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Honorable Members of the Hawai`i County Council February 28,2014 Page 5 REVENUES BY SOURCE The following table presents a summary of projected FY 2014-15 revenues from various sources and the changes from the current budget: REVENUES BY SOURCE (Amounts in thousands) Increase (Decrease) Percent From Percent FY14-15 of FY13-14 Increase Source Amount Total Amount (Decrease) Real Property Tax $232,400 56.3% $13,000 5.9% Public Service Company Tax 10,340 2.5% 195 1.9% Fuel Tax 7,330 1.8% 80 1.1% Public Utilities Franchise Tax 11,047 2.7% (520) -4.5% Licenses and Permits 21,968 5.3% 2,227 11.3% Revenue from Use of Money&Property 1,121 0.3% 215 23.7% Intergovernmental Revenue 60,082 14.5% (1,067) -1.7% Charges for Service 22,789 5.5% 34 0.1% Other Revenues 8,491 2.1% 771 10.4% Fund Balance Carryover 37,040 9.0% 3,354 9.9% $412,608 100.0% $18,289 4.6% REVENUE CHANGES The major changes in projected revenues are as follows: Real Property Tax. Real property tax revenues are expected to increase by 5.9%, or $13 million, due to new construction and an increase in taxable values. Public Utilities Franchise Tax. Decreased public utility revenues are expected to result in a decrease of$520,000, a reduction of 4.5% in franchise tax revenue. Licenses and Permits. Increases in vehicle registration revenue and vehicle weight tax revenue have contributed to an increase of$2.2 million, or 11.3% in this revenue source. Intergovernmental Revenue. Reductions in grant revenues of about $1 million reflect those grants we are aware of at this time. Fund Balance Carryover. This budget reflects a higher projection of carryover savings ($3.3 million) from the current year operations.