2013-COH - Comprehensive Annual Financial Report

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A decrease of $8.4 million 05 percent) in transfers out to other funds, with the largest reductions in the transfers to the debt service funds ($6.0 million) and to the Solid Waste Fund ($2.4 million). • The positive impact of the decrease in transfers out was mitigated by a decrease of $7.0 million (3 percent) in real property taxes, which was mostly due to lower collections resulting from the slight decline in the value of net taxable real property as evidenced in the accompanying statistical tables. The fund balance of the County's capital projects fund increased by $53.5 million during the current fiscal year. The increase is primarily due to the combined total of the fund's main revenue sources of long-term debt financing, which consists of bond proceeds ($50.5 million), premiums on the issuance of bonds ($10.1 million) and state revolving fund loan proceeds ($5.0 million); intergovernmental revenue ($11.2 million); settlement contributions ($12.5 million) and transfers in ($3.5 million) being greater than capital and debt service expenditures ($39.5 million) for the current fiscal year. The debt service funds consist of the Bond Redemption Fund and the Interest Fund. These funds have combined total fund balances of $19.1 million, all of which is restricted for the payment of debt service. The net decrease in the combined fund balances during the current year in the debt service funds was $7.0 million (27 percent). Proprietary funds. The County's proprietary funds provide the same type of information found in the government -wide financial statements, but in more detail. Unrestricted net position of the Kulaimano Elderly Housing Project (Kulaimano) at the end of the year amounted to $761,021, and $284,169 for the Ouli Ekahi Affordable Housing Project (Ouli Ekahi). The total net position for Kulaimano increased by $643 and the net position for Ouli Ekahi increased by $402,888. Other factors concerning the finances of these two funds have already been addressed in the discussion of the County's business -type activities. GENERAL FUND BUDGETARY HIGHLIGHTS Differences between the original budget and the final amended budget were primarily the result of a $6.7 million increase in appropriations, most of which (60 percent) is due to increases in the appropriations for capital outlays. Differences between the final budget and the actual (budgetary basis) resulted in $242,000 more revenues than expected and $21.8 million less expenditures than appropriated. This is primarily due to the following factors: • The positive variances in real property and public service company taxes of $3.7 million was negated by an almost equal negative variance in intergovernmental revenues for both the federal and state grants of $3.3 million. • $5.5 million of the unspent appropriations is related to salaries and wages. The variance is due primarily to unfilled vacancies and continued efforts by each department to control payroll costs during the budget year due to the tough economic conditions facing the County. The following functions are responsible for the majority of the variance: public safety ($3.5 million), general government ($1.2 million) and culture and recreation ($0.7 million). $2.2 million is due to lower than anticipated payments needing to be made in pension related payments. with each department increasing efforts to control costs, overtime was also closely monitored and the corresponding pension expenditures were not incurred. -22-