COM 1040.000 2006-2008 - Laserfiche WebLink

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't,'.®s of Harry Kim Dixie Kaetsu Mayor Managing Director o4:.occf•.. _ ~ Barbara J. Kossow County of H a-8- a I L I Deputy Managing Director 891 Ululani Street • Hilo, Hawaii 96720-3982 • (808) 9618211 • Fax (808) 961-6553 KONA: 75-5706 Kuakini Highway, Suite 103 • Kailua-Kona, Hawaii 96740 (808) 329-5226 Fax (808) 326-5663 sv February 29, 2008 ~l 00 The Honorable Pete Hoffmann, Chair and Members of the County Council Hawaii County Council Hilo, HI 96720 c.n Dear Chairman Hoffmann and Council Members: Transmitted herewith is the Capital Budget for FY 2008-2009 submitted for your review and approval, and the Capital Improvements Program for the next six years from FY 2008-09 to 2013-14 for your information. The Capital Budget includes 68 projects requiring a total appropriation of $134,976,000, of which $15,686,000 is Federal Grants Receivable, $4,450,000 is State Grants Receivable and $15,037,000 is County-financed through State Revolving Fund (SRF) loans (see Table 1). Debt Service Every year, we strive to present a budget that is fiscally constrained (in terms of prudent debt service planning) and selective based on rational criteria. The Government Finance Officers Association, a professional organization of government officials, recommends a prudent debt service limit to be 15% of general expenditures. The lower the interest rate and the greater the revenues, the more can be borrowed while staying within the prudent debt service limits. The proposed operating budget for this coming fiscal year includes debt service of approximately $7,626,000 for $100M in new bonds to be floated during the next fiscal year, as well as $693,887 debt service for new SRF loans. At this budgeted amount, the resulting total debt service is estimated at 11.8% of the general expenditures. ?rll 015 -3\, County of Hawaii is an Equal Opportunity Provider and Employer 3 100 Ref, To* 3 Ref. Dafe