From The Blog
Board of Directors Approves 2019 Budget
The 2019 KICA Budget was approved at the Nov. 5 board meeting after months of work by staff and the Finance Committee.
KICA’s budget consists of two discrete budgets, the operating and the reserve. Principally, the operating budget covers expenditures that are routine and predictable. The reserve budget covers expenditures for more durable infrastructure, focusing on major repairs or replacement projects.
The association’s largest expense, personnel, is funded through the Operating Budget. Wage pressure in the market means this expense alone necessitated a 4.6 percent increase in funding over the last year.
In addition to providing for the association’s daily needs, the 2019 budget includes some important highlights. Property owners have asked for more stringent regulation of those who use the public facilities while balancing the need to keep things moving at the Main Gate. To meet this goal:
Two additional positions will allow the expansion of the pass office. All island visitors without a pass will be directed to a new pass office at Beachwalker Center, where they will go through the same procedure as commercial customers.
• Updated software and license plate scanners will allow Security to track who should and should not be on the island.
It also provides for the increased administrative expense of retaining Cru Catering to operate the Castle Grille (an expense expected to be offset by increased revenue), and technology upgrades to enhance streaming capabilities.
Assessments are deeply tied to the association’s budget. 2019 assessments, which are emailed to members shortly before the end of the year, will increase by slightly more than 9 percent. In 2018, there was no increase in the general or reserve assessment from the prior year.
Learn more about the KICA budget by visiting kica.us/finances. There you will find an in-depth 2019 Budget Review, as well as the 2019 Budget spreadsheet, COO Jimmy Bailey’s budget presentation to the board and more.