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Harry Kim <br />Mayor <br />Dixie Kaetsu <br />Managing Director <br />Barbara Kossow <br />Deputy Managing Director <br />County of Hawaii <br />25 Aupuni Street, Room 215 • Hilo, Hawaii 96720 <br />(808) 961-8211 . Fax(808)961-6553 -_ <br />_C <br />May 4, 2007 <br />The Honorable Chairman Pete Hoffmann <br />and Members of the County Council <br />County of Hawaii <br />Hilo, Hawai`I 96720 <br />Dear Chairman Hoffmann and Council Members: <br />As required by the Hawaii County Charter, the amended operating budget proposal for <br />the County of Hawaii for the fiscal year ending June 30, 2008 is hereby submitted. <br />OVERVIEW <br />This balanced budget includes estimated revenues and appropriations of $365,166,780 <br />and includes the operations of eleven of the County's special funds as well as the general <br />fund. It is $6,066,880 higher than the budget proposal submitted to you on March 1, <br />2007, and 38,467,602, or 11.8% higher than this year's budget. We are proposing no <br />changes to the current property tax rates. <br />Net valuation of real property on the Big Island increased by 15.5%, while property tax <br />revenues, based on current tax rates, are expected to increase by 15.2%. <br />DETAILS <br />Mai or Changes to March 1 2007 Revenue Estimates <br />Real Property Tax — reduced by $1,645,000 to reflect the certified net taxable real <br />property values. <br />Public Utilities Franchise Tax — increased by $1,000,000 to reflect the current rate <br />of collection. <br />Intergovernmental Revenues — Increased by $1,094,270 to reflect an increase in the <br />Product Development Program ($100,000); and an increase in the Housing Voucher <br />Program ($994,270). <br />l Comm. No. I q3.-2$ <br />\ � <br />let), jah• a� Ref, To: <br />Haw a County is an equal opportunity provider and employer. Ref. Dote Y Q 9QQ% <br />