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In an effort to lower its debt service costs, the County issued bonds to refund $52.9 million of various debt instruments, resulting in an estimated savings of approximately $9.5 million in principal and interest payments. The County continued the furloughs and pay reductions for both its HGEA and UPW union employees from the prior year. As part of the strategy for balancing the budget, the County also decided to temporarily forgo the employer contributions relating to the pre -funding of its postemployment benefits other than pensions that it had fully funded for four of the previous five fiscal years. Other Information Independent Audit The County Charter requires an annual audit by independent certified public accountants. Accuity LLP was selected in accordance with the County Charter and the procurement provisions of the Hawaii Revised Statutes (HRS) and Hawaii Administrative Rules (HAR) to perform the audit. Employee Union Contracts County employees are members of seven different bargaining units. Three bargaining units have contracts that will expire on June 30, 2015. Three bargaining units have contracts that will expire on June 30, 2017. The one remaining bargaining unit received an interest arbitration decision in November 2013, however, the cost items associated with that decision are currently subject to the approval of all legislative bodies. The County anticipates this cost approval process will conclude on or about the end of the 2014 Legislative session (May 2014). Certificate of Achievement The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the County of Hawaii for its Comprehensive Annual Financial Report for the fiscal year ended June 30, 2012. This was the twenty-fifth consecutive year that the government has received this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe our current Comprehensive Annual Financial Report continues to meet the Certificate of Achievement Program's requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate. WOE