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Sandyport Homeowners Association formal notice of assessment for 2016
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Serving our community
www.sandyport.management
S
2016
ASSESSMENT NOTICE
394 103
7 =7 HOMES UNDER CONSTRUCTION
103 VACANT LOTS
394 HOMES ASSESSED
504 TOTAL
$8,838DAILY BUDGET
92
1,3
83
SQ
FT
November 3, 2015
Dear Owner
ollowing consultation with the Audit & Finance Committee, the Board of Directors resolved that the 2016 Annual Assessment Fee remains unchanged at $2.75 per
square foot excluding VAT. This will be the eleventh consecutive year without a rate change to the assessment despite increased costs.
The number of lots subject to Indenture Fees are projected to reduce to 103 for next year. Our Articles of Association requires that the Indenture Fees be subject to an upward revision every 5 years in accordance with a predetermined formula. The net result is a small revenue gain of about 3% from the Indenture Fees applicable to vacant lots.
Growth in the assessed space continued to slow in the past year resulting in a 1.7% increase, compared with 3% for the previous year. Your Board resisted a necessary increase due to the potential burden arising from the introduction of VAT and continued economic uncertainty. We halved the improvements budget for the forthcoming year to maintain the prevailing assessment per square foot.
There are competing priorities for major improvements including recreation area upgrades and further securing of our perimeter. Also, the canal inlet and sea walls need significant investment if we are to avoid long term repair and maintenance expenses. The Directors will determine whether a special assessment will be appropriate as the projects come under review.
We have extended the early payment discount of 3% for all 2016 Annual Assessment Fees settled in full by January 14, 2016. The following conditions apply to qualify:
• Payment must clear in full by January 14, 2016.• Any other due balances associated with the account should also be clear by the deadline. • Deduction of the 3% discount applies to the 2016 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, 2016 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. The 2016 bills will be accessible on your account by December 11, 2015.
Yours sincerely
Robert Sands Chairman
2016 ASSESSMENT NOTICE
F
REVENUE 2014 2016 Budget
Maintenance fees - 921,383 sq ft @ $2.75 per sq ft (394 homes, 2015 : 389) 2,533,803
Indenture fees (103 lots, 2015 : 109) 177,795
Other maintenance fees - 22,792 sq ft (7 under construction, 2015 : 6) 52,104
Water & meters income 453,887
Other services 8,235
Total revenue 3,225,824
DIRECT EXPENSES
Security expenses 794,222
Gardening expenses 432,158
Maintenance of common areas 426,824
Water & meters 407,685
Waste water management 301,775
Painting expenses 206,145
Improvements 150,000
Garbage removal 84,000
Total direct expenses 2,802,809
Gross Profit 423,015
OPERATING EXPENSES
Salaries, benefits & NI 246,476
Office & computer 45,026
Professional fees 41,016
Rent and utilities 37,800
Telephone & communications 16,615
Insurance 11,171
Finance charges 10,355
Other expense 2,371
Property & other taxes 1,000
Total operating expenses 411,830
NET MAINTENANCE FUND 11,185
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED FINANCIAL BUDGET For the year ended December 31, 2016 (Expressed in Bahamian dollars)
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SANDYPORT HOMEOWNERS ASSOCIATION
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Auditors:
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
Legal Advisors:
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
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
Bankers:
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
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
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
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