Sandyport 2019 Assessment Notice

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2019 ASSESSMENT NOTICE

SANDYPORT HOMEOWNERS ASSOCIATION LTD.

www.sandyport.management

FROM THE CHAIRMAN Dear Owner At a Board meeting on November 27, 2018, the Directors resolved that the 2019 Annual Assessment is set at $2.75 per square foot (excluding VAT).

This is the 14th consecutive year without increasing maintenance fees. Revenue should increase by 3% in 2019 compared to 1% growth projected in the 2018 budget. Inflationary costs put increasing pressure on our ability to perform improvements each year. As a result our improvements budget remains unchanged for 2019 at $225K. Due to the change in policy that permits the subdividing of certain lots, our community now consists of a total of 507 units (2018 : 505). At the time of writing this comprised 410 assessed homes (2018 : 401), 92 vacant lots (2018 : 96) and 5 under construction (2018 : 8).

As indicated in our 2018 assessment notice, we deferred certain projects from 2017. We expect this to result in a sharp reduction in our net maintenance fund for the year ending 2018 compared to 2017.

The early payment discount of 3% for all 2019 Annual Assessment Fees will be available. The following qualifying conditions apply: •

Payment must clear in full by January 14, 2019.

•

Any other due balances associated with the account should also be clear by the deadline.

•

Deduction of the 3% discount applies to the 2019 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, 2019 in full.

•

For VAT reporting requirements, we will apply the Assessment Fees to accounts in monthly instalments.

•

In the event that the rate of VAT changes, we will adjust accounts according to the tax (invoice) date and irrespective of settlement date.

The 3% discount to eligible accounts will appear as a VAT inclusive credit by January 31, 2019. The 2019 bills will be accessible on your account by December 15, 2018.

Yours sincerely

Robert Sands Chairman

SANDYPORT HOMEOWNERS ASSOCIATION LIMITED FINANCIAL BUDGET FOR THE YEAR ENDED DECEMBER 31, 2019 (Expressed in Bahamian dollars)

REVENUE Maintenance services

2019 Budget 2,976,000

Water & meters income

345,000

Miscellaneous income

150,000

Total revenue

3,471,000

DIRECT EXPENSES Security expenses

807,000

Maintenance of common areas

534,000

Gardening expenses

522,000

Water & meters

345,000

Waste water management

291,000

Improvements

225,000

Painting expenses

222,000

Garbage removal

78,000

Total direct expenses GROSS PROFIT

3,024,000 447,000

OPERATING EXPENSES Salaries, benefits & NI

270,000

Rent and utilities

39,000

Office & computer

39,000

Professional fees

27,000

Telephone & communications

18,000

Finance charges

15,000

Insurance

12,000

Other expense

3,000

Property & other taxes

3,000

Total operating expenses NET MAINTENANCE FUND (DEFICIT)

426,000 21,000

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