Laserfiche WebLink
;c +, Walter K.M.Lau <br /> V.i%• Managing Director <br /> William P.Kenoi ' �� <br /> • <br /> Mayor __ _ _ • Randall M.Kurohara <br /> *Pt. �•�`. Deputy Managing Director <br /> or ro• <br /> County of Hawai`i <br /> Office of the Mayor <br /> 25 Aupuni Street,Suite 2603 • Hilo,Hawai`i 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 /> N a <br /> February 28, 2014 <br /> Honorable Members of the County Council <br /> County of Hawai'i 0: <br /> 25 Aupuni Street <br /> Hilo, HI 96720 <br /> Aloha Council Members: `' <br /> Transmitted herewith is the Capital Budget for FY 2014-2015 submitted for your review and <br /> approval and the Capital Program for the next six years from FY 2014-2015 to 2019-2020. The <br /> Capital Budget includes 45 projects requiring a total appropriation of$95.88 million. <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 about $82.025 million are intended to be <br /> funded in whole or part by bonds, $9.215 million to be funded by the State Revolving Loan <br /> Fund, $3.36 million to be funded from Federal Grants Receivable, and $1.28 million to be <br /> funded by fair share 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 percent 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 , 69 O <br /> m. <br /> 3 Ref.To:, F <br /> 1 109> Ref.Date, FEB 2 8 2014 <br />