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