From The Blog

The Board Approves 2022 KICA Budget

KICA’s board of directors voted on Monday to approve the association’s 2022 budget. The draft had been through a number of reviews before the November board meeting, including two reviews by the Finance Committee, a member input session and a budget workshop for the board.

Apparent in the 2022 budget is the board’s focus on infrastructure investment (as prioritized by members in the 2021 member survey), which will result in a multi-million dollar road repaving project and the continued effort to replace aging and degraded pipes in the drainage system. Funds have also been allocated to maintain the enhanced landscape standard that was executed for the PGA Championship. Additionally, in this challenging job market, KICA is focused on employee retention and recruitment, adding a travel incentive and a pool of funds for merit increases.

KICA will use a positive variance in the operating fund to bolster the storm reserve balance from $500,000 to $1 million, reducing future reliance on a special assessment after a tropical storm or hurricane. The surplus will also supplement member assessment rates, minimizing an increase. After no increase to 2021 assessment rates, the 2022 budget includes a 3% average increase in the general, reserve and amenity assessment rates. This is an approximate $68 increase per improved property.

To learn more about the details of the 2022 budget, listen to the budget presentation on YouTube and review the budget numbers here.