COM 0103.015 2020-2022 - Laserfiche WebLink

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Honorable Members of the Hawai`i County Council May 5,2021 Page 2 Significant Changes to March 1, 2021 Revenue Estimates General Fund • Real Property Tax—revenue projections have increased by approximately$10.5 million due primarily to changes in valuations offset by an increase in expected collections from our March estimates. This budget does not include a change in tax rates. • Intergovernmental Revenue—Increases in grant revenues of about$5.3 million reflect those grants we are aware of at this time. • Charges for Services — revenue was decreased by approximately $960,000 to match the projected revenue. • Fund Balance From Previous Year—revenue was increased by$3.1 million based on our most recent projections. Vehicle Disposal Fund • Fund Balance From Previous Year—revenue projections were increased by$1.5 million based on the current fund balance projections. Solid Waste Fund • Fund Balance From Previous Year—projections were decreased by$1.7 million based on the current fund balance projections. • Transfer from General Fund — revenue projections were increased by $2,155,000 to reflect the amount necessary from the general fund. Significant Changes to March 1, 2021 Expenditure Estimates All Departments—funding for all departments was adjusted to reflect expected costs for the coming year. See Exhibit A, Narrative Summary of Budget Amendments and Adjustments pages, for additional details for these changes. General Fund • Transfer to Solid Waste Fund — funding was increased by $2,155,000 due to the expected decrease in Solid Waste fund balance for the current year. • Transfer to Community Benefit Fund—initial funding of$250,000 was provided for this fund. Legislation to create the fund will be provided in the near future. • Post-employment Benefits — funding was increased by $5 million for the catch-up portion to help reduce future costs.