JoyceW4 (Virginia)
Posts: 10
Posts: 10
Posted:
We are a 44 unit townhouse condo association built in 1995 in Virginia - so about 25 yrs old - so time to start planning and establishing the cost for a landscaping replacement project and start accumulating some $$.
I have been Board Treasurer for the past 5 years and stepped down this summer and recently joined the Landscaping Committee - so wearing a different hat. In 2018, the Committee obtained a proposal from our landscape contractor for $125K for a replacement project - so this is not going to be a cheap project. Subsequently, the Board did establish a $10K Landscape Operating Reserve, but our Replacement Reserve Study does not include any landscaping. While I know little about landscaping, my goal to help the Committee establish a business process for determining a general requirement for the landscape replacement project, obtain some bids, modify design proposals as needed, and obtain Board approval for the Committee adopted landscape strategic plan as well as the required funding.
Following are my questions and any comments would be most appreciated.
1. Does your COA Reserve Study include landscape replacement? If so, how was the costs determined? Does the Association have an option to set up a separate Replacement Reserve annual contribution for Landscaping based on an adopted Landscape Replacement proposal?
2. Any tips on how to establish a general landscaping requirement to request bids? Of course, we will establish basic factors as low maintenance, disease tolerant, etc - but how about a budgetary range? Do we state that we want a low, medium, or high budget proposal? Or do we provide a dollar figure such as $100K (bit hesitant to do this since we have no reasonable basis for providing such a figure)? Is it reasonable to ask that the proposal be priced in stages due to funding limitations?
3. Last question: We will likely have about $1500 in unspent funds budgeted for landscaping in our annual budget. I have proposed that the Board approve that any such unspent funds be transferred to the Landscape Operating Reserve at the end of the year before the books are closed. I think that this should be allowable given the Board has the discretion to make revisions in the annual operating budget. Would appreciate any comments from others on this proposal.
Thanks for any assistance/suggestions - with someone without a "green thumb".
I have been Board Treasurer for the past 5 years and stepped down this summer and recently joined the Landscaping Committee - so wearing a different hat. In 2018, the Committee obtained a proposal from our landscape contractor for $125K for a replacement project - so this is not going to be a cheap project. Subsequently, the Board did establish a $10K Landscape Operating Reserve, but our Replacement Reserve Study does not include any landscaping. While I know little about landscaping, my goal to help the Committee establish a business process for determining a general requirement for the landscape replacement project, obtain some bids, modify design proposals as needed, and obtain Board approval for the Committee adopted landscape strategic plan as well as the required funding.
Following are my questions and any comments would be most appreciated.
1. Does your COA Reserve Study include landscape replacement? If so, how was the costs determined? Does the Association have an option to set up a separate Replacement Reserve annual contribution for Landscaping based on an adopted Landscape Replacement proposal?
2. Any tips on how to establish a general landscaping requirement to request bids? Of course, we will establish basic factors as low maintenance, disease tolerant, etc - but how about a budgetary range? Do we state that we want a low, medium, or high budget proposal? Or do we provide a dollar figure such as $100K (bit hesitant to do this since we have no reasonable basis for providing such a figure)? Is it reasonable to ask that the proposal be priced in stages due to funding limitations?
3. Last question: We will likely have about $1500 in unspent funds budgeted for landscaping in our annual budget. I have proposed that the Board approve that any such unspent funds be transferred to the Landscape Operating Reserve at the end of the year before the books are closed. I think that this should be allowable given the Board has the discretion to make revisions in the annual operating budget. Would appreciate any comments from others on this proposal.
Thanks for any assistance/suggestions - with someone without a "green thumb".