2017 Annual Report 2018 Annual Report FINAL-WEB - Page 4

2017 Operating Revenue and Expenses Actual Budget Variance Revenues $11,513,383 $10,548,987 $964,396 Expenses $10,517,150 $10,072,784 ($444,366) • 2017 Actual Operating Revenues Include the Irma Assessment of $1,018,516 • 2017 Actual Operating Expenses Include Storm Expenses of $617,768 Hurricane Matthew Financial Impact Hurricane Matthew hit Kiawah in October 2016. The cleanup after the storm was funded by an assessment of $250 per improved property. The assessment total was $1.1 million, and expenses reached nearly $1.5 million, largely paid out in 2017​. KICA undesignated funds absorbed the $346,000 excess. • Hurricane Assessment: $1,127,192 • Operating Expenses: $553,042 • Major Repairs and Renovations: $920,475 • Matthew Deficit absorbed by KICA: ($346,324)