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Honorable Members of the Hawaii County Council March 1, 2011 Page 6 REVENUES BY SOURCE The following table presents a summary of projected FY 2011 -12 revenues from various sources and the changes from the current budget: REVENUES BY SOURCE (Amounts in thousands) Source Real Property Tax Public Service Company Tax Fuel Tax Public Utilities Franchise Tax Licenses and Permits Revenues and Use of Money & Property Intergovernmental Revenues Charges for Services Other Revenues Fund Balance Carryover REVENUE CHANGES Increase (Decrease) Percent From Percent Of FY 2010 -11 Increase Amount Total Amount (Decrease) $207,300 56.6% ($9,707) (4.5 %) 9,000 2.5% 270 3.1% 6 1.8% (856) (11.3 %) 9,325 2.6% 325 3.6% 15,477 4.2% 51 0.3% 1,185 0.3% (727) (38.0 %) 65,797 18.0% 3,288 5.3% 21,633 5.9% 659 3.1% 8,310 2.3% 84 1.0% 21,410 5.8% (3,167) (12.9 %) $366,128 100.0% ($9,780) (2.6 %) The major changes in projected revenues are as follows: Real Property Tax. Real property tax revenues are expected to decrease by 4.5 %, or $9.7 million, due to an estimated 4.0% decline in taxable values. Fuel Tax. Fuel tax revenue is expected to decrease by 11.3 %, or $0.9 million, due to a projected reduction in fuel consumption. Revenue from Use of Money and Property. Interest earnings are expected to continue to decrease for next fiscal year by $0.8 million, due to the low yield on investments, which is still reflective of the current economy. Intergovernmental Revenues. The $3.3 million, or 5.3% increase in intergovernmental revenues includes an EMS grant increase and Wireless E -911 grant revenue increase. Bus Fares. A new fare plan would charge a fee of $1 per ride for the bus system. However, our proposal includes special discounts to reduce fares for elderly bus riders, students and persons with disabilities. The new fare is expected to raise $740,000 to help balance the general fund budget.