AGM 2007: Financial Report

Jacana Bay Home Owners Association
Financial Report for the year ending February 2007


Expenses were well contained within the income allocation which came from levies. We ended the year with a surplus of R31824.00. However, after two full years our retained income is R12673.00. This amount is due to a loss in 2006. The budget for 2007, category by category, was difficult to estimate due to the Estates relative newness and lack of historical data. As a result one should not read too much into comparing the actual expenditure to budget. Suffice to mention that “security” and “garden” maintenance combined constituted 84% of actual expenditure.

As a whole the J.H.O.A.’s financials are positive as at end February 2007.

GOING FORWARD
The budget for 2008 has been carefully prepared. It is worth noting that as the Estate develops three sectors become critical namely - security, garden services and Estate maintenance. These three items in the 2008 budget account for more than 80% of proposed expenditure.

PROPOSED LEVY
The Directors propose a levy increase of R67.00 per month. This will result in the monthly levy now being R654.00. Although this does not allow for any lee-way to accumulate surplus funds, it does provide the J.H.O.A. with a means of covering anticipated expenses for 2008.

Please note the proposed levy will be effective from 1 June 2007.






Duncan Marr
Financial Director – J.H.O.A.