FROM THE CHAIRMAN
Dear Owner,
At the Board meeting on November 15th, 2022, the Directors resolved that the 2023 Annual Assessment is set at $2.75 per square foot (excluding VAT).
This is the 18th consecutive year without increasing maintenance fees. We should note that our community grew by 4 homes in 2022, adding 10,795.8 square feet. There are two major projects slated to begin in 2023. As a result the improvements budget has increased by $1,222,500.00 compared to last year improvement budget.
Due to the change in policy that permit the subdividing of certain lots, our community now consists of 513 total units. 430 assessed homes, 77 vacant lots, (6 under construction).
Bahamas Hot Mix has been contracted as the vendor for the road paving project scheduled for March 2023. The budget amount for the major project is estimated at 1.4 million. The board of Directors deliberated, and agreed to a special assessment cost of $800.00 per property, and home. This is to assist to the cost of this major project.
The Association is continuing it’s plans to enhance the community. Projects such as road paving, waste treatment expansion, security enhancements, and drainage systems, are some of the capital projects throughout the community we look to complete in the year 2023. We continue to identify projects that will improve the community.
Early payment discount of 3% for all 2023 annual assessment fees
• Payment must be in full by January 15th, 2023
• Deduction of 3% discount applies to the 2023 Assessment fees gross
• Note the indenture fees (applied to the vacant lots) are not eligible for discount and are due on January 1 2023 in full.
The 3% discount to the eligible accounts will appear as a vat inclusive credit by January 31 2023. The 2023 invoices will be accessible on your account by December 15th, 2022.
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED
FINANCIAL Budget FOR THE YEAR ENDED DECEMBER 31, 2022
REVENUE 2022 Budget Maintenance services 3,113,905.28 Water & meters income 440,796.84 Miscellaneous income Other Services income 387,190.94 128,900.00 Total revenue 4,070,793.06 DIRECT EXPENSES Security expenses 747,389.42 Maintenance of common areas 470,500.00 Gardening expenses 502,000.00 Water & meters 425,000.00 Waste water management 229,400.90 Improvements 1,482,500.00 Painting expenses 195,000.00 Garbage removal 69,400.00 Total direct expenses 4,121,190.32 GROSS PROFIT (50,397.26) OPERATING EXPENSES 285,571.00 Rent and utilities 40,800.00 25,400.00 Professional fees 45,200.00 Telephone & communications 23,000.00 Finance charges 30,000.00 Insurance 12,300.00 Other expense 0.00 Property & other taxes Total operating expenses 907.08 NET MAINTENANCE FUND (DEFICIT) 463,178.08 (513,575.34) Salaries, benefits and NIB
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