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Honorable Pete Hoffmann <br />Page 4 <br />May 4, 2007 <br />CONCLUSION <br />Although revenue projections in this budget are $6 million higher than our proposed <br />budget in March, real property tax revenues are estimated at $1.6 million less. This is <br />due to a decrease in our earlier estimated rise in property values. With property tax <br />revenues accounting for over 54% of our budget, there is always some concern when <br />projections fall lower than anticipated. <br />This budget was prepared with an eye toward the future. While it continues to address <br />legal mandates, the maintenance of County assets, and the equitable distribution of <br />services, it also prepares the County for the lean years — when the economy stagnates and <br />property values drop. We believe the budget being submitted today addresses the needs <br />of Hawaii's people, while placing reasonable limits on growth and setting money aside <br />for the future. <br />My staff and I welcome the opportunity to discuss this budget in further detail with you <br />and to respond to any concerns that you may have. Thank you very much. <br />Aloha, <br />Harry Kim <br />MAYOR <br />Attachments <br />