2008 CAFR Part 1 - Laserfiche WebLink

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t I I v {I I Differences between the final budget and the actual(budgetary basis)resulted in$2.6 million more revenues than expected and$14.6 million less expenditures than appropriated. This is primarily due to the following factors: a r • $3.1 million negative variance in taxes and assessments revenue resulting from collections being less than expected. • $7.5 million positive variance in interest and penalties revenue resulting from higher earnings on cash and investments than expected. •. $2.8 million negative variance in intergovernmental revenue,including$1.5 million in federal grants and$1.3 million in state grants. • $6.3 million positive variance in general government expenditures caused by an overall effort by each department to hold the line on expenditures. • $4.1 million positive variance in public safety expenditures primarily due to increased efforts to control costs during the budget year. CAPITAL ASSET AND DEBT ADMINISTRATION Capital assets. The County's investment in capital assets for its governmental and business-type activities as of June 30,2008 amounts to$609.9 million(net of accumulated depreciation). This investment in capital assets includes land,buildings and improvements,equipment,and _ infrastructure assets,which consists of primarily roads and bridges. The total increase in the County's investment in capital assets for the current fiscal year was 12 percent. Major capital asset events during the current fiscal year included the following: • Construction continued on the Waikoloa Housing Project;construction in progress as of the end of the current fiscal year had reached$7.1 million. • Construction continued on the East Hawaii Regional Sort Station;construction in progress as ! of the end of the current fiscal year had reached$4.0 million. • Construction began on the Pahoa Fire Station;construction in progress as of the end of the current fiscal year had reached$3.3 million. 1 • Construction began on the Laiopua Connector Road;construction in progress as of the end of the current fiscal year had reached$7.5 million. • Construction was completed on the Kinoole Senior Residence Project;construction in progress of$6.6 million was transferred to Buildings&Improvements. • Construction was completed on the Hualalai Elderly Housing Phase III;construction in progress of$4.7 million was transferred to Buildings&Improvements. i 21