An association's operating budget or fund covers a period of 2 to 3 years. Its purpose is to cover the usual monthly expenses that HOAs incur. This includes items like landscaping, routine maintenance, and management fees. Dues and expenses are factors that can affect an association's operating budget. In contrast, an association's reserve fund covers a period of 5 to 30 years. It is allocated to cover the cost of major replacements and repairs down the line. Examples of such costs include a street repaving project or roof replacements. Loans and special assessments are factors that can influence your reserves.