Small Tools & ‐ ‐ 729.00 ‐ 72090 R/M ‐ Snow Plowing & Sanding 20,450.00 2.14 9,933.00 27,000.00 72220 Gate Maintenance 16,200.00 1.69 13,901.00 21,000.00 72225 Gate Clickers 2,950.00 0.31 6,375.00 ‐ 72435 Special Projects 60,000.00 6.28 ‐ 5,004.00 72440 R/M ‐ Building ‐ ‐ 686.00 ‐ 72480 Contracted Services 60,000.00 6.28 50,785.00 48,000.00 72500 Abandoned Property Clean up ‐ ‐ ‐ ‐ 74005 Electricity 9,600.00 1.00 8,603.00 9,000.00 74065 Water ‐ ‐ ‐ ‐ 74070 Sewer & Waste Removal ‐ ‐ ‐ ‐ 74125 Telephone 12,000.00 1.26 11,451.00 7,200.00 75085 Patrol Service 21,600.00 2.26 12,132.00 10,800.00 77005 Bad Debt 6,117.92 0.64 4,590.96 5,022.88 77015 Fees & Permits ‐ ‐ ‐ ‐ 77070 Reserve Study Preparation 200.00 0.02 ‐ ‐ 77200 Management Fees 5,285.36 0.55 4,793.00 4,713.00 77230 Office Supplies ‐ ‐ ‐ ‐ 77260 Postage/Printing ‐ ‐ ‐ ‐ 77530 Bank/Credit Card Service Charg ‐ ‐ ‐ ‐ 77740 Consulting/Professional Service ‐ ‐ ‐ ‐ 77750 Audit & Tax Service 800.00 0.08 767.00 1,000.00 77760 Legal Fees 5,040.00 0.53 ‐ ‐ 77950 Depreciation Expense ‐ ‐ ‐ ‐ 78005 Taxes ‐ Real Property ‐ ‐ ‐ ‐ 78105 Ins ‐ Liability & Property 7,800.00 0.82 7,439.00 9,000.00 78190 Ins ‐ Directors & Officers ‐ ‐ ‐ ‐ 78210 Ins ‐ Special Events ‐ ‐ ‐ ‐ 78240 Ins ‐ Workmens Comp ‐ ‐ ‐ ‐

Total Expenses 317,068.28 33.17 220,324.96 235,879.88

Excess of Revenue or (Expense) (19,897.28) (2.08) (20,643.96) (40,551.88)

AdjustmentsYE Surplus/(Loss) 19,897.04$ 2.08 40,541.00 40,541.00Adjusted Net Revenue/(Expense) (0.24)$ (0.00) 19,897.04$ (10.88)$



Gates

2017 2016

2017 Special Projects

2016 Budget Special Projects

The items on this list are not definitive items that will be submitted and approved by the Board in 2017, but a list of items the Board can choose to take action on. Approval of items in 2017 can depend on amount of money in the

budget, resident feedback, recommendations from committees, and the board’s direction.

General Common - $100,000 o Allow for ways to capture resident contact information, such as accurate emails. Additional computer

system integrations

o Safety & Security Improvements within the community to address crosswalk concerns, access points, and

neighborhood watch systems

o Feasibility Study & Consultant to study well water irrigation vs. TMWA potable water

o PUD Aesthetics Update

o Fuel Reduction Program

The Club at Town Center - $500,000 o Task 2 TCTC Expansion - Programming and Schematic Design Interior Remodel & Addition

o Task 3 TCTC Expansion - Architectural drawings

o Misc. Special Projects - pool furniture, storage room shelfs

o Improve SOA purchased lot in Town Square; Purchase Lot adjacent to The Club at Town Center

Private Streets & Gates - $60,000 o Improve & Investigate camera systems and potential upgrades

Some items identified on the above list may cost more than the allocated funding in the 2016 Budget for special projects.

October 03, 2016

Somersett Owners Association General Common

Nevada Member Summary Third Draft- REV

Prepared for the 2017 Fiscal Year

This is a summary of the Reserve Study that has been performed for Somersett Owners Association General Common, (the "Association"). This study was conducted in compliance with Nevada NRS 116.31151 and NRS 116.31152 and is being provided to you as a member of the Association. A full copy is available (through the Association) for review by members of the Association.

The intention of the Reserve Study is to forecast the Association's ability to repair or replace major components as they wear out in future years. This is done utilizing the "Cash Flow Method." This is a method of developing a reserve funding plan where the contributions to the reserve fund are designed to offset the variable annual expenditures from the reserve fund.

