REP FC 092 04/17/2007 2006-2008 - Laserfiche WebLink

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REPORT OF THE COMMITTEE ON FINANCE DATE: April 17, 2007 Re: Comm. No. 193Bi11 No. 60 PLACE: Council Chambers TIME: 10:12 a.m. Council Chair and Members Hawaii County Council Hilo, Hawaii 96720 Your Committee on Finance, to which was referred Bill No. 60, reports as follows: Bill No. 60, transmitted by Mayor Harry Kim via Communication No. 193, dated Mazch 1, 2007, transmitting for consideration the proposed Operating Budget for the County of Hawaii for the Fiscal Yeaz July 1, 2007 to June 30, 2008. This balanced budget includes estimated revenues and appropriations of $359,100,000 and includes the operations of eleven of the County's special funds as well as the General Fund. This budget is 9.9 percent more than the current year's budget. It reflects a 15 percent increase in real property tax revenues due to an increase in property values. There are no changes in the property tax rates. The Mayor's budget message discusses several major expenditures proposed as well as Service Highlights. It attaches informational tables comparing 1) budgeted expenditures for FY 2006-07 and proposed for FY 2007-08 for each fund; 2) a summary of projected FY 2007-08 revenues from vazious sources and the change in those from the current budget; and 3) a summary of projected FY 2007-08 expenditures and the change in those from the current budget. Also lists significant changes to operating expenditures in several categories. Also submitted is the Operating Budget Proposal (Pazt 1, Volume II), which describes the departments and their programs, program objectives, highlights, program measures, expenditures, and positions. Additionally, Communication No. 193.1 from Finance Director William Takaba, dated Mazch 1, 2007, transmitted a booklet containing reports titled Six Month Progress Report on Program Objectives for FY2006-07 and Final Status Report on Program Objectives for FY2005-06. These reports provide information to the Council to assist in the evaluation of program accomplishments during the first six months of the current fiscal yeaz and for the previous 2005-06 fiscal yeaz. Budget Overview The budget for FY 2007-08 is $32,401,000, or 9.9%, more than the current year's budget. This budget reflects a 16.0% increase in real property tax revenues due to an increase in property values and no changes in our tax rates. The real property assessed valuations used are still preliminary figures and the values certified in April may vary from those assumed here. The final budget presented to the Council in May will be based on the final numbers.