In anticipation of future capital project improvements and repairs, each year the Board may directly budget for, assess, collect and set aside in a Capital Project Reserve Fund up to 4.5% of the fiscal year’s operating budget. The total amount collected in that capital project reserve fund shall not exceed 200% of the fiscal year’s operating budget or $25,000, whichever is less.  Any operational savings from previous fiscal years may, at the discretion of the board of trustees, be accounted for and set aside in the Capital Project Reserve Fund up to allowed amounts.  Any overage in the allowed amounts of the Capital Project Reserve Fund shall be used within the current or subsequent fiscal year to pay for capital improvements as identified in the statutorily required capital improvements study completed by the property manager.  Or, any overage can be used to pay for operational expenditures in the current or subsequent fiscal year only in association with a direct dollar-for-dollar reduction in homeowner assessments in the fiscal year the overage will be used.  Assessment, collection and expenditure of these funds are subject to applicable state statutes and generally accepted accounting principles and procedures.