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~ / °JJYY Oi M,K <br /> <br /> li IRON S.Y. CHUNG " k~;u' Phone: (808) 961-8396 <br /> CaunciLnrm6rr ~ <br /> FAX: (808)969-3291 <br /> oi'+~~ <br /> COUNTY COUNCIL <br /> County of Hazunii <br /> Hnzunii County I3uildin,~ <br /> 2,5 Aupuni tih~ect <br /> Hiln, Hnzanii 9672~'T : - <br /> G <br /> April 23, 1997 <br /> Mr. James Y. Arakaki, Chairman ~ _ <br /> Hawaii County Council IS <br /> 25 Aupuni Street CE ~ Y~ <br /> Hilo, Hawaii 96720 If ' <br /> Dear Chairman Arakaki: ~ , <br /> Subject: Budget Recommendations - :7 ' <br /> Your Committee on Finance respectfully submits the following recommendations relating <br /> to the Administration's proposed 1997-1998 Operating Budget (Draft 1). <br /> A. OVERVIEW OF THE MAYOR'S PROPOSED OPERATING BUDGET <br /> (DRAFT 1) <br /> The Mayor's proposed 1997-1998 Operating Budget (draft 1) totals $180,617,844 and <br /> represents a $11,661,352, or 6.9%, increase over the current fiscal year's operating <br /> budget. <br /> 1. REVENUES <br /> a. Real property tax revenues, which comprise 46.3% of the operating budget's <br /> revenue sources are projected to decline for the fourth straight year by approximately <br /> $2 million. This is a result of the non-speculative residential use dedication exemption <br /> and the removal from the tax rolls of approximately 6,500 acres of former Hamakua <br /> Sugar land now owned by the County and State. No increase in the real property tax <br /> rates are being anticipated. <br /> b. As budgeted, the County's share of the Transient Accommodations Tax (TAT) <br /> collections, the second largest revenue source, has been estimated at $18,399,000, a <br /> projected increase of $1,847,000, or 11.2%, from the current fiscal year. This amount <br /> is computed based on tax estimates generated four times a year by the State's Council <br /> on Revenues. <br /> m>a xd. B ~ ~ <br /> SPcc. FG <br /> LL. 4y1 <br /> JUN 2 7 1997 <br /> Imo. 1~ ~.r..~r~.~~r <br /> <br />