Answer: Monthly deposits to the replacement reserve are short by $3,440.
Trend: This deficiency indicates a pattern of underfunding that could impact future maintenance and repairs.
List: Follow up by reviewing funding strategies and adjusting future deposit plans to meet required amounts.
Finding Text
Required monthly deposits to the replacement reserve are deficient in the amount of $3,440.
Corrective Action Plan
Management Agrees with the findings. The replacement reserve deficiency will be funded in the amount of $3,440. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.