COM 0742.036 1996-1998 - Laserfiche WebLink

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JM~{V Os 'P c- y6c William G. Davis Stephen K. Yamashiro Managing Dircxtor Mayan , • - ; Henry Cho lr~rF o :N~,NP Dep¢ty Managing Direrfrrr ~IILIIi~~J II~ ~M~1Ttitt ZS Aupuni Street, Room 215 fiilo, Hawaii 96720-4252 (808) 961-8211 Fax (808) 961-6553 KONA: 75-5706 Kuakini Highway, Suite 103 };ailua-Kona, Hawaii 96740 (808) 3295226 Fax (808) 3:!6-5663 June 10, 1998 The Honorable James Y. Arakaki Council Chairman Hawaii County Council Hilo, Hawaii Re: Bill 202, Draft 4, 1998-99 Operating Budget Bill 203, Draft 4, 1998-99 Capital Budget I have signed the Operating Budget and Capital Budget bills approved by the Council. In signing the Operating Budget, it is my understanding that the Council did not concur with our recommendation that all of the $492,000 net realization from the 1998 State Legislature be placed in the Provision for Future Budget Shortfall account but instead placed $10,000 for a Charter Commission and $482,000 in the Council's budget as Contingency Relief. I would like to take this opportunity to inform the Council that throughout the 1998-99 fiscal year we will do everything possible to hedge our fiscal resources for the 1999-2000 budget. I will not be allowing any transfers out of the account containing the $980,000 the Council set up in their budget. If the Council wished to expend these monies for a specified project they should have established appropriations during the budget review. It is also my understanding that the Council increased the appropriations in the Capital Budget by $9,996,000 and 12 additional projects. The Council needs to realize that the Capital Budget only designates the source of funding for the approved projects. The Council did not provide for any increase to the Operating Budget's debt service to accommodate the additional Council projects and therefore we would not have the means by which to issue general obligation bonds for the additional requirements. , , JUN 1 1998