COM 0711.000 2008-2010 - Laserfiche WebLink

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The Honorable Chairman J Yoshimoto and Members of the I- lawai`i County Council Page 3 March I, 2010 • As real property values have continued to decline, the County's primary source of revenue is poised to drop by more than 11%. After the FY 2009 -10 decrease in property tax revenue of $15,094,000 (6.55 %), an additional loss of this magnitude would leave the County unable to sustain basic operations and 'services. For this reason, we are proposing revenue - neutral rate adjustments that will adjust tax rates to ensure that the County collects the same amount of property tax in FY 2010-11 as it did in FY 2009 -10. The tax on individual parcels will most likely vary from current taxes. The real property assessed valuations used are still preliminary figures and the values certified in April may vary from those assumed here. The final budget presented to you in May will he based on the final numbers and will include a specific rate proposal. OPERATING BUDGET BY FUND The following table describes the budgeted expenditures for FY 2009 -10 and the proposed budget for FY 2010-11 for each fund. OPERATING BUDGET BY FUND (Amounts in thousands) • FY 09 -10 FY 10 -11 Increase Percent FUND Budget Proposed (Decrease) Increase (Decrease) General Fund $296,391 $289,050 ($7,341) (2.5 %) • I- lighway Fund 27,599 27,474 (125) (0.5 %) Sewer Fund 9,995 9,643 (352) (3.5 %) Cemetery Fund 10 10 0 0.0% Bikeway Fund 171 171 0 0.0% Beautification Fund 225 240 15 6.7% Vehicle Disposal Fund 4,004 2,968 (1,036) (25.9 %) Solid Waste Fund 31,153 26,393 (4,760) (15.3 %) ( Course Fund 1,202 1,129 (73) (6.1 %) Geothermal Royalty 550 550 0 0.0% Fund Housing Fund 15,696 17,689 1,993 12.7 °% Geothermal Asset Fund 50 50 0 0.0% 5387.046 5375,367 (511,679) (3.0 %) • Count of 1- lawari is an E opportunit Provider and Employer.