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_.e_._ <br /> Comm. 193 <br /> <br /> Bill No. 60 <br /> Page -2- <br /> Major Expenditures. The following major expenditures are included in this budget proposal: <br /> • Public Access, Open Space, and Natural Resources Preservation Fund, $4,349,000. <br /> An initiative that the voters passed in November, 2006 amended the Hawaii County <br /> Code by requiring that 2% of all Hawaii County real property tax collected annually be <br /> placed in the Public Access, Open Space, and Natural Resources Preservation Fund. The <br /> amount budgeted represents the projected 2% requirement (includes penalties and <br /> interests). <br /> • Provision for Collective Bargaining, $6,250,000. The collective bazgalning contracts of <br /> our public employee unions (HGEA, UPW, SHOPO, Firefighters) end on June 30, 2007. <br /> Funds aze being budgeted to address possible pay and other increase. <br /> • Reserves. Funds to prepaze for unexpected future emergencies or budget shortfalls aze <br /> being requested in the following reserve accounts: <br /> ¦ Budget Stabilization Fund, $4,000,000 <br /> • Disaster/Emergency Fund, $2,000,000 <br /> • Self-Insurance Fund, $1,000,000 <br /> • GASB 45 -Other Post Employee Benefits, $8,000,000. $8,000,000 is being budgeted <br /> for accrued retiree health Gaze benefits. The County currently funds retiree health <br /> benefits on a "pay-as-you-go" basis, which has resulted in a lazge unfunded liability for <br /> future benefits. Recent regulations (GASB 45) require that the full liability for post <br /> employment health care benefits be reflected in financial statements. An actuarial study, <br /> to be completed this fiscal yeaz, is currently under way to determine the liability. Upon <br /> completion, the Employer-Union Health Benefits Trust Fund that manages the funds will <br /> begin assessing charges to the County. $4,000,000 was budgeted for the current year <br /> (FY 2006-07). <br /> • West Hawaii Golf, $1,000,000. Due to the success of the West Hawaii Golf Program, <br /> funding is being proposed to continue the program at a higher amount. <br /> • Increase in Flood Control Program, $437,071. Due to a new federal mandate that took <br /> effect in October, 2006, the inspection requirements for the County to maintain flood <br /> canals have increased. The additional funding needed for required inspections are <br /> included in this budget. <br /> FC REPORT NO. 92 <br /> <br />