COM 0770.000 2020-2022 - Laserfiche WebLink

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COUNTY OF HAWAII Notes to the Basic Financial Statements June 30,2021 more consistent financial reporting of defined contribution pension plans,defined contribution OPEB plans and other employee benefit plans,while mitigating associated costs. The requirements of this Statement are effective for reporting periods beginning after June 15, 2021. The County has not yet determined the effect this Statement will have on its financial statements. In October 2021, GASB issued Statement No. 98, The Annual Comprehensive Financial Report. The Statement established the term Annual Comprehensive Financial Report to replace the former reference of Comprehensive Annual Financial Report. The requirements of this Statement are effective for fiscal years ending after December 15,2021. The County has chosen to early implement this Statement. Adoption of New Accounting Principle The County and Department implemented GASB Statement No. 84,Fiduciary Activities. The principal objective of this Statement is to enhance the consistency and comparability fiduciary activity reporting by state and local governments. As a result of this new Statement,the Geothermal Asset fund of the County that was previously reported as a Private Purpose Trust fund is now being reported as a Special Revenue fund and being included as a nonmajor governmental fund. The County's net position as of June 30,2020 was restated and increased by$2,218,870,which represents the net position of the fund at June 30,2020. Implementation of GASB Statement No. 84, also,resulted in the restatement of net position for the custodial funds as of June 30,2020,with an increase of$2,542,212. 2. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY Annual Budget The County follows these procedures in establishing its operating and capital budgets: • On or before March 1,the Mayor submits to the County Council proposed operating and capital projects budgets for the fiscal year commencing the following July 1. The operating budget includes proposed expenditures for the general fund and special revenue funds, and the means of financing them. A project-length budget is submitted to the County Council for the capital projects fund. • The Mayor submits to the County Council amendments to the proposed operating and capital budgets within ten working days after the close of the state legislature,but not later than May 5. • The County Council conducts public hearings on the proposed operating and capital budgets after March 1 but prior to the first reading on the budget bills,which must be after May 5. - 62 -