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/~qY <br /> i1"- <br /> : <br /> r <br /> JN•': ' N4y~,~ <br /> Go . ~ 4~~ <br /> ~JJ~L. <br /> Harry Kim ~ ~ Dixie Kaetsu <br /> Mayor Managing Director <br /> ~?A°`r.:~a Barbara Koslow <br /> ~F KA ~ Deputy Managing Director <br /> ~our~tp >of ~i~~i`t <br /> 891 Ululani Street • Hilo, Hawaii 96720 • (808) 961-821 I • fax (808) 961-6553 <br /> KONA: 75-5706 Kuakini Highway, Suite 103 • Kailua-Kona, Hawaii 96740 <br /> (808) 329-5226 • Fax (808) 326-5663 <br /> June 14, 2007 <br /> The Honorable Pete Hoffmann, Chairperson, ~ ~ - <br /> and Members <br /> Hawaii County Council ~ <br /> 333 Kilauea Avenue ~ _ <br /> Hilo, Hawaii 96720 <br /> a <br /> Re: Bill 60, Operating Budget, Fiscal Year 2007-08 <br /> Dear Chairperson Hoffmann and Council Members: <br /> Bi1160, the operating budget for the 2007-08 fiscal year, has been signed in to law. Thank you for <br /> <br /> your serious deliberations on the budget presented to you, and for your care and concern for the <br /> operations of the County of Hawaii as well as for the well-being of our residents and visitors. <br /> There is one area of concern with the budget as adopted, and that is the amount of the estimated fund <br /> balance. The May budget submittal to you included an estimate of $9 million in the "Fund Balance <br /> from Prior Year" revenue account. Amendments made by the Council have increased this amount to <br /> $18,979,555. This exceeds projections prepared by the Department of Finance. To minimize any <br /> disruption to County operations that could occur if the actual fund balance does not reach the level <br /> included in the budget, we will do the following. We will hold off transferring funds from the <br /> General Fund operating budget to the Capital Projects Fund until the County's financial books are <br /> closed and actual fund balance is determined. At that time, if the fund balance reaches the amount <br /> estimated, the transfers will be made. If the fund balance does not reach this level, an amendment to <br /> the operating budget will be transmitted to you to adjust the operating budget to reflect the actual <br /> fund balance carried forward from the prior year, and cut appropriations by an amount to keep the <br /> budget in balance as required by law. <br /> Thank you for your understanding. If you have any questions, please feel free to contact me or the <br /> Department of Finance. <br /> Alo a, - <br /> Harry Ki <br /> MAYOR <br /> cc: William Takaba, Finance Director <br /> Gary Takamura, Budget Adminstrator R~~• <br /> Rif. ~at~ <br /> Hawaii County is an equal opportunity provider and employer. <br /> <br />