Browning Reserve Group prepared this Full Study for the January 1, 2017 - December 31, 2017 fiscal year.

Somersett Owners Association General Common is a Planned Community with a total of 2,718 Lots.

At the time this summary was prepared, the assumed long-term before-tax interest rate earned on reserve funds was 1.75% per year, and the assumed long-term inflation rate to be applied to major component repair and replacement costs was 2.50% per year.

The Reserve Study is not an engineering report, and no destructive testing was performed. The costs outlined in the study are for budgetary and planning purposes only, and actual bid costs would depend upon the defined scope of work at the time repairs are made. Also, any latent defects are excluded from this report.

This reserve study was produced under the responsible charge of Robert W Browning who, pursuant to Nevada regulation R145-06, is a Nevada Reserve Study Specialist (RSS #5).

Funding Assessment

Based on the 30 year cash flow projection, the Association's reserves appear adequately funded as the reserve fund ending balances remain positive throughout the replacement of all major components during the next 30 years.

Nevada statute imposes no reserve funding level requirements nor does it address funding level adequacy, and although one or more of the reserve fund percentages expressed in this report may be less than one hundred percent, those percentages do not necessarily indicate that the Association's reserves are inadequately funded.

The Board of Directors does not anticipate the levy of a special assessment during the term of the reserve study.

© Browning Reserve Group 2016 11918

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RemainingLife

UsefulLife

Current Replacement

CostReserve Component

2017Fully

Funded Balance

2017Line Item

Contributionbased on

Cash Flow Method

2016Fully

Funded Balance

Somersett Owners Association General Common

Nevada Member Summary

Third Draft- REV


665,605 109,47201000 - Paving 2,072,193 1-25 0-23 624,119

68,412 38,48002000 - Concrete 842,032 8-30 2-26 60,998

1,176 33203000 - Painting: Exterior 2,977 5-8 4-6 682

1,121 19803500 - Painting: Interior 2,326 8-10 4-6 820

25,461 1,95604000 - Structural Repairs 47,289 10-30 8-23 22,468

9,916 73405000 - Roofing 22,325 30-30 18-18 8,930

6,891 81408000 - Rehab 14,615 10-15 2-13 5,692

4,144 29811000 - Gate Equipment 7,350 20-20 10-10 3,675

452,147 125,25518000 - Landscaping 982,894 1-25 0-25 469,892

1,441 67719000 - Fencing 12,656 18-18 17-17 703

7,288 1,03320000 - Lighting 18,202 1-20 0-12 9,103

10,880 1,23321000 - Signage 25,795 15-20 8-18 9,147

10,950 77122000 - Office Equipment 10,865 6-12 1-2 9,499

4,493 32123000 - Mechanical Equipment

6,775 12-15 0-3 5,899

12,958 1,14724000 - Furnishings 17,350 5-20 0-8 11,977

4,237 25525000 - Flooring 6,840 20-25 8-13 3,816

507 2925500 - Wallcoverings 762 20-20 8-8 457

26,233 2,72526000 - Outdoor Equipment 47,195 8-20 0-9 34,899

25,625 12,09429000 - Infrastructure 68,000 1-2 0-2 43,500

6,119 66130000 - Miscellaneous 6,965 7-7 2-2 4,975

Totals $1,345,605

126.5%Percent Funded

$298,484$4,215,406

$1,702,720Estimated Ending Balance $9.15/Lot/month @ 2718

$1,331,250

131.5%

$1,750,079


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September 29, 2016

Somersett The Club at Town Center

Nevada Member Summary Second Draft


This is a summary of the Reserve Study that has been performed for Somersett The Club at Town Center, (the "Association"). This study was conducted in compliance with Nevada NRS 116.31151 and NRS 116.31152 and is being provided to you as a member of the Association. A full copy is available (through the Association) for review by members of the Association.



Somersett The Club at Town Center is a Planned Community with a total of 1,621 Lots.




