Budget Rescue for a Townhouse-Style Condo in Miami-Dade County

Client Background
A townhouse-style condominium in Miami-Dade County consisting of 385 units across three stories with full amenities, required both a SIRS and TRS.

Challenge
After borrowing for roof replacements, the community discovered a $300K shortfall. A prior reserve study had failed to include inflation, leaving funding far below actual costs. The board also lacked clarity on which components fell outside SIRS scope.

Our Approach
Alliance Reserve Services was engaged to identify the shortfall and create a sustainable funding plan.

• Conducted a full site visit and gathered all invoices and repair records.
  
• Collaborated with the association’s attorney and accountant to realign funding needs.
  
• Transitioned the reserve method from Straight-Line to Pooled to prevent future shortfalls.
  

Solution Delivered
A complete SIRS and TRS package with corrected figures, inflation adjustments, and a five-year update plan to maintain compliance and budget accuracy.

Results
✔️ SIRS accepted on first submission.
✔️ Eliminated $300K funding gap.
✔️ Improved annual budgeting accuracy.
✔️ Reduced risk of future special assessments.

Key Takeaway
By correcting outdated data and modernizing funding methods, the community turned a major shortfall into a stable long-term financial plan.