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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: April z ~ 1997 Re: Comm. No. 184 ~ <br /> PLACE: Councilroom Bill No. 55 ' <br /> <br /> TIME: 2: 4 5 0. m. <br /> Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawaii 96720 <br /> Your Committee on Finance, to which was referred Communication No. 184, dated Mazch 1, 1997, <br /> from Mayor Stephen K. Yamashiro transmitting Bill No. 55, the Operating Budget and Six Year <br /> Operating Program for Fiscal Yeaz 1997-98, reports as follows: <br /> Pursuant to Section 10-2 of the Hawaii County Charter, Preparation and Submission of Budget and <br /> Capital Program, Mayor Stephen K. Yamashiro submitted the 1997-98 Operating Budget to the County <br /> Council for review and approval on March 1, 1997. The proposed Operating Budget for FY 1997-98 <br /> totals $180,617,844, an increase of 6.9% over the current fiscal year's budget. The increase is, in large <br /> part, the result of additional debt service requirements, including the initial principal payment on the <br /> 1996 $30 million bond issuance, and increases in health benefit costs. <br /> Real Property tax revenues aze projected to decrease by $2 million primarily because of the non- . <br /> speculative residential use dedication exemption and the removal from the tax rolls of approximately <br /> 6,500 acres of former Hamakua Sugar land now owned by the County and State. No increases in real <br /> property tax rates are being sought. <br /> To meet the operating needs and balance the budget, the fund balance carryover is projected to exceed <br /> $19.4 million or $9 million more than the current year. This increase in the carryover amount has been <br /> accomplished through sound and efficient use of the County's limited resources. <br /> Your Committee held meetings and reviews of departmental programs and budgets on March 20, 24, <br /> and 25, 1997. Your Committee reviewed the Operating Budget and Six Year Operating Program on <br /> March 25, 1997. In particular, a recommendations meeting was held today to discuss possible <br /> amendments to the Mayor's Operating Budget and Six Year Operating Program. <br /> Your Committee on Finance is in accord with the purpose and intent of Bill No. 55 (Operating Budget <br /> and Six Year Operating Program) and transmits it to Council without recommendation. <br /> Ikc / <br /> t <br /> Aycs Nnes A&H1 EX <br /> CHUNC X Respectfully submitted <br /> LEITHEAD-TODD X CQ '~'i`EE ON FINANCE <br /> RAY X _ <br /> SANTANGELO X ~ ~ ~ ~ ~ <br /> SMITH X - <br /> TvLER x AARON S.Y. CHLTNG, CH IIj~' <br /> YAGONG X FC REPORT NO. -J 72 <br /> ARAKAKI, E.o.M. X ADOPTED: j~_~~_Y <br /> 1 4 ~ <br /> <br />