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COUNTY OF HAWAII <br /> Notes to the Basic Financial Statements <br /> June 30,2021 <br /> review and approval,the owner is required to record the dedication at the Bureau of <br /> Conveyances. There is currently only one available dedication length which is a 10 year <br /> period,however,previously there was a 20 year dedication. This dedication does not <br /> automatically renew. Valuation consideration is given to the type of agricultural activity. <br /> Any breach to the terms of the recorded dedication would result in the cancellation of the <br /> dedication,or portion thereof, and the immediate rollback calculation of taxes plus penalties <br /> and interest. <br /> Solar Water Heater Credit- Section 19-104 of the Hawaii County Code provides a one time <br /> tax credit per tax map key for up to $300 for the owner of real property who installs a solar <br /> water heater on the owner's property on or after January 1,2008. This program was created <br /> with the purpose of providing an incentive to support renewable energy. The owner must <br /> apply for the credit. <br /> Information relevant to the disclosure of these programs for the fiscal year ended June 30, <br /> 2021 is as follows: <br /> Tax Abatement Program Amount of Taxes Abated -as defined by GASB 77 <br /> Enterprise Zone $8,962 <br /> Historic Residential Dedication $260,814 <br /> Low and Moderate Income Housing $821,226 <br /> Agricultural Use Programs $29,547,154 <br /> Solar Water Heater Credit $32,770 <br /> Subsequent Events Act 1, 1" Special Session 2021,which became law on July 8,2021, <br /> authorizes the counties to establish and administer their own transient accommodations tax <br /> (TAT) at a maximum rate of 3 percent. On December 10,2021,Mayor Mitchell D. Roth <br /> signed into law Ordinance 21-89 which imposed a 3 percent HCTAT,which shall take effect <br /> on January 1,2022. Monies collected are to be deposited into the general fund as unrestricted <br /> revenues. <br /> Inventories <br /> Inventories consist of materials and supplies and are reported as expenditures at the time of <br /> consumption(consumption method). Police and fire department inventories are stated using <br /> the first in,first out(FIFO)method. Other inventories are stated at average cost. <br /> - 55 - <br />