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OOJNVV Oi Nye' <br /> ~~J~id; William O. Davis <br /> <br /> Stephen K. Yamashiro Managing Director <br /> Mayor <br /> • Henry Cho <br /> •+~r Deputy Managing Director <br /> P Oi•Ni <br /> ~n~tnfg ~tt~rttii <br /> 25 Aupuni Streeq Room 215 Hilo, Hawaii 96720.4252 (808) 9648211 Fax (808) 9646553 <br /> KONA: 75.5706 Kuakini Highway, Suite 103 Kailua-Kona, Hawaii 96740 <br /> (808) 329-5226 Fax (808) 326-5663 <br /> February 13, 1997 <br /> The Honorable James Arakaki, Chairperson - <br /> and Members of the County Council <br /> Hawaii County Council - c~ <br /> 25 Aupuni Street r-• <br /> Hilo, HI 96720 <br /> Re: General Fund Fund Balance <br /> Pursuant to the provisions of Section 10-8 of the Hawaii Count <br /> Charter, i hereby certify that the amount available for appropriations <br /> in the General Fund is $9,921,813. This certified amount is the <br /> result of the actual unreserved fund balance ($19,337,343) at June 30, <br /> 1996 exceeding the amount projected and appropriated ($9,415,530) in <br /> the FY 1996-97 budget. <br /> Enclosed for your consideration is a bill appropriating $5,563,604 to <br /> various accounts in the General Fund. In determining the appropriate <br /> use of the excess fund balance, we need to prudently assess our <br /> current needs, revenue outlook and upcoming obligations. <br /> Major expenditure items to be funded with this bill include: <br /> $2,500,000 for collective bargaining wage increases <br /> 900,000 for Council discretionary expenditures <br /> 500,000 for proper maintenance of flood control and drainage <br /> structures <br /> 479,200 to cover the shortfall in the ERS contribution account. <br /> We are recommending that $4,358,209 of the available fund balance <br /> not be appropriated at this time as a precautionary measure to insure <br /> that the county remains fiscally sound. At the present time, real <br /> property taa valuations show no signs of improvement; the TAT <br /> distribution formula is in jeopardy; and uncontrollable costs, such as <br /> debt service and retirement contributions, are increasing. <br /> Should you have any questions, please feel free to call. <br /> ~0. 15S' <br /> EPHEN K~ YAMASHIRO <br /> Mayor, County of Hawaii die '.40._ oPl <br /> At t . 8: ll/ 2/ [*ef. To: 40 b~N y\ \ <br /> DEB 1 4 1997 <br /> ktef. [)ace <br /> <br />