You've got your reserve study updated, now what. If your surprised at the increase in replacement costs your not alone. But, the first thing you should do is break down the list of items by way of importance.
Entitle the first list Delay with Yearly Inspections. Items like water heaters, fencing that is still intact, tennis court surface, and items that beginning to show signs of failing and does not cost more money if replace now or in a year. Then look up the remaining useful life for each item and cost to replace.
Entitle the second list Replace When Exhausted. Any item that is used everyday that the community depends upon goes in this item. Items such as asphalt seal coat, cool deck, boilers, and wood painting. As with the previous list look up the remaining useful life and cost to replace. These are items that protect the underlying components. If these items are not done damage to the components below can occur and cost thousands more to rebuild. For instance, the seal coat on asphalt add oil to the asphalt or concrete below the asphalt of which the seal coat layer is supported. If the underlying asphalt or concrete dries out it will begin to crack and crumble. If the damage to the underlying surface is bad enough when a 2" overlay is schedule you'll be doing a total removal and replacement instead. There is a huge difference between the two.
I know someone who had to have asphalt repair work done on some property and the area repaired was much much smaller than the roads in most communities. They were quoted three prices from each company and the cheapest company quoted $15,000.00, $26,000.00, and $45,000.00. The first two included crack filling and patchwork. The figure is a 2" overlay. The cost of doing a removal and replace was so high the rep would not quote it.
The third and final list is entitled Wait Until it Fails. Items like pool heater, bathroom fixtures, monument signs, pool furniture, club house furniture, water fountain, landscape lighting and items that are for convenience and style. As with the other two lists write down the remaining useful life and cost to replace. These items can wait until they fail before being replaced. It will not do anyone in the community any harm to live without them for a month or two.
Any items with a zero remaining useful life in your replace when exhausted list, you need to replace asap. If its asphalt work, painting, or requires cement or concrete be poured. Do it when the outside temps. are appropriate. These things need to cure and they will take longer to cure in the heat and will not properly adhere to the surface if it is too hot. Asphalt will that several months to cure in summer heat and only about a week in cooler temps. If your gonna spend money to maintain or replace something make sure it looks and functions perfectly once it's done. Otherwise, you wasted your money!
Do it right and do it once.
Don't forget the prices in your reserve study is the bear minimum that you could pay. Items can be upgraded when replaced they do not have to be the exact same thing. It may even be cheaper and easier to obtain a newer model or better brand.
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