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.aoff"44 <br /> 11. <br /> t� Okabe <br /> ).*41 ;714 , ': Managing Director <br /> Harry Kim <br /> Mayor "�' - ''le' Barbara J.Kossow <br /> F , • Deputy Managing Director <br /> County of gatinu'l <br /> ®ffiiie n tilt Atztvor <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,Hawai`i 96740 <br /> (808)323-4444 • Fax(808)323-4440 <br /> COUNTY CLERK <br /> COUNTY OF HAWAII <br /> March 1, 2017 RECEIVED <br /> Time //:120,90-, AY <br /> Date MAR D l- pit <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 2017-2018 submitted for your review and <br /> approval and the Capital Program for the next six years from FY 2017-2018 to 2022-2023. The <br /> Capital Budget includes 37 projects requiring a total appropriation of$130.2 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 $81.2 million are intended to be <br /> funded in whole or part by bonds, $39.3 million to be funded by the State Revolving Loan Fund <br /> or State CIP, $9.66 million to be funded by federal, and $0.05 million to be funded by fair share <br /> 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 (fifteen) 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 /> <5111 12 � Comm.No, 2- <br /> 3 <br /> 3 Ref.To: L <br /> Ref.Date MAI 1217 <br />