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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> DATE: August 17, 2010 Re: Comm. No. 906 /Bill No. 285 <br /> PLACE: Sheraton Keauhou Bay Resort and Spa <br /> 78 -128 `Ehukai Street <br /> Kailua -Kona, Hawai`i <br /> TIME: 9:00 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. 285, reports as follows: <br /> Bill No. 285, transmitted by Director of Finance Nancy Crawford, via Communication No. 906, <br /> dated July 30, 2010, amends Ordinance No. 10 -59, as amended, the Operating Budget for the <br /> County of Hawai`i of the fiscal year ending June 30, 2011. The amendment is as follows: <br /> FROM: <br /> 3609.32 Reimburse Debt Service - DWS General $432,968.35 <br /> TOTAL $432,968.35 <br /> TO: <br /> 010.801.5803.01 Interest on G.O. Bonds — County General $432,968.35 <br /> TOTAL $432,968.35 <br /> The County of Hawai`i recently issued $60 million in General Obligation Bonds, of which the <br /> semi - autonomous Department of Water Supply (DWS) was allocated 25% of the bond proceeds. <br /> To properly reflect the DWS' share of the interest payments due this fiscal year, this bill amends <br /> the operating budget. <br /> Deanna Sako, Deputy Director of Finance said this is primarily a housekeeping measure to correct <br /> the budget and help with accounting. <br /> Your Committee on Finance is in accordance with the purpose and intent of Bill No. 285 and <br /> recommends it pass first reading. <br /> de <br /> AYES NOES A &E EX Respectfully submitted, <br /> ENRIQUES X <br /> FORD X COMMITTEE ON FINANCE <br /> GREENWELL X <br /> HOFFMANN X <br /> IKEDA X i <br /> NAEOLE - BEASON X <br /> ONISHI X DENNIS "FRESH" ONISHI, CHAIR <br /> YAGONG X FC REPORT NO. 173 <br /> YOSHIMOTO X ADOPTED:SEP 0 9 201D <br />