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Harry Kim <br />Mayor <br />County of Hawaii <br />25 Aupuni Street, Room 215 • Hilo, Hawaii 96720 <br />(808)961-8211 • Fm (808)961-6553 <br />May 5, 2005 <br />The Honorable Chairman Stacy K. Higa <br />and Members of the County Council <br />County of Hawaii <br />Hilo, HI 96720 <br />Dear Chairman Higa and Council Members: <br />Dixie Kaetsu <br />Managing Director <br />Peter L. Hendricks <br />Deputy Managing Director <br />As required by the Hawaii County Charter, I am submitting to you with this message the <br />amended operating budget proposal for the County of Hawaii for the fiscal year ending <br />June 30, 2006. This balanced budget includes estimated revenues and appropriations of <br />$281,455,372 and includes the operations of eleven of the County's special funds as well <br />as the general fund. Because of revised revenue projections, it is $4,006,515 higher than <br />the budget proposal submitted to you on March 1, 2005. <br />BUDGET OVERVIEW <br />Real property tax revenues account for 53% of the County's operating budget. With <br />gross valuation of real property on the Big Island increasing by 18.4%, we expect to see a <br />15.4% increase in property tax revenues over the current fiscal year. This increase, <br />together with increases in other revenue sources, enables the County to address its many <br />areas of need that resulted from years of funding restrictions. <br />The allocation of resources for this budget was based on how well funding requests <br />address this administration's goals and priorities: <br />• Carrying out our legal mandates <br />• Distributing services and resources equitably <br />• Being good stewards of public assets <br />• Meeting our administrative project priorities. <br />Initiatives for next fiscal year that were included in the preliminary budget submission, <br />and continue to be included in this final proposal, are: <br />• The establishment of a Risk Management Division under the Department of Finance <br />to provide overall guidance in areas such as insurance coverage and minimizing risk; <br />• The transfer of $1 million to the Self -Insurance Fund to cover judgments against the <br />County; 1 2.4.4 3 <br />Comm. No. <br />a cQ( `� 2)13A, a Ref. To: <br />Ref. Dote MAY 5 2(M <br />Hawaii County is an Equal Opportunity Provider and Employer <br />