HomeMy WebLinkAboutREP FC 173 08/17/2010 2008-2010 REPORT OF THE
COMMITTEE ON FINANCE
DATE: August 17, 2010 Re: Comm. No. 906 /Bill No. 285
PLACE: Sheraton Keauhou Bay Resort and Spa
78 -128 `Ehukai Street
Kailua -Kona, Hawai`i
TIME: 9:00 a.m.
Council Chair and Members
Hawai`i County Council
Hilo, Hawai`i 96720
Your Committee on Finance, to which was referred Bill No. 285, reports as follows:
Bill No. 285, transmitted by Director of Finance Nancy Crawford, via Communication No. 906,
dated July 30, 2010, amends Ordinance No. 10 -59, as amended, the Operating Budget for the
County of Hawai`i of the fiscal year ending June 30, 2011. The amendment is as follows:
FROM:
3609.32 Reimburse Debt Service - DWS General $432,968.35
TOTAL $432,968.35
TO:
010.801.5803.01 Interest on G.O. Bonds — County General $432,968.35
TOTAL $432,968.35
The County of Hawai`i recently issued $60 million in General Obligation Bonds, of which the
semi - autonomous Department of Water Supply (DWS) was allocated 25% of the bond proceeds.
To properly reflect the DWS' share of the interest payments due this fiscal year, this bill amends
the operating budget.
Deanna Sako, Deputy Director of Finance said this is primarily a housekeeping measure to correct
the budget and help with accounting.
Your Committee on Finance is in accordance with the purpose and intent of Bill No. 285 and
recommends it pass first reading.
de
AYES NOES A &E EX Respectfully submitted,
ENRIQUES X
FORD X COMMITTEE ON FINANCE
GREENWELL X
HOFFMANN X
IKEDA X i
NAEOLE - BEASON X
ONISHI X DENNIS "FRESH" ONISHI, CHAIR
YAGONG X FC REPORT NO. 173
YOSHIMOTO X ADOPTED:SEP 0 9 201D