The reserve fund is money saved to pay for long-term repair or replacement of the capital elements of a condominium’s common property, such as a roof, siding, or furnace. Money is collected for this fund as part of the owner’s monthly contributions. From time to time, the balance in the reserve fund is compared to current estimates of the work that will need to be done. If the balance is not sufficient, monthly contributions are adjusted to cover the shortfall, or a special assessment may be required to raise funds to cover unexpected work. The bylaws or provincial legislation contain guidelines for maintaining the reserve fund.