Unfortunately, there is a misconception that these reports are good for an extended period of time since the report has projections for the next 30 years. Just like any major line item in the budget, the Reserve Study should be reviewed each year before the budget is established. Invariably, some assumptions have to be made during the compilation of this analysis.
When to Update your Reserve Study
Anticipated events may not materialize and unpredictable circumstances may occur. As a general rule, a Reserve Study should be updated every 2 - 4 years.