KICA Annual Reports 2014 - Page 15

14 Year in Review - A Glance at the Budget 2013 Budget - Looking Back • KICA concluded 2013 with a net surplus of $942,000, a significant difference from the planned net deficit of $115,500. This variance was due primarily to the supplemental annual assessment (billed in June 2013) that brought in an unplanned $673,000, to build reserves for major capital expenditures. Additionally, expenses were approximately $150,000 under budget for the year. • Taking a closer look, a notable variance resulted from the numerous emergency repairs that took place in 2013. The contingency for emergency repairs was budgeted for $260,000, which has been more than sufficient in recent years. However, in 2013 several major unexpected, but essential, island repairs were conducted, including an end-of-year drainage project on Kiawah Beach Drive, that pushed expenses in this category to $486,000. 2014 Budget - Looking Forward • For 2014, the budget calls for a total surplus of $229,000. Again this year, the supplemental annual assessment, with an income of $1,324,826, plays a significant role in that surplus. • Some prominent expenses that impact this year’s budget include numerous Major Repair and Replacement projects including metal drainage pipe replacement work. • Additionally, KICA will add three employees to its Land Management team. Despite increasing its workload by 848,275 square feet of landscaped property, staffing has remained flat for a decade. - To view official budget documents, visit kica.us (KICA A-Z/Budget) -