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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: September 16, 2024 Re: Comm. No. 1022/Bill No. 202 <br /> PLACE: Council Chambers <br /> Kailua-Kona, Hawai`i <br /> TIME: 3:01 p.m. <br /> Council Chair and Members <br /> Hawai`i County Council <br /> Hilo, Hawai`i 96720 <br /> Your Committee on Finance, to which was referred Bill No. 202, reports as follows: <br /> Bill No. 202, transmitted by Director of Finance Diane Nakagawa via Communication No. 1022, dated <br /> August 28, 2024, amends Ordinance No. 24-32, as amended,the Operating Budget for the County of <br /> Hawai`i for the fiscal year ending June 30, 2025. <br /> This bill increases revenues in the Fund Balance From Previous Year account($7.4 million); and <br /> appropriates the same to the Housing Production account to fund a grant agreement with Kamakoa Nui <br /> LP for the Na Hale Makoa Project($2 million) and the Kamakoa Nui Workforce Housing Mini-Loop <br /> Road/Infrastructure project($5.4 million). <br /> Housing and Community Developement Specialist Royce Shiroma and Finance Director <br /> Diane Nakagawa were available in chambers. <br /> Committee Member Ashley Kierkiewicz asked whether this is a reallocation of the balance from the first <br /> awarding of the housing production funding. Mr. Shiroma stated that at the end of each fiscal year,the <br /> Affordable Housing Production Fund goes back into the pot and does not lapse so, Housing has to <br /> reappropriate funds to projects from the previous fiscal year to prevent encumbering funds for the next <br /> fiscal year. <br /> Ms. Nakagawa further clarified the process on how the fund balance is determined. <br /> Your Committee on Finance is in accord with the purpose and intent of Bill No. 202, and recommends <br /> its passage on first reading. <br /> Ih <br /> AYES NOES ABS EX Respectfully submitted, <br /> EVANS X <br /> GALIMBA X COMMITTEE ON FINANCE <br /> INABA X <br /> KAGIWADA X <br /> KANEALI`I-KLEINFELDER X <br /> KIERKIEWICZ x MATT 7 EAL I-KLEINFELDER, <br /> KIMBALL X CHAIR <br /> LEE LOY X FC REPORT NO.: 201 <br /> VILLEGAS X ADOPTED: OCT 0 2 2024 <br />