A Message from the Finance Committee: Increase to Gate Access Fees
At the September meeting, the Board approved the Finance Committee’s recommendation regarding pass fees. We are pleased to inform you that there will be no increase in the daily commercial pass fees, which are generally a direct pass-through to the property owner. Annual commercial decal fees will increase effective January 1, 2024. Rental pass fees will increase effective October 1, 2024, and will include additional tiers. The projected increase to PDPOA revenue will be approximately $720,000, based on current economic assumptions.
The Finance Committee made this recommendation based on a review of the gate access fee structure, how the fee changes would affect the Association’s financial condition, as well as the impact on property owners. The evaluation included a review of other communities and resorts in the lowcountry. The committee concluded that increasing rental pass fees and annual commercial pass fees would keep the Association on track to meet its long-term financial goals based on current assumptions in the ten-year plan with minimal impact on our membership.
The Board and Finance Committee evaluates the Association’s revenues and expenses on an annual basis to determine how best to position the organization for financial success and continue to reinvest in the community’s infrastructure. Gate access fees are a critical source of our revenue. The Association evaluates these fee structures at least every five years and strives to provide owners who rent their property on the short-term rental market with at least a one-year notice before an increase becomes effective.
If you have any questions about the access fee increase, please contact the Association’s Controller, Matt Nemes, at firstname.lastname@example.org.
|Annual Commercial Decals|