COM 0604.000 2010-2012 - Laserfiche WebLink

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Honorable Members of the Hawai`i County Council March 1, 2012 Page 5 REVENUE CHANGES The major changes in projected revenues are as follows: Real Property Tax. Real property tax revenues are expected to decrease by 4.2%, or $8.8 million, due to an estimated 4.0% decline in taxable values. Fuel Tax. Fuel tax revenue is expected to increase by 14.5% to $7.7 million, as fuel consumption has increased over anticipated levels. Public Utilities Franchise Tax. Increased public utility revenues are expected to result in an increase of$1.2 million, or 13.2% in franchise tax revenue. Revenue from Use of Money and Property. Interest earnings are expected to continue to decrease for next fiscal year by $0.5 million, due to the low yield on investments, which is still reflective of the current economy. Fund Balance Carryover. The higher projection of carryover savings is attributed to the cumulative effect of successful cost cutting measures for the past several years and additional spending restrictions in the current year. EXPENDITURES BY FUNCTION The following table presents a summary of projected FY 2012-13 expenditures from various sources and the changes from the current budget: EXPENDITURES BY FUNCTION (Amounts in thousands) Increase (Decrease) Percent From Percent Of FY 2011-12 Increase Expenditures Amount Total Amount (Decrease) General Government $41,459 11.3% ($1,750) (4.1%) Public Safety 112,658 30.8% 776 0.7% Highways& Streets 22,151 6.1% 1,500 7.3% Health, Education, &Welfare 25,456 7.0% (396) (1.5%) Culture and Recreation 17,228 4.7% (1,066) (5.8%) Sanitation&Waste Removal 33,799 9.3% (2,654) (7.3%) Debt Service 35,250 9.6% (5,965) (14.5%) Pension&Retirement 32,275 8.8% 1,412 4.6% Health Fund 29,803 8.2% 978 3.4% Miscellaneous 15,214 4.2% 5,164 51.4% $365,293 100.0% ($2,001) (0.5%)