HomeMy WebLinkAboutCOM 1039.081 2006-2008
CASEY JARMAN os h, KENNETH G. GOODENOW
County Clerk Deputy County Clerk
COLLEEN SCHRANDT
Legislative Auditor
Mailing Address: Business Address:
(Former County Building) 333 Kilauea Avenue, Second Floor
25 Aupuni Street Ben Franklin Building
Hilo, Hawai `i 96720 County of Hawai`i Hilo, Hawai `i 96720
Office of the County Clerk
Telephone: (808) 961-8255 Facsimile: (808) 961-8912
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MEMORANDUM'
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Date: June 27, 2008 ~s
To: Pete Hoffmann, Council Chair
And Council Members C^3
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From: Karl Rad, Audit Analyst
Subject: Fund Balance Trend Information
To assist you in your deliberations on the budget, I analyzed fund balance trends for the
past five years. As you know, the fund balance is the excess amount of total revenues
less total expenditures for a fiscal year. The management and timing of revenues,
expenditures and encumbrances impact the fund balance. The attached charts show the
trends of the estimated and actual fund balances.
The Government Finance Officers Association (GFOA) recommends an unreserved fund
balance of no less than 5-15% of the General Fund operating revenues or one to two
months of regular General Fund operating expenditures. Over the last five years the
current Administration has established a prudent trend of increasing the fund balance to
approximately 7.2% of the General Fund operating revenues. A Fiscal Year 2007-08
fund balance of $21.36 million is approximately 7% of General Fund operating revenues.
Please let me know if you need additional information or have any questions regarding
this information.
Gomm. NM 1054.9(
Ref. Tot Pre- - It~
Att. Ref. Date JUN 3 0 2008
Serving the Interests of the People of Our Island
Hawaii County is an Equal Opportunity Provider and Employer
Excess Fund Balance Trend
Excess Certified
Administration's Fund Balance
Operating over the
Budget Draft 2 Actual Certified Administration's
Estimated Fund Fund Balance Operating
Balance From From Previous Budget Draft 2
Fiscal Year Previous Year Year Estimate
2003-04 $1,000,000 $6,678,888.54 $5,678,888.54
2004-05 $3,271,000 $10,385,457.37 $7,114,457.37
2005-06 $6,186,000 $12,506,861.95 $6,320,861.95
2006-07 $5,149,504 $18,344,524.76 $13,195,020.76
2007-08 $9,000,000 $18,959,273.95 $9,959,273.95
2008-09 $16,115,000
Excess Certified Fund Balance over the Administration's
Operating Budget Draft 2 Estimate
$14,000,000 -a _.._..__...__._.__Ww__._....._-~
$12,000,000 - - -
$10,000,000
$8,000,000 - -
$6,000,000
$4,000,000
$2,000,000 -
$0
2003- 2004- 2005- 2006- 2007-
04 05 06 07 08
Fiscal Year