KICA Annual Reports 2015 | Page 15

14 Year in Review - A Glance at the Budget Smooth Process Leads to Balanced Budget for 2015 To view official budget documents, visit kica.us (About/Governing Documents) REVENUE - $12,178,386 • Biggest sources are member assessments, contributions to reserves (CTRs) and commercial access fees. • For 2015, the annual assessment increased by 5% to $1,514 for an improved property, with corresponding increases across all member classes. An additional $300 Supplemental Annual Assessment will go towards the Major Repair and Replacement fund. The final combined assessment is 89% of the maximum allowed by the KICA Covenants. • CTRs are budgeted at $1.5 million. EXPENSES - $12,175,493 • Biggest sources are personnel, major repair and replacement, and capital expenditures. • Personnel expenses are $5,179,650, a 4.3% increase over 2014. Largest impact on personnel expenses is an 18% increase in health insurance premium costs. • Next largest expense is major repair and replacement of KICA infrastructure, including roads, drainage systems, bridges, leisure trails, boardwalks, facilities, etc. These expenses total $2.8 million budgeted for 2015