Misc. Website Items 2013 LLA Reserve Study | Page 22

Please note that the reserve fund study does not include typical annual
maintenance items. Our assumption is that you already have an annual
operating budget that provides for these typical, repetitive items. This
includes miscellaneous repairs, lawn and grounds maintenance, routine
minor painting, etc. We have focused on those significant, non-annual
items where careful financial planning is important.
Finally, please note that the estimates we have developed are based on
2013 dollars. Our reserve fund study does adjust for an estimated annual
inflation and a given return on investment assuming that the indicated fund
balances are maintained.