2017 ASSESSMENT NOTICE
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www.sandyport.management Serving our community
2017 ASSESSMENT NOTICE November 21, 2016 Dear Owner
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ollowing consultation with the Audit & Finance Committee, the Board of Directors resolved that the 2017 Annual Assessment Fee remains unchanged at $2.75 per square foot excluding VAT. We are pleased to maintain the assessed rate for the twelfth consecutive year despite incurring some major expenses during 2016, notably canal inlet improvements and repairs arising from Hurricane Matthew. Our community grew by 5 new homes in 2016, adding 25,792 square feet to the assessed area representing 2.8% year on year growth. At the end of 2016, Sandyport consisted of 505 total units - 399 fully assessed, 102 vacant lots and 4 under construction. We have extended the early payment discount of 3% for all 2017 Annual Assessment Fees settled in full by January 14, 2017. The following conditions apply to qualify: • • • •
Payment must clear in full by January 14, 2017. Any other due balances associated with the account should also be clear by the deadline. Deduction of the 3% discount applies to the 2017 Assessment Fees gross (VAT inclusive) amount only. Note that Indenture Fees (applied to vacant lots) are not eligible for discount and are due on January 1, 2017 in full.
For VAT reporting requirements we will apply the Assessment Fees to accounts in monthly installments. The 3% discount to eligible accounts will appear as a VAT inclusive credit by January 31, 2017. The 2017 bills will be accessible on your account by December 16, 2016. Yours sincerely
Robert Sands Chairman
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED FINANCIAL BUDGET For the year ended December 31, 2017 (Expressed in Bahamian dollars)
REVENUE Maintenance fees - 947,175 sq ft @ $2.75 per sq ft (399 homes, 2016 : 394)
2014 2017 Budget 2,605,000
Indenture fees (102 lots, 2016 : 103)
176,000
Other maintenance fees
151,000
Water & meters income
356,000
Other services Total revenue
9,000 3,297,000
DIRECT EXPENSES Security expenses
807,000
Gardening expenses
471,000
Maintenance of common areas
427,000
Water & meters
334,000
Waste water management
302,000
Improvements
260,000
Painting expenses
219,000
Garbage removal
84,000
Total direct expenses Gross Profit
2,904,000 393,000
OPERATING EXPENSES Salaries, benefits & NI
248,000
Rent and utilities
38,000
Office & computer
33,000
Professional fees
25,000
Telephone & communications
17,000
Finance charges
13,000
Insurance
10,000
Other expense
3,000
Property & other taxes
1,000
Total operating expenses NET MAINTENANCE FUND
388,000 5,000
Auditors:
Bankers:
HLB Galanis & Co. 7 North Buckner Square Olde Towne, Sandyport P. O. Box N-3205 Nassau, The Bahamas Tel: (242) 327-0689 Fax: (242) 327-0696 Web: www.hlbgalanis.com
CIBC First Caribbean Sandyport Branch Nassau, The Bahamas P.O. Box N-8350 / N-7125 Tel: (242) 327-8364 / 327-4957 Fax: (242) 327-4955 Account: 200-167527 Web: www.cibcfirstcaribbeanbank.com
Legal Advisors:
Scotiabank Cable Beach P.O Box N-7518 Tel: (242) 702-8100 Fax: (242) 327-5728 Nassau, The Bahamas Account: 70045-72613 Web: www.bahamas.scotiabank.com
Kahlil D. Parker Cedric L. Parker & Co. Chambers No.9 Rusty Bethel Drive P.O. Box N-1953 Nassau, The Bahamas Tel: (242) 322-4954/5 Fax: (242) 328-3706 Email: kdp@parkerslaw.net
Insurance Agents: Tavares & Higgs Blake Road P. O. Box SP-64003 Nassau, The Bahamas Tel: (242) 327-8606 Fax: (242) 327-8607 Email: stavares@tavareshiggs.com
Consulting Architects: Alberto G. Suighi Artech Bahamas Ltd. Lagoon Court Nassau, The Bahamas Tel: (242) 327-2335 Fax: (242) 327-2337 Web: www.artechbahamas.com
STAY IN TOUCH PO BOX SP 64016 SANDYPORT NASSAU, BAHAMAS
BAH +1 242 676 8990 USA +1 305 831 8921 FAX +1 305 705 6599
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SANDYPORT HOMEOWNERS ASSOCIATION Serving our community