Laserfiche WebLink
REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: April 19, 2010 Re: Comm. No. 711 /Bill No. 211 <br /> PLACE: Sheraton Keauhou Bay Resort and Spa <br /> 78 -128 `Ehukai Street <br /> Kailua -Kona, Hawai`i <br /> TIME: 10:52 a.m. <br /> Council Chair and Members <br /> Hawai`i County Council <br /> Hilo, Hawai`i 96720 <br /> Your Committee on Finance, to which was referred Bill No. 211, reports as follows: <br /> Bill No. 211, transmitted by Mayor William P. Kenoi via Communication No. 711, dated <br /> March 1, 2010, submits for consideration the proposed Operating Budget for Fiscal Year <br /> 2010 -11, totaling $375,367,419 in estimated revenues and appropriations (Part I, Volume I), and <br /> includes the operations of eleven of the County's special funds as well as the General Fund. <br /> Also submitted is the Operating Budget Proposal (Part I, Volume II), which describes the <br /> departments and their programs, program objectives, highlights, program measures, <br /> expenditures, and positions. <br /> Additionally, Communication No. 711.1 from Director of Finance Nancy Crawford, dated March <br /> 1, 2010, transmitted a booklet containing reports titled Six Month Progress Report on Program <br /> Objectives for FY 2009 -10 and Final Status Report on Program Objectives for FY 2008 -09. <br /> These reports provide information to the Council to assist in the evaluation of program <br /> accomplishments during the first six months of the current fiscal year and for the previous 2008- <br /> 09 fiscal year. <br /> The highlights of the operating revenue proposal are as follows: <br /> • Real Property Tax — Net real property tax values are projected to decrease by 9.62 %. <br /> However, real property tax revenue is the same as the FY 2009 -10 budget, based on a <br /> revenue - neutral rate proposal. <br /> • Fuel Tax — Fuel taxes are expected to decrease by 9.7 %, or $788,000 due to reduced fuel <br /> consumption. This decrease is on top of a similar decrease in the current fiscal year. <br /> • Licenses and permits — The 12% drop in this revenue category is due to decreases in liquor <br /> licenses ($238,000), construction- related permits ($730,000) and vehicle /trailer weight taxes <br /> ($995,000). <br /> • Revenue from Use of Money and Property — Interest earnings are expected to decrease by <br /> $1.3 million due to the low yield on investments, which is reflective of the current economy. <br /> FC Rept. No. 163 <br />