Ok…I remember this one now & did not have access to this room. The tank typically is associated with a boiler/heater (which you do not have).
This is a heater/tank, so please provide mfg name, model # & serial # & I’ll revise the report!
Concerns are addressed as follows:
1- Item #2.07 water storage tank: yes…it’s located adjacent to the water boiler/heater & used to store hot water
2- UL: yes…UL means Useful Life (ref Abbreviations under Definitions in Appendix C on page 29 of 33)
3- Funding: the funding plan is developed by our reserve analyst within the Cash Flow Analysis (CFA) on page 7 of 33.
***Do you mean 7 of 30?
With a projected FY Start Balance of $22,535 at next fy2017, an initial Reserve Allocation of $10.026 & an Allocation Increase Rate of 4.8% in all subsequent years of the plan, the Percent Funded value strengthens from 25% to 100%. This plan allows for all necessary disbursements over 30 years, with a minimum FY End Balance of $17,047 in fy2028, an average of $120,975 (over 30 years), a minimum Percent Funded of 18% in fy2029 & an average of 57% (over 30 years)!
4- Regarding a ’retrofit’ component: this is a 1 time expense that will need to be provided for ‘most likely’ via a special assessment. We would need to know the ‘estimated cost’ (based on a contractor proposal) & then rerun the CFA with this component incorporated with a UL of 999 (indicating 1 time funding) & a RL of 4-7 years (to allow for completion). Note- there is currently no line item in the study for this 1 time disbursement!