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~i U9%9ti 10:35 '8`415 274 1726 SFL.9RO FF-~IOOD}~ 5 003- U„ ~."86x96 16:59:27 212-a53-4880-> 415 Z74 1726 Moody's Investors Page BAG ¦ ¦ Mood 's Mun~e~ a Credit Report v p Hawaii County, Hawaii February 5,1996 New issue General Obligation/Special Tax gp1e; 530,000,000 Public Improvement Bonds, 1996 Series A date: For bids February 6 Moody's ratfrtfl: A credit eommenT: The County's Arating has been reviewed and con- Rapid Payout, Absence Of Borrowing Plans, Ofi- Lirnted in conjunction with the sale of general obliga- set Hlgh Per Capita Debt tion Uonds to fund portions of tlu County's capital par capita debt levels are significantly above medians improvement plain for counties of this sin, especially in light oY' the Growing Fund Balances. Despite Slower Tax aluertce of overlapping debt borrowers and the lint- ColleCtlons iced level of local services. However, payout is rapid Three years of operating surpluses have pushed the and there are no additional borrowing plans. general fund balances to Healy 169'0 of general fund Agriculture In Transition And Resort Industry revenues, with nearly 99'0 of this amount tmdesig- Developing Hated. Budgeting of tmflled positions has helped Tito agriculture industry on Hawaii is undergoing create these surpltsses despite slower tax collections. rapid, T'undamental change as the last of the sugar Contraction Of TOX Base, Follows Rapid Growth plantations is due to close within the next year. A Early In The DeCOde major employer, agriculture has historically The 1996 data reflects additional - allxit small - employed one in 10 workers. Tourism continues to rnntraction of the tax Vase, leading to declining prop- Lwow. any tax collection. Following five yeah oti douUle• digit rax Uax expamion -including 26'90 growth in 1993 -appeals have sharply curtailed this trend. key facts: Debt Burden: 1.696 Undeslgnated Fund Balance as % of Median, 2.2~9o General Fund Revenues. 1994: 5.1°6 Direct Debt per Captta: 51,121 1~5: 8.7% Median: 5218 Property Taxes as % of Operating Overall Debt per Capra: E1.218 Revenues, 1996: 68.2% Median: S901 Average Annual Growth F.V.. Payout, Ten Years: 50.090 Ten Years, 1986-96: 936 General Fund Balance as % of General Flve Years 1991-96: 11.09° Fund Revenues, 1994: 13.096 One Year. 1995-96: -0.1% 1995: 15.79'0 F.V, per Capita. 1996: 578.314 ATTACHMEPJT A ~~J