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Mitchell D.Roth ®J"4y;of"+?' Deanna S. Sako <br /> Mayor a,{,J; Director <br /> Diane Nakagawa <br /> +r�rE fµ+;►*�� Deputy Director <br /> County f ai`i <br /> Finance Department <br /> 25 Aupuni Street,Suite 2103 • Hilo,Hawaii 96720 <br /> (808)961-8234 Fax(808)961-8569 <br /> 9� <br /> October 14, 2022 <br /> Maile Medeiros David, Council Chair and _ <br /> Members of the Hawaii County Council <br /> Hawaii County Council 10. <br /> 25 Aupuni Street <br /> :Hilo, Hawaii 96720 ' <br /> Re: Fund Balance Notification for June 30, 2022 <br /> Pursuant to Hawai'i County Code Section 2-12.4, I am transmitting the June 30, 2022, fund <br /> balance information: <br /> Fund Balance $42,492,842.00 <br /> Fund Balance Designated for Future Year 27,881,048.00 <br /> Total Budgetary Fund Balance, June 30, 2022 $70.373.890.00 <br /> The fund balance is primarily the result of the new County of Hawaii Transient <br /> Accommodations Tax that went into effect on January 1, 2022. In addition, collections for real <br /> property taxes were higher than expected. The departments continued to be careful with their <br /> spending,but these savings were offset by increases in prices. Another component of the fund <br /> balance is the unappropriated fund balance from the prior fiscal year. <br /> This fund balance will be helpful in meeting next year's budgetary needs. Balancing the fiscal <br /> year 2023-24 budget will continue to be challenging given the current economic climate which <br /> has caused most of our costs to rise, as well as the need to fund collective bargaining increases <br /> for all eight collective bargaining units. <br /> Should you have any questions regarding this information,please feel free to contact me. <br /> Deanna Sako <br /> Finance Director <br /> Comm. No. wA <br /> Ref. To: t/ <br /> e�ef. t3ate <br /> Hawaii County is an Equal Opportunity Employer and Provid <br />