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;�Tr^os!r ... <br /> .., . Walter K.M.Lau <br /> pp V''>> Managing Director <br /> William P.Kenoi *:A!r <br /> Mayor <br /> • <br /> Randall M.Kurohara <br /> .4*. • Deputy Managing Director <br /> Oi AO- <br /> County of Hawaii <br /> Office of the Mayor <br /> 25 Aupuni Street.Suite 2603 • Hilo.Hawaii 96720 • (808)961-8211 • Fax(808)961-6553 <br /> KONA: 74-5044 Ane Keohokalole Hwy..Bldg.C • Kailua-Kona.Hawaii 96740 <br /> (808)323-4444 • Fax(808)323-4440 <br /> February 28, 2013 <br /> Honorable Members of the County Council <br /> County of Hawai'i <br /> 25 Aupuni Street <br /> Hilo, HI 96720 <br /> Aloha Council Members: <br /> Transmitted herewith is the Capital Budget for FY 2013-2014 submitted for your review and <br /> approval and the Capital Program for the next six years from FY 2013-14 to 2018-19. The <br /> Capital Budget includes 83 projects requiring a total appropriation of$235,301,000. <br /> Funding Sources <br /> Capital projects are typically funded by debt (bonds, State Revolving Fund loans), revenue <br /> sources (fuel tax, other special revenues), state grants, federal grants or loans, and other <br /> financing options (fair share contributions or special financing districts). The Capital Budget <br /> presented herein includes capital projects of which approximately$214,176,000 are intended <br /> to be funded in whole or part by bonds, $21,005,000 to be funded from Federal Grants <br /> Receivable, $20,000 to be funded by fair share contributions, and $100,000 to be funded by <br /> private contributions (see Table 1). <br /> Debt Service <br /> Every year, we strive to present a budget that is fiscally constrained (in terms of prudent debt <br /> service planning) and selective based on rational criteria. The Government Finance Officers <br /> Association, a professional organization of government officials, recommends a prudent debt <br /> service limit to be 15%of general expenditures. <br /> The lower the interest rate and the greater the revenues, the more can be borrowed while <br /> staying within the prudent debt service limits. The proposed operating budget for this coming <br /> fiscal year includes debt service for short term bond anticipation notes, which are used to <br /> reduce carrying cost and insure that cash will be available for projects as needed. As budgeted, <br /> County of Hawaii is an Equal Opportunity Provider and Employer ' <br /> Comm. No. <br /> Ref. To: <br /> K C 6 0> 3 Ref. Date EE82 <br />