Answer: Monthly deposits to the replacement reserve are short by $1,500.
Trend: This deficiency indicates a potential ongoing issue with funding levels.
List: Recommend reviewing deposit schedules and adjusting contributions to meet required amounts.
Finding Text
Required monthly deposits to the replacement reserve are deficient in the amount of $1,500.
Corrective Action Plan
Management agrees with the finding. The replacement reserve deficiency will be funded. Management will ensure that the replacement reserve deposits are made on a timely basis in the future.