Funding Assessment





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UsefulLife

Current Replacement


2017Fully

Funded Balance

2017Line Item


Cash Flow Method

2016Fully

Funded Balance

Somersett The Club at Town Center


Second Draft


45,504 11,48901000 - Paving 161,600 1-25 0-20 59,161

62,472 7,05402000 - Concrete 121,602 5-30 1-18 55,127

27,225 7,88603000 - Painting: Exterior 46,376 4-8 0-7 37,400

4,144 3,15903500 - Painting: Interior 9,041 2-8 0-7 6,775

101,977 9,17204000 - Structural Repairs 177,216 15-35 3-23 91,837

87,499 8,82505000 - Roofing 188,796 1-30 0-18 83,798

180,615 13,46408000 - Rehab 209,465 15-20 3-16 162,487

2,198 50711000 - Gate Equipment 2,680 5-5 2-2 1,608

127,003 26,47912000 - Pool 235,492 2-24 0-22 106,142

14,951 6,82013000 - Spa 37,293 1-8 0-6 17,379

109,017 26,41714000 - Recreation 194,442 1-25 0-13 89,468

72,333 6,92617000 - Tennis Court 104,791 6-18 0-6 72,929

11,322 1,82717500 - Basketball / Sport Court

27,559 15-20 3-16 9,555

7,485 1,29618000 - Landscaping 7,302 5-10 1-1 5,898

32,075 3,67819000 - Fencing 69,312 10-30 8-18 28,442

49,335 5,06920000 - Lighting 102,016 12-35 3-23 44,343

7,002 1,10321000 - Signage 18,075 12-25 0-13 12,937

11,378 3,12222000 - Office Equipment 14,661 2-8 0-6 10,277

198,926 22,23223000 - Mechanical Equipment

265,649 1-30 0-26 192,055

36,647 4,31123500 - Elevator 76,375 10-30 1-24 32,384

194,094 15,55124000 - Furnishings 227,890 10-20 1-9 173,518

14,617 2,39724500 - Audio / Visual 24,398 10-20 1-8 11,934

14,524 12,75824600 - Safety / Access 24,700 1-4 0-0 24,700

216,715 27,62225000 - Flooring 328,393 1-20 0-12 190,276

14,461 3,53425500 - Wallcoverings 46,838 10-20 8-16 11,231

39,042 4,27426000 - Outdoor Equipment 53,554 6-22 2-10 33,866

26,733 4,19327000 - Appliances 47,274 5-20 0-10 32,693

525 32630000 - Miscellaneous 3,840 15-15 14-14 256

Totals $1,709,819

49.5%Percent Funded

$241,489$2,826,631

$845,900Estimated Ending Balance $12.41/Lot/month @ 1621

$1,598,476

50.6%

$808,207


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September 10, 2016

Somersett Owners Association Streets and Gates

Nevada Member Summary Second Draft- REV 2


This is a summary of the Reserve Study that has been performed for Somersett Owners Association Streets and Gates, (the "Association"). This study was conducted in compliance with Nevada NRS 116.31151 and NRS 116.31152 and is being provided to you as a member of the Association. A full copy is available (through the Association) for review by members of the Association.



Somersett Owners Association Streets and Gates is a Planned Community with a total of 640 Lots.




Funding Assessment





Version 9/10/2016 3:30:25 PM

09/10/2016 v5.0;174c.12.2017Full.6.TO.RB.TO

RemainingLife

UsefulLife

Current Replacement


2017Fully

Funded Balance

2017Line Item


Cash Flow Method

2016Fully

Funded Balance

Somersett Owners Association Streets and Gates


Second Draft- REV 2


1,562,797 215,92801000 - Paving 4,592,888 1-26 0-20 1,427,502

106,190 49,68202000 - Concrete 1,092,000 15-25 9-24 58,800

14,994 5,68103000 - Painting: Exterior 47,750 1-7 0-4 23,017

4,188 34404000 - Structural Repairs 5,107 10-10 3-3 3,575

3,044 27705000 - Roofing 8,100 30-30 20-20 2,700

113,761 25,79911000 - Gate Equipment 312,425 8-10 0-8 138,338

4,084 1,14520000 - Lighting 19,920 15-15 13-13 2,656

2,870 35921000 - Signage 2,800 5-5 1-1 2,240

31,080 18,95830000 - Miscellaneous 30,322 1-1 0-0 30,322

Totals $1,843,008

142.3%Percent Funded

$318,171$6,111,312

$2,622,362Estimated Ending Balance $41.43/Lot/month @ 640

$1,689,149

135.9%

$2,295,483


Version 9/10/2016 3:30:25 PM

09/10/2016 v5.0;174c.12.2017Full.6.TO.RB.TO

somersett owners association 2017 budget package · 2019-08-27 · cash flow funding method. the...

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