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With respect to the County's depleting fund balance, Chairman Arakaki proposed the adoption by <br />ordinance of a dedicated contingency for disaster fund. <br />Council Member Jacobson urged the administration to broadly undertake action to till tunded vacant <br />positions. <br />I ursuant to the March 13-17 departmental review meetings, Finance Committee Chair Aaron Chung <br />submitted a letter dated March 20, 2003 (Communication No. 140.9, attached) requesting the mayor's <br />comments on (1) TAT revenues; (2) Indebtedness and Fund Balance; (3) Status of ERS Suit; (4) <br />Supplemental budget requests; and (5) "additional considerations" relating kI fees, fuel taxes, and other <br />matters. Mayor Kim's response (Communication 140.10, attached) dated April 15, 2003 clarified the <br />administration's position on a number of issues and provides guidance for further Council deliberation on <br />Draft 2 of the Operating Bud~~et. <br />Upon review of the Mayor's amended budget submittal in May 2003, your Committee may propose <br />amendments as necessary. <br />Your Committee on Finance is in accord with the purpose and intent of Bill No. 59 and recommends that <br />it pass tirst reading. <br />!rf <br /> <br />1RAKAKI t <br />CHUM1C X <br />E1,.IRIONONF x <br />IIOI SCIII 11 x <br />Luouso~ x <br /> <br />R4.1'~,AOLUS X <br />5.1 P'A RIK X <br />71'LN:R X <br />AARON S. Y. CHtwG, CHP <br />FINANCE RGPORT <br />nooPrEDMf~2 <br />Respectfully submitted: <br />