FROM THE CHAIRMAN Dear Owner, At the Board meeting on November 24, 2020 the Directors resolved that the 2021 Annual Assessment is set at $2.75 per square foot (excluding VAT). This is the 16th consecutive year without increasing maintenance fees. We should note that our community grew by 7 homes in 2020, adding 21,846 square feet. Subsequently, we will continue to remain observant with our costs and perform only those improvements that permit us to operate inside our budget. Due to the change in policy that permit the subdividing of certain lots our community now consist of 508 total units. 420 assessed homes, 84 vacant lots (4 under construction). Allen Environmental Construction was contracted for wastewater plant refurbishments, enhancements, and structural improvements which will maximize the plant’s life cycle. This was the main capital projected budgeted for 2020. Due to the covid-19 restrictions, vendor travel and product shipping were delayed. It is expected that the remaining phase will be completed in the first quarter of 2021. Additionally in 2021, we will embark on identifying capital projects that will be beneficial to the community. The early payment discount of 3% for all 2021 Annual Assessment Fees will be available. The following conditions apply. •
Payment must be in full by January 22, 2021
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All accounts should be brought up to date before discount is granted.
•
Deduction of 3% discount applies to the 2021 Assessment Fees gross (VAT inclusive) amount only.
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Note the indenture Fees (applied to vacant lots) are not eligible for discount and are due on January 1, 2021 in full.
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For VAT reporting requirements, we will apply the Assessment Fees to accounts in monthly instalments
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In the event that the rate of VAT changes, we will adjust accounts according to the tax (invoice) date and irrespective of the settlement date.
The 3% discount to eligible accounts will appear as a VAT inclusive credit by January 31, 2021. The 2021 bills will be accessible on your account by December 16, 2020. Yours sincerely,
Robert Sands Chairman
SANDYPORT HOMEOWNERS ASSOCIATION LIMITED FINANCIAL BUDGET FOR THE YEAR ENDED DECEMBER 31, 2021 (Expressed in Bahamian dollars)
REVENUE Maintenance services
2021 Budget 3,062,278
Water & meters income
450,261
Miscellaneous income
160,949
Total revenue
3,673,488
DIRECT EXPENSES Security expenses
880,585
Maintenance of common areas
446,872
Gardening expenses
460,826
Water & meters
420,835
Waste water management
272,257
Improvements
477,000
Painting expenses
198,121
Garbage removal
75,000
Total direct expenses GROSS PROFIT
3,231,496 441,992
OPERATING EXPENSES 231,731 Rent and utilities
40,800 41,175
Professional fees
40,400
Telephone & communications
15,680
Finance charges
12,553
Insurance
13,800
Other expense
3,000
Property & other taxes
1,050
Total operating expenses NET MAINTENANCE FUND (DEFICIT)
400,189 41,803
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