Under Colorado law, HOAs are required to maintain Reserve Funds to cover the anticipated costs for the replacement of or significant repairs to major common area components that the association is obligated to maintain. Part of the process to ensure adequate funds are maintained involves a Reserve Study Policy (found here) and additionally developing a funding plan. Recently, the Board passed POLICY OF CREEKSIDE I HOMEOWNERS’ ASSOCIATION REGARDING THE RESERVE FUND that outlines the plan for a Reserve Study to be commissioned in 2023 and the immediate actions to be taken to maintain adequate Reserve Funds. This new policy will be discussed at the Annual Meeting as it relates to the 2023 budget.
More information about Reserve Funds can be found here.