Schooner Bay
Condominium Association
5002 Gallows Bay, St. Croix VI
00820
340-778-7670 (Office)
340-643-3119 (General Manager Cell)
340-643-3116 (Business Manager Cell)
Property
Manager - Jonathan Babin
schoonerbaymanager2017@gmail.com
Business Manager - Dawn Bates
schoonerbaybilling@gmail.com
Board President - Tom Yaegel
Board@SchoonerBayCondos.com
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2023 Projected Condominium Cash Flow Budget
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REVENUES Projected 2023 Common Charges $451,000 Insurance charges to owners $380,000 Water Meter Billings $67,700 Late Fees $2,000 Internet and Other $47,400 Reserve Fund for capital repairs* $125,000 TOTAL REVENUES $1,073,100 EXPENSES Ordinary repairs and maintenance $112,000 Major repairs and replacements $35,000 Utilities $125,000 Security $48,000 Insurance $390,000 Compensation and payroll taxes** $282,000 Professional fees $20,500 Office, admin and other $31,000 Contingency $20,000 TOTAL EXPENSES $1,063,500 BUDGETED CASH SURPLUS
*Projected as of February 2023$9,600.00 *Provision For Major Repairs and Replacements in lieu of special assessments
**Includes general manager, business manager, maintenance assistant, and landscape specialist.
| Unit Assessments | 2 BR | 3 BR |
|---|---|---|
| Regular Operating | $596.94 | $715.77 |
| Capital Reserve Fund* | $165.29 | $198.36 |
| Common Area Insurance*** (insurance year) |
$530.48 | $614.87 |
| Internet | $60 | $60 |
| Total | $1352.71 | $1589.00 |
***Includes common
area property and liability insurance which is assessed separately
based on annual premium. This is
based on coverage required in by-laws.
Insurance year runs May 7 to May 6.
The insurance is billed monthly to the unit owners.
There is a no lump-sum payment or
annual catch-up charge payable by the unit owner.
Owner responsible for obtaining
Condominium Owners Policy for the unit contents,
improvements and betterments, loss of
use and personal liability coverage if needed.