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OJ , <br /> •• Wil Okabe <br /> *,.4 „,:., ,. <br /> 4 .}' Managing Director <br /> Harry Kim T._:.1: ::---2.--:-.7..---1,Mayor <br /> Barbara J. sow.n <br /> Deputy ManagingZirectoQ(?7 <br /> County of Hawai`1 <br /> Office of the Mayor ; -i= <br /> 25 Aupuni Street,Suite 2603 • Hilo,Hawai`i 96720 • (808)961-8211 • Fax(808)961-6553 k.n0.- <br /> KONA: 74-5044 Me Keohokalole Hwy.,Bldg C • Kailua-Kona,Hawaii 96740 **TIC) <br /> (808)323-4444 • Fax(808)323-4440 ,i <br /> = <br /> May 5, 2017N <br /> Honorable Members of the County Council <br /> County of Hawaii <br /> 25 Aupuni Street <br /> Hilo, HI 96720 <br /> Aloha Council Members: <br /> RE: Capital Budget for FY 2017-2018 <br /> Transmitted herewith is the Capital Budget for FY 2017-2018 submitted for your review and approval <br /> and the Capital Program for the next six years from FY 2017-2018 to 2022-2023. The Capital Budget <br /> includes 48 projects requiring a total appropriation of$173.9 million. <br /> Funding Sources <br /> Capital projects are typically funded by debt (bonds, State Revolving Fund loans), revenue sources <br /> (fuel tax, other special revenues), state grants, federal grants or loans, and other financing options <br /> (fair share contributions or special financing districts). The Capital Budget presented herein includes <br /> capital projects of which about $97 million are intended to be funded in whole or part by bonds, $67 <br /> million to be funded by the State Revolving Loan Fund or State CIP, $9.8 million to be funded by <br /> federal, and $0.05 million to be 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 service <br /> planning) and selective based on rational criteria. The Government Finance Officers Association, a <br /> professional organization of government officials, recommends a prudent debt service limit to be 15 <br /> (fifteen) percent of general expenditures. <br /> The lower the interest rate and the greater the revenues, the more can be borrowed while staying <br /> within the prudent debt service limits. The proposed operating budget for this coming fiscal year <br /> includes debt service for short term bond anticipation notes, which are used to reduce carrying cost <br /> and insure that cash will be available for projects as needed. As budgeted, the resulting total debt <br /> service is estimated at 9.57 percent of the general expenditures. If all debt that has been authorized <br /> County of Hawaii is an Equal Opportunity Provider and Employer. Comm. No. eta-6 I <br /> 3 <br /> Ref. To: c ca, ,®. <br /> Bi `d l a/ Dr. Q Ref. Date MAY 05 2011 <br />