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2018 ASSESSMENT NOTICE
SANDYPORT HOMEOWNERS ASSOCIATION LTD.
www.sandyport.management
Dear Owner Following consultation with the Audit & Finance Committee, the Board of Directors resolved that the 2018 Annual Assessment Fee is set at $2.75 per square foot (excluding VAT). It is my pleasure to report that we have been able to maintain this rate for the past 13 years. We should note that during the past year our community grew by a modest 1 per cent, which reflects in our revenue. Nonetheless, we remain vigilant with our costs and perform only those improvements that permit us to operate inside of our budget. At the time of writing, our community consisted of 505 total units - 401 that are fully assessed, 96 vacant lots and 8 under construction. We have deferred some large projects that were under consideration for 2017. As a result we expect to report a respectable surplus at the year end, which we will reserve for those projects. We have extended the early payment discount of 3% for all 2018 Annual Assessment Fees settled in full by January 14, 2018. The following conditions apply to qualify: •
Payment must clear in full by January 14, 2018.
•
Any other due balances associated with the account should also be clear by the deadline.
•
Deduction of the 3% discount applies to the 2018 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, 2018 in full.
For VAT reporting requirements, we will apply the Assessment Fees to accounts in monthly instalments. The 3% discount to eligible accounts will appear as a VAT inclusive credit by January 31, 2018. The 2018 bills will be accessible on your account by December 15, 2017. Yours sincerely
Robert Sands Chairman
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED FINANCIAL BUDGET FOR THE YEAR ENDED DECEMBER 31, 2018 (Expressed in Bahamian dollars)
REVENUE Maintenance fees Water and meters income Other services Total revenue
2018 Budget 2,938,000 380,000 50,000 3,368,000
DIRECT EXPENSES Security expenses
807,000
Gardening expenses
520,000
Maintenance of common areas
433,000
Water & meters
412,000
Waste water management
275,000
Improvements
225,000
Painting expenses
221,000
Garbage removal
69,000
Total direct expenses GROSS PROFIT
2,962,000 406,000
OPERATING EXPENSES Salaries, benefits & NI
255,000
Rent and utilities
39,000
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
3,000
Total operating expenses NET MAINTENANCE FUND (DEFICIT)
398,000 8,000
PO BOX SP 64016 | SANDYPORT | NASSAU | BAHAMAS BAH +1 242 676 8990 USA +1 305 831 8921 FAX +1 305 705 6599 WWW.SANDYPORT.MANAGEMENT