HomeMy WebLinkAboutREP FC 072 04/23/1997 1996-1998 REPORT OF THE
COMMITTEE ON FINANCE
DATE: April z ~ 1997 Re: Comm. No. 184 ~
PLACE: Councilroom Bill No. 55 '
TIME: 2: 4 5 0. m.
Chair and Members
Hawaii County Council
Hilo, Hawaii 96720
Your Committee on Finance, to which was referred Communication No. 184, dated Mazch 1, 1997,
from Mayor Stephen K. Yamashiro transmitting Bill No. 55, the Operating Budget and Six Year
Operating Program for Fiscal Yeaz 1997-98, reports as follows:
Pursuant to Section 10-2 of the Hawaii County Charter, Preparation and Submission of Budget and
Capital Program, Mayor Stephen K. Yamashiro submitted the 1997-98 Operating Budget to the County
Council for review and approval on March 1, 1997. The proposed Operating Budget for FY 1997-98
totals $180,617,844, an increase of 6.9% over the current fiscal year's budget. The increase is, in large
part, the result of additional debt service requirements, including the initial principal payment on the
1996 $30 million bond issuance, and increases in health benefit costs.
Real Property tax revenues aze projected to decrease by $2 million primarily because of the non- .
speculative residential use dedication exemption and the removal from the tax rolls of approximately
6,500 acres of former Hamakua Sugar land now owned by the County and State. No increases in real
property tax rates are being sought.
To meet the operating needs and balance the budget, the fund balance carryover is projected to exceed
$19.4 million or $9 million more than the current year. This increase in the carryover amount has been
accomplished through sound and efficient use of the County's limited resources.
Your Committee held meetings and reviews of departmental programs and budgets on March 20, 24,
and 25, 1997. Your Committee reviewed the Operating Budget and Six Year Operating Program on
March 25, 1997. In particular, a recommendations meeting was held today to discuss possible
amendments to the Mayor's Operating Budget and Six Year Operating Program.
Your Committee on Finance is in accord with the purpose and intent of Bill No. 55 (Operating Budget
and Six Year Operating Program) and transmits it to Council without recommendation.
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Aycs Nnes A&H1 EX
CHUNC X Respectfully submitted
LEITHEAD-TODD X CQ '~'i`EE ON FINANCE
RAY X _
SANTANGELO X ~ ~ ~ ~ ~
SMITH X -
TvLER x AARON S.Y. CHLTNG, CH IIj~'
YAGONG X FC REPORT NO. -J 72
ARAKAKI, E.o.M. X ADOPTED: j~_~~_Y
1 4 ~