Annual Comprehensive Financial Report 2022

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The County's total bonded debt decreased by$27.5 million(7 percent) during the current fiscal year,which represented regularly scheduled principal payments of$27.5 million. At the end of the fiscal year, the County held an"AA"rating from Standard&Poor's, an"AA+" rating from Fitch and an"Aa2"rating from Moody's for general obligation debt. State statutes limit the amount of general obligation debt the County may issue up to 15 percent of the total assessed value of all county real property as established for tax purposes on the last tax assessment rolls. The current debt limitation for the County is $5.5 billion,which is in excess of the County's outstanding general obligation debt. Currently the County's outstanding debt represents 7 percent of our debt limitation. Additional information on the County's long-term debt can be found in note 10 to the basic financial statements. ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES • The unemployment rate for the County for the current fiscal year is at approximately 4.3 percent,which is 4.3 percent lower than at the end of the prior fiscal year. This serves as an indication of the improving economic outlook for the island. • The number of domestic and international visitors to the County for the current fiscal year was approximately 1.5 million, with an approximately 159 percent increase from the previous year's count of.58 million,which further demonstrates that the County is returning to pre-pandemic conditions. At the end of the current fiscal year,unrestricted fund balance in the general fund was $81.6 million. The County has appropriated$27.9 million of this amount for spending in the 2023 fiscal year budget and the majority is included in the assigned portion of the fund balance. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the County's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Director of Finance, County of Hawaii, 25 Aupuni Street, Suite 2103, Hilo,Hawaii 96720. - 27 -