A reserve fund study is required to be under-taken by boards every three years. Phase 1 is currently in the process of laying the groundwork for a com-prehensive review of its funds and assets. Given the nature of the shared amenities between both phases, the Phase 2 board has decided to also undertake its reserve study at the same time to ensure consistency of process, evaluate future joint priorities and to ensure that funding exercises follow the same planning cycle.
Phases 1 & 2 have completed their draft annual budgets for 2007-2008 and these will be distributed shortly for input.