Kiawah Island Digest December 2017 - Page 6

6 May 2017 5 December 2017 2018 Budget Approved With No Annual Assessment Increase The Operating Budget, i.e. KICA’s day-to-day expenses, is funded mainly from member assessments, commercial access and user fees, and other sources. This budget is typically very stable and highly predictable. Drainage repairs are one of several major projects that receive funding from the Reserve Budget. Following a presentation by COO Jimmy Bailey, KICA’s Board of Directors approved the 2018 budget at it's Nov. 6 meeting. The process began many months ago with input from member- comprised committees as well as KICA staff. The end result was a balanced budget with revenue of $10,548,987 and expenses of $10,250,232. Some key highlights from the budget include: • There will be no increase to members’ 2018 Annual (general) Assessment to fund operations. • The Annual Amenity Assessment will increase $3 on unimproved properties and $7 on improved. • There is no increase to the Vanderhorst Gate segment assessment. • The Reserve Assessment (formerly known as the Supplemental Annual Assessment) will not increase for 2018, but should be expected for the foreseeable future, though there is cautious optimism about the stability of future funding due to the Reserve Assessment. • KICA’s ability to raise additional revenue has improved by widening the gap between the Annual Assessment and the Maximum Annual Assessment. • Longer-term challenges remain regarding cost of living, traffic concerns, and salary competitiveness for KICA staff. • The Sandcastle renovation project is being funded from a variety of existing sources. “I want to commend everyone involved, especially KICA Finance Director Jane Ovenden and her staff, for developing a responsible and balanced budget,” said Bailey. According to Bailey, the budget is broken down into two parts: the operating budget and the reserve budget. “One of our goals this year was to help members better understand our budget information,” said Jimmy. “So as part of this process we essentially separated these two budgets apart to better explain them.” The Reserve Budget pays for th ɕȁɕЁ-% e)ȁɅՍɔՍ́Ʌɑ̰݅ե̰ь)5Սѡչȁѡ́ՑЁ́ɽ ɥѥ)ѼI͕ٕ̰ɍхɽ́ͅɥ͕̰)ɕٕՕ́ɔձЁѼɕи%ɕЁ啅̰ѡ)ɕٕՔͽɍ́Ս́ɍ́́ѡI͕ٔ)͕͵ЁٔѼх锁ѡ́Ցи)͕́ɔͽݡЁɔɕхѡ́Ѽѡٔ啅)I͕ٔMՑѡЁ́ɕ́ѡ̸͔͕(=Ʌѥ Ց)%ఁ-% ́ѥ́ѼɅѥ́ѡ)ݥѕɥ䁥Ё̸͕QɝЁЁ)Ʌѥ͕́ѥՕ́Ѽͽ%ѥѼ)ѥեɕ͕́ѠɅ̰ѡɔɔѡ)́ݥѠͽ͕̰ՑѡɥͥЁ)٥ѡ ɱѽɕ)M 䰃q1܁չ嵕ЁɕՍ́ѡѕѥ)啕̰Ʌٕхɑ)ͥɔɽݥɽ́ɽ́ѡ1ݍչ丁Q͔)ɔ́ݔݥٔѼѥՔѼѡЁ)݅ɐMѥѡɅѥՑЁ́хݥ́Ѽ)ѡՅ͕͵ЁЀߊéٕt(I͕ٔ Ց)5ȁɽ́ȀՑɅɕ̰ɕ)ɕəMѱɕمѥ̰ɔɔѕѼ)ѽхɽ᥵ѕ䀐иāIɥѡͱè)啅ȁɅѕѥՕ́Ѽȁ̰ݥѠ)ѕȁѡ͔ɕ̸Q́ݥ܁ȁ)ɔɅѕɽѡɥɕ̰)ݕ́єѕѥȁɝɕ́ݡe)ѥѕ)QMѱIمѥ́Aɽ)Q՝ѡ́́ȁɽЁѽхɽ᥵ѕ䀐и)͕̰䀐́չɽѡ)Í͕ٕ ՑиQ͔չ́ɔ䁉͕ȁѥ)̰Ս́ѡɽѡЁѼɕ)ɕɕɕɑ́ɕمѥ̸Qɕ̸䁵)́չɽمɥ䁽ѥɕͽɍ́Ս)Ʌѥ̸͕) éձɕ͕хѥѼѡɐ́ݕ́ѡ)Ցа٥ݕЁ̽ȁՕѥ)ȁ̰х̸ͭ