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4 | LIFE IN SOLERA | DECEMBER 2024 | The Finance Committee is beginning to understand more clearly about the importance and purpose of a Reserve Study. The Reserve Study helps us with long-term planning. When the Reserve Study indicates that a particular item has a life of 10 years, that means during those 10 years funds will be assigned to cover the replacement of that item. However, if something breaks and must be replaced after just seven years does that mean we can't replace it for three more years? No, the Reserves account is for repairs or early replacement when needed. This is one example why a Reserve budget is so important. Please continue to ready the "Introduction to Reserve Budgeting by Advanced Reserve Solutions, 3.5.2024(2a)." The Board of Directors of an association has a legal and fiduciary duty to maintain the community in a good state of repair. Individual unit property values are significantly impacted by the level of maintenance and upkeep provided by the association as well as the amount of the regular assessment charged to each owner. A prudent plan must be implemented to address the issues of long-range maintenance, repair, and replacement of the common areas. Additionally, the plan should recognize that the value of each unit is affected by the amount of the regular assessment charged to each unit. There is a fine line between "not enough," "just right," and "too much." Each member of an association should contribute to the reserve fund for their proportionate amount of "depreciation" (or "use") of the reserve components. Through time, if each owner contributes a "fair share" into the reserve fund for the depreciation of the reserve components, the n the possibility of large increases in regular assessments or special assessments will be minimized. An accurate reserve analysis is a "healthy" reserve fund and essential to protect and maintain association common areas and property values of individual unit owners. A comprehensive reserve analysis is one of the most significant elements of any association's long-range plan and provides the critical link between sound business judgment and good fiscal planning. The reserve analysis provides a "financial blueprint" for the future of an association. Happy Holidays for you and your family. ~ Marcia Casem Finance Committee Solera has had a steady inf lux of new residents, and the welcome committee has enjoyed meeting and helping them feel welcomed in this wonderful community. As of mid-October, we've had 53 new households join Solera (37 owner households, and 16 tenant households). Forty-eight of the new households requested and received welcome visits and/or packets. A few interesting facts about Solera residents: As of mid-2024, 44 percent of residents are 70-79 years old, 25 percent are 80-89 years old, 21 percent are 60-69 years old. About 6 percent are 90 years or older, and the rest are 59 years and younger. It goes to show that Solera is a great place to live for seniors of all ages! If you have any questions or want to find out more about the Welcome Committee, please feel free to contact me at (951) 499- 7790 or mnbdewey@yahoo.com. Thank you! ~ Brenda Dewey, Chairperson, New Resident Welcome Advisory Committee Welcome Committee

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