use of reserve funds

Is there any way to use your reserve funds if you exceed the amount you budgeted for in your yearly operating budget? I live in a community that is 13 years old and has never done any upkeep to the property. Now that we have a landscaper/grounds maintenance company taking care of trash removal, clearing out the overgrown brush/shrubs in the common areas, lawn maintenance in the Spring/Summer months, leaf removal, and snow removal, we are meeting and exceeding what we initially budgeted for. Is there anyway to use the reserve fund to finish these things that were never done in the past -- i.e. fallen trees from storms, excessive snow/ice issues (above the norm), or the overgrowth removal of the trees and shrubs?

We created a contingency line item as part of our reserves. It covers things like you are describing. Our goal is to have 25% of the yearly operating budget for this section.

Initially, the Association can transfer monies from the reserves to pay for unexpected expenses. However, this money will need to be repaid, typically by a Special Assessment or an increase in Annual Assessments and slowly paying it back.

If you go the Special Assessment route, don't say that the money is to replace the reserves. Explain that the Assessment is to cover the cost of the storm damage and give an itemized listing (snow removal - budgeted $x cost $y, Storm Damage, Trees - Budgeted x cost y, etc.).

Hope this helps,

Tim