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• An increase of$4.1 million(103 percent) in highways and streets expenditures due primarily to increases in expenditures for mass transit($4 million),which is primarily due to the purchase of additional buses for the County's fleet using federal grant monies. • An increase of$4.1 million(23 percent)in Employee's health insurance expenditures due to the rising cost of healthcare insurance premiums. The fund balance of the County's capital projects fund decreased by$51.5 million during the current fiscal year. The decrease is primarily due to the combined total of the fund's main revenue sources of long-term debt financing($25.8 million),which consists of bond anticipation notes($19.0 million)and state revolving fund loan proceeds($6.8 million), intergovernmental revenue($6.4 million),and transfers in($42 million)being less than capital expenditures($88.3 million)for the current fiscal year. Although the fund balance of the capital projects fund was $69.0 million at the end of the current fiscal year,the unreserved portion of the fund balance was a negative$3.3 million. This was due to a change in the prior year in the County's procedures regarding the issuance of bonds,in that the County defers the issuance of bonds until the funds are actually needed even though the project will be allotted so that work may begin. The debt service funds consist of the Bond Redemption Fund and the Interest Fund. These funds have combined total fund balances of$25.4 million,all of which is reserved for the payment of debt service. The net increase in the combined fund balances during the current year in the debt service funds was$2.6 million(11 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 assets of the Kulaimano Elderly Housing Project(Kulaimano)at the end of the year amounted to $646,468,and the unrestricted net deficit of the Ouli Ekahi Affordable Housing Project(Ouli Ekahi)amounted to$149,002. The net assets for Kulaimano decreased by$55,820 and the net assets for Ouli Ekahi decreased by$58,124. 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$14.4 million increase in appropriations,all of which is due to increases in the appropriations for capital and operating grants and contributions. Differences between the final budget and the actual (budgetary basis)resulted in$17.9 million less revenues than expected and$28.1 million less expenditures than appropriated. This is primarily due to the following factors: • $2.7 million negative variance in combined licenses and permits and charges for current services revenues. $1 million of the variance was due to a reduction in building permits attributable to a decline in the construction industry and$1 million was due to a reduction in gas and oil charges which correlated to a decline in gas prices. • $5.6 million negative variance in intergovernmental revenue,including$3.7 million in federal grants and$1.9 million in state grants. -20 -