CAFR 2011 Final with opinion (2)

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i i i I } 0 A decrease in revenue from investment earnings of$1.6 million 72 percent)due to the continuation of low interest rates on investments. 0 A decrease f$6.3 million 16 percent) in general government expenditures due primarily to a decrease in salaries and wages $3.0 million) as a result of furloughs and pay reductions that occurred during the fiscal year for two of the four unions. • A decrease of$3.0 million percent) in public safety expenditures due primarily to decrease.in salaries and wages ($492,000)resulting from furloughs and pay reductions and the fact that the prior year's expenditure amounts included the purchase of a rescue helicopter for the Fire Department 1.4 million)and a contract to improve and update the Police Department's mapping data 1.0 million). A decrease of$2.4 million(30 percent)in highways and streets expenditures due primarily to decreases in expenditures in two of Mass Transit's federal grams ($1.6 million),which is primarily due to the fact that last year's expenditures included the purchase of additional buses for the County's fleet. An increase of$3.2 million percent) in the cost of employees' current and future health insurance expenditures due to the rising cost of healthcare insurance premiums. • A.decrease of$3.9 million 32 percent) in capital outlay expenditures, which was the net result of an additional $ .7 million in expenditures under a federal grant relating to health, education and welfare and a reduction in expenditures relating to the purchase of land using the public-access and open space money of$7.4 million. The fund balance of the County's capital projects fund decreased by$19.0 million during the current fiscal year. The decrease is primarily clue to the combined total of the fund's main revenue sources of long-tern debt financing 6.3 million),which consists of proceeds from the issuance of bonds ($45.0 million),the related premiums on the sale of those bonds .1 million) and state revolving fund loan proceeds 9.3 million), intergovernmental revenue 15.0 million), other revenue($4.5 million and transfers in $3.7 million)being less than capital and debt service expenditures($98.4 million) for the current fiscal year. Although the fund balance of the capital projects fund was $50.0 million at the end of the current fiscal year and the total unrestricted portion was $13.9 million,the unassigned portion of the unrestricted Fund balance was a negative$3.6 million. This was due to 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 every though the project will be allotted so that wort may begirt. The debt service funds consist of the Bond Redemption Fund and the Interest Fund. These funds have combined total fund balances of$26.6 million, all of which is restricted for the payment of debt service. The net increase in the combined fund balances during the current year in the debt service funds was $1.2 million 5 percent). Proprielaryfunds. 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 I ulairna.no at the end of the year amounted to $593,634, and the unrestricted net deficit of the Ouli Ekahi Affordable Dousing Project uli ahi) amounted to $144,053. The net assets for Iulairnno decreased by$46,939 and the net assets for Ouli Ekahi increased by$4,949. Other factors concerning the finances of -20 -