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<br /> .uziuaiao lu:JJ -"413 414 1140 Jni.flnurr-muuw o ~rj~u~,~yy <br /> /N6 t% 16:59:27 7" 63-4000-> 415 274 1726 ^¢y's Inuestors Page 082 <br /> <br /> <br /> <br /> <br /> <br /> <br /> M oody s Municipal Credit Report <br /> <br /> <br /> <br /> <br /> Hawaii County, Hawaii February 5, 1996 <br /> <br /> New Issue General Obllgatlon/Special Tax <br /> sale- $30,000,000 Public Improvement Bonds. 1996 Series A <br /> <br /> date: For bids February 6 <br /> <br /> Moody's ratWV: A <br /> <br /> <br /> Credit Cpnment The County's Arating has been reviewed and con- Rapid Payout, Absence Of Borrowing Plans, Off- <br /> flrmed in conjunction with the We of general obliga- set High Per Capita Debt <br /> tion bonds to fund portions of the County's capital per capita debt levels are significantly above medians <br /> improvement plan: for counties of this size, especially in light of the <br /> Growling Fund Balances. Despite Slower Tax absence of overlapping debt borrowers and the lim- <br /> Coliectlons ited level of local services. However, payout is rapid <br /> Three years of operating surpluses have pushed the and there am no additional borrowing plans. <br /> general fund balances to nearly 16% of general fund Agriculture In Transition And Resort Industry <br /> revenues, with nearly 9% of this amount undesig- Developing <br /> hated. Budgeting of unfilled positions has helped The agriculture industry an Hawaii is undergoing <br /> create these surpluses despite slower tax collection& rapid, fundamental change as the last of the sugar <br /> Contraction Of Tax Base, Follows Rapid Growth plantations is due to close within the next year. A <br /> Early in The Decode major employer, agriculture has historically <br /> The 1996 data reflects additional - albeit small - employed one in 10 workers. Tourism continues to <br /> contraction of the tax base, leading to declining prop- grow. <br /> erty tax collections. Following five years of double- <br /> digit tax base expansion • including 26% growth in <br /> 1993 - appeals have sharply curtailed this trend. <br /> key facts: Debt Burden: 1.6% Iktdeslgnated Fund Balance as % of <br /> Median: 2.2% General Fund Revenues, 1994: 5.1% <br /> 1995: 8.7% <br /> Direct Debt per Capita: $1,121 <br /> Median: $218 Property Taxes as % of Operating <br /> Revenues, 1996: 681% <br /> Overall Debt per Capita: $1,218 <br /> Median: $901 Average Annual Growth F.V.. <br /> 50.0% Ten Years, 1986-96: 9.3% <br /> Payout. Ten Years: Five Years 1991-96: 11.0% <br /> General Fund Balance as % of General One Year. 1995-96: -0.190 <br /> Fund Revenues, 1994: 13.0% F.V. per Capita, 1996: $78.314 <br /> 1995: 15.7% <br /> <br /> WQfljftn_rV_fl n <br />