Sandyport 2016 Assessment Notice

2016 ASSESSMENT NOTICE

S

www.sandyport.management Serving our community

394 103 7 =

7 HOMES UNDER CONSTRUCTION

394 HOMES ASSESSED

921,383 SQ FT

103 VACANT LOTS

504 TOTAL

2016 ASSESSMENT NOTICE November 3, 2015 Dear Owner

F

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.

$8,838 DAILY BUDGET

Yours sincerely

Robert Sands Chairman

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED FINANCIAL BUDGET For the year ended December 31, 2016 (Expressed in Bahamian dollars)

REVENUE Maintenance fees - 921,383 sq ft @ $2.75 per sq ft (394 homes, 2015 : 389)

2014 2016 Budget 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 Other services Total revenue

453,887 8,235 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 Garbage removal Total direct expenses Gross Profit

150,000 84,000 2,802,809 423,015

OPERATING EXPENSES Salaries, benefits & NI

246,476

Office & computer

45,026

Professional fees

41,016

Rent and utilities

37,800

Telephone & communications Insurance

16,615 11,171

Finance charges

10,355

Other expense

2,371

Property & other taxes Total operating expenses NET MAINTENANCE FUND

1,000 411,830 11,185

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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