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' Department of Water Supply -5- January 16, 1979 <br /> County of Hawaii . <br /> • <br /> The functions of the fiscal division are generally to: <br /> 1 . Provide supervision and direction over the finances of the <br /> Department including the timing of investments. <br /> 2. Provide long-range financial studies including the effect <br /> of the rate structure on overall revenue. <br /> 3. Plan and administer a bonded debt program. <br /> 4. Provide for budget preparation and expenditure controls. <br /> 5. Provide for all accounting operations including data <br /> processing. <br /> Financing of Operations: <br /> The Department pays for its operating expenditures through the <br /> sales of water. Some Federal aid is provided through the CETA program . <br /> Operating revenues for the year ended June 30, 1968 amounted to <br /> $905 thousand while operating expenses excluding depreciation charges <br /> of $279 thousand amounted to $635 thousand. For the year just ended. <br /> June 30, 1978, operating revenues increased 272 percent to $3.4 million <br /> while operating expenses, excluding depreciation of $1 .09 million, <br /> increased 294 percent to $2.5 million. <br /> Much of the increase in operating expenses is attributed to <br /> increased pumping and power costs which took a sudden rise in the past <br /> two years. In 1968, this expenditure was $279 thousand. In the year <br /> • <br /> ended June 30, 1978, this cost amounted to $1 .1 mill ion or an increase of rearly <br /> 300 percent. Although the water rate increase which took effect on <br /> September 1 , 1976 allowed for increases in power costs to 1981 , the <br /> actual increases were much greater than anticipated. But through <br />