From The Blog
How KICA’s Budgeting Process Works
The process of stewarding millions of dollars annually to maintain Kiawah Island is lengthy and thoughtful. Although it’s a truly ongoing process, budget season officially launches with the creation of the first draft in early September and commences with final approval by the board in early November.
To create a first draft, KICA staff evaluate operational needs and identify potential improvements to the organization’s functionality, efficiency and services. By the beginning of September, this draft is refined by KICA’s Director of Finance and Administration and is then provided to KICA’s Finance Committee for the first review.
The Finance Committee is comprised of members of the community, staff and board members with expertise in finance and management. Committee members provide valuable discussion and feedback on all budget items, analyze numerous scenarios, and make recommendations for budget revisions. The committee then reports to the KICA Board of Directors with a briefing.
Staff and the Finance Committee continue through October with several more drafts and multiple revisions, meetings, and updates to the board.
In early November, KICA board members gather for a budget workshop to discuss all items in depth. Final refinements of the budget are made and a draft is shared online with the community for input. At the November board meeting, the annual budget is voted on by the directors. After approval, the final budget is published at kica.us/finances.
In addition to active fall budgeting months, KICA’s Director of Finance and Administration provides monthly updates throughout the year to the board and Finance Committee to ensure proper oversight on execution and spending trends. Monthly financial reports and annual audits are posted online at kica.us/ finances. KICA is proud to have a record of clean audits.
*KICA Finance Committee and board meetings are open for community members to attend. View these community meetings on the KICA event calendar.