COM 0717.078 2004-2006 - Laserfiche WebLink

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MtY^01 Ny,_ `9~;~` ~~6VC~ Harry Kim Dixie Kaetsu Mayor • Managing Director 1'•., 'fir: o;~w;+t Barbara Kossow Deputy Managing Director ~ouutp of ~atuai`i 25 Aupuni Street, Room 215 • Hilo, Hawaii 96720-4252 • (808) 961-8211 Fax (808) 961-6553 KONA: 75-5706 Kuakini Highway, Suite 103 Kailua-Kona, Hawaii 96740 (808)329-5226 Fax (808)326-5663 rte, c-+ June 16, 2006 c ~ n c r.,, C" The Honorable Stacy Higa, Chairperson, and ~ ~ rv Members of the Hawaii County Council ° 25 Aupuni Street Sy Hilo, Hawaii 96720 ~ ~ Constance Kiriu, County Clerk ~ ~n County of Hawaii ~ 'L' 25 Aupuni Street Hilo, Hawaii 96720 Dear Chairperson Higa, Council Members, and Ms. Kiriu: I have returned Bi11235 Draft 4, the Operating Budget for FY2006-2007, to take effect without my signature. The major points of concern which led to the return of the bill without my signature are as follows: • The decrease in the amount to be transferred to the Public Access, Open Space and Natural Resources Fund. Both the March and May budget submittals to you included a $3 million transfer of funds to this new fund, to bring the total on deposit in the fund to $4 million. Draft 4 of Bill 235 cut this amount to $ I million. It is of importance that we act now to preserve our precious open space as well as public access to the shore and mountains. The budget was prepared in anticipation of the receipt of the initial report from the Public Access, Open Space and Natural Resources Commission with a prioritized list of properties the County should consider for acquisition. The intent of this administration is that County funds be used, wherever possible, to leverage state, federal and private funds to get more "bang for the buck." However, to be in a position to do this, we must have our funds available. We must set aside money for this purpose when we have the resources to do so, and we can and should do that this year. Including a capital appropriation in the Capita] Budget as was done does not accomplish the same goal because there are no funds tied to it. • The decrease in the amount to be transferred to the new Rainy Day Fund. Both the March and May budget submittals included a $4 million deposit to this fund. Draft 4 of Bi11235 cut this amount to $1 million. It has been strongly recommended to the County of Hawaii by bond rating agencies that such a fund be established. This is prudent fiscal management and will help ensure favorable ratings and interest rates for future County general obligation bond issues, as well as providing a welcome and Comm. No•_]1',i,~ Ref. To=-~~'~'~'•' Ref. Uate July L G LUU6 Hawaii County is an equal opportunity provider and employer.