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~tY 0/ y <br /> <br /> Harry Kim ~,c~ ~~s Dixie Kaetsu <br /> ~Nayar Managing Director <br /> ~ Peter L. Hendricks <br /> Ueputy Managing Director <br /> n oi'M~ <br /> County of Hawaii <br /> 25 Aupuni Street, Room 21i Hilo, Hawaii 96720 <br /> (808) 961.821 I • Fax (SOS) 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 /> 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 Sell=Insurance Fund to cover judgments against the <br /> County;, (z4.4 3 <br /> Comm. No._ <br /> ~j~Q ~ZJ~.a ~ Ref. To: <br /> Ref. irate MA <br /> Hawaii County is an Equal Opportunity Provider and Employer <br /> <br />