Laserfiche WebLink
Harry Kim <br />Afuvor <br />Will Okabe <br />Alanagong Diteclor <br />Barbara I Kossow <br />Deputy Managing Director <br />ff <br />(Offre affhr agar <br />25 Aupuni Street, Suite 2603 • Hilo, Hawal'i 96720 • (808) 961-8211 • Fax (808) 961-6553 <br />KONA: 74-5044 Ane Keohok5lole Hwy., Bldg C • Kalk,a-Kona„ Hawaii 96740 <br />(808) 323-4444 e Fax (848) 323-4440 <br />March 1, 2019 <br />Council Chairman Aaron S.Y. Chung <br />and Members of the County Council <br />County of Hawai'i <br />25 Aupuni Street <br />Hilo, HI 96720 <br />Aloha Council Chairman and Council Members,: <br />Transmitted herewith is the Capital Budget for FY 2019-2020 submitted for your review and <br />approval and the Capital Program for the next six years from FY 2019-2020 to 2024-2025. The <br />Capital Budget includes 39 projects requiring a total appropriation of $160.3 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 $99.1 million are intended to be <br />funded in whole or part by bonds, $56.5 million to be funded by the State Revolving Loan Fund <br />or State CIP, $3.5 million to be funded by federal, and $0.5 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 Hawai'i is an Equal Opportunity Provider and Employer <br />