The 2018 budget is $1,834,867.00
Dewees Island POA dues include annual expenses and capital reserves.
Each of the 150 lot units pays dues of $9641. This annual assessment covers the operating expenses of the island. This year, the actual increase per lot was $1190, significantly below the maximum cap. From 2008 to 2016 the annual dues only grew from $7400 to $7700. During that entire period, the total increase was only 5%. The compound annual growth rate was less than 1% over that time period, reflecting frugal planning and spending on the part of the board. There is a hard maximum increase limit for each year of no more than 5% or the consumer price index, whichever is higher. If the budget does not increase to the maximum in a given year, the following year the maximum cap increases to the potential. This year represents the second substantial increase in 9 years, to address some deferred maintenance and spending issues, and to provide for some overlap of staff as our previous island manager retired. The previous increase, in 2008, was to add full-time public safety coverage.
Dues for the 2017 fiscal year are $8,451.00. This operating budget covers much of the ferry operating budget, insurance, road and dock maintenance, amenities, salaries for island staff, legal expenses, and emergency services.
Reserves provide for planned capital expenses, and capital improvements, like the new ferry. Capital Reserves for 2018 are $2450.00, assessed in August for the fiscal year beginning in October. There is a replacement schedule for depreciation and repairs. Replacement reserves have no limit.
Our fixed assets are valued at roughly $6 million, but valued on the books at $0 because of the way they were acquired. The POA carries no debt; we own our properties outright. Property includes:
the IOP parking lot
The public works building
The Fire Chief’s 3 bedroom residence
2 fire trucks and a utility vehicle
2 reserve boats
The Dewees ferry dock and causeway
5 community docks
7 beach access paths
Barge Ramp/boat launch on each side
All common areas