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Lee E.Lord <br /> Managing Director <br /> Mitchell D.Roth *c � ¢ � •• <br /> Mayor <br /> Robert H.Command <br /> :•:1(4 0'`• ` Deputy Managing Director <br /> • OF•w,',•1�= <br /> C���xxr r of t `r <br /> nt <br /> ®ffirt of ftp Atavor <br /> 25 Aupuni Street,Suite 2603 • Hilo, Hawaii 96720 • (808)961-8211 • Fax(808)961-6553 , <br /> KONA. 74-5044 Ane Keohokalole Hwy.,Bldg C • Kailua-Kona, Hawaii 96740 <br /> (808)323-4444 • Fax(808)323 4440 ` yS <br /> May 5, 2021 <br /> Honorable Members of the County Council 4? ; <br /> County of Hawaii czo <br /> co25 Aupuni Street <br /> Hilo, HI 96720 <br /> Aloha Council Members: <br /> Transmitted herewith is the Capital Budget for FY 2021-2022 submitted for your review and <br /> approval and the Capital Program for the next six years from FY 2021-2022 to 2026-2027. The <br /> Capital Budget includes 74 projects requiring a total appropriation of$221.53 million. <br /> Funding Sources <br /> Capital projects are typically funded by debt (bonds, State Revolving Fund loans), revenue <br /> sources (fuel tax, other special revenues), state grants,federal grants or loans, and other <br /> financing options (fair share contributions or special financing districts). The Capital Budget <br /> presented herein includes capital projects of which about $171.48 million are intended to be <br /> funded in whole or part by bonds, $46.5 million to be funded by the State Revolving Loan Fund <br /> or State CIP, $3.26 million to be funded by Federal Grants, and $0.29 million to be funded by <br /> Fair Share contributions (see Table 1). <br /> Debt Service <br /> Every year, we strive to present a budget that is fiscally constrained (in terms of prudent debt <br /> service planning) and selective based on rational criteria. The Government Finance Officers <br /> Association, a professional organization of government officials, recommends a prudent debt <br /> service limit to be 15 (fifteen) percent of general expenditures. <br /> The lower the interest rate and the greater the revenues, the more can be borrowed while <br /> staying within the prudent debt service limits. The proposed operating budget for this coming <br /> fiscal year includes debt service for short-term bond anticipation notes, which are used to <br /> reduce carrying cost and ensure that cash will be available for projects as needed. As <br /> Comm. No. 1 U"F <br /> 53, 11 as Dr. a> Ref.To: �DuY1G� SPS <br /> County of Hawai`i is an Equal Opportunity Provider and Employer. <br /> Ref. Date MAY v s 6 202 <br /> A <br />