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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DA"fl?: April 19, ?005 Re: Comm. No. 124/Bill No. 42 <br /> PLACE: Council Chambers <br /> 11ME: 930 a.m. <br /> <br /> Council Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawaii 96720 <br /> Your Committee on Finance, to which was referred Bill No. 42, reports as follows: <br /> Bill No. 42, transmitted by Mayor Harry Kim via Communication No. 124, dated March I , 2005, <br /> submits for consideration the proposed Operating Budget for Fiscal Year 2005-06, totaling <br /> $277,449,000 in estimated revenues and appropriations (Part I-Volume I), and includes the <br /> operations of eleven of the County's special funds as well as the General Fund. <br /> Also submitted is the Operating Budget Proposal (Part 1, Volume II), which describes the <br /> departments and their programs, program objectives, highlights, program measures, <br /> expenditures, and positions. <br /> Additionally, Communication No. 124.1 from Finance Director William Takaba, dated <br /> March 1, 2005, transmitted a booklet containing reports titled Six Month Progress Report on <br /> Program Ofijeclives for- FY200d-0~ and Final Stahts Report on Program Objeciives,for <br /> FY2003-0-J. The reports provide information to the Council to assist in the evaluation of <br /> program accomplishments during the first six months of the current fiscal year and for the <br /> previous 2003-04 fiscal year. <br /> Among the communications received were letters from Finance Director William Takaba <br /> (Comm. 124.20, the Department of Liquor Control (Comm. 124.26), Corporation Counsel <br /> (Comm. 124.29), the Department of Environmental Management (Comm. 124.31), Department <br /> of Parks and Recreation (Comm. 124.33), Office of the Prosecuting Attorney (Comm. 124.28), <br /> and Office of the County Clerk (Comm. 124.34) responding to questions provided by the <br /> Legislative Auditor's Office at the Special Meeting of the Finance Committee on <br /> March 29, 2005 through March 31.2005. <br /> The operating revenue proposal is as follows: <br /> • Real Property Tax -Taxable real property values will increase by 18.5% after incorporating <br /> the new agricultural valuations (Ordinance No. 04-143) and the 3% growth cap on <br /> homeowner assessments (Ordinance No. 04- 121). Net taxable values, however, will <br /> increase by only 13.6°/o with the additional 20% home exemption on assessed values <br /> (Ordinance 04-123). Real property revenues will increase by $15,598,000 with the tas rate <br /> remaining the same. <br /> • Public Service Company Tax -This tax revenue increases by $880,000 based on <br /> projections of current collections. <br /> FC REPORT NO. 87 <br /> <br />