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<br /> <br /> The Honorable Chairman J Yoshimoto <br /> and Members of the County Council <br /> Page 8 <br /> February 27, 2009 <br /> <br /> <br /> change as additional information regarding projected revenues and expenditures becomes <br /> available. The loss of $12.3 million of real property tax revenue as compared to our <br /> current year budget has a large impact, and the need for public safety and general services <br /> has not diminished. Over the next two months we will continue to review the current <br /> conditions, projections for the next two years and the options available to us to insure we <br /> remain a strong and financially sound county government. <br /> <br /> The County should be a stabilizing force in the local economy. We need to maintain <br /> services to every extent possible, support our local industries and avoid layoffs of <br /> employees. The County also must stay fiscally prudent. Conservative management of our <br /> budget and maintaining reserves will provide security and insure that we maintain our <br /> financial ratings and borrowing power. Looking forward to subsequent years it appears <br /> that we will have continued challenges. So, while this budget includes some short term <br /> solutions, it is also begins the planning and adjustments needed to meet long term <br /> changes in the economy. <br /> <br /> Aloha, <br /> <br /> <br /> <br /> William P. Kenoi <br /> Mayor <br /> <br /> Attachment <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> I <br />