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HomeMy WebLinkAboutREP FC 116 2013/12/03 (2012-2014) REPORT OF THE COMMITTEE ON FINANCE DATE: December 3, 2013 Re: Comm. No. 532/Bill No. 156 PLACE: Council Chambers Kona, Hawai`i TIME: 1:35 p.m. Council Chair and Members Hawai`i County Council Hilo, Hawai`i 96720 Your Committee on Finance, to which was referred Bill No. 156, reports as follows: Bill No. 156,transmitted by Mayor William P. Kenoi, via Communication No. 532 dated November 14, 2013, authorizes the issuance of General Obligation Bonds of the County of Hawai`i for the purpose of funding all or a portion of the costs of various public improvement projects; fixing the form, denominations, and certain other details of such bonds and providing for their sale to the public; and authorizing the taking of other actions relating to the issuance and sale of the bonds. Aggregate principal amount not to exceed $61 million for the purpose of funding all or portion of the costs of the 23 public improvement projects authorized and set forth in Exhibit A attached to the bill. Council Member Ford stated that she felt it was unfair that District 6 had no projects on the 2013 Bond Authorization Project Listing, Exhibit A, in Bill No. 156. She explained the details of the three proposed projects and noted that she confirmed with the administration that none of them are scheduled in the Operations Budget. Council Member Yoshimoto felt that if one council member adds proposed amendments then all members should be allowed to do so. Proposed amendments were transmitted via Communication No. 532.1 by Council Member Brenda J. Ford, dated November 27, 2013. Finance Director Nancy Crawford and Deputy Director Deanna Sako appeared before Your Committee for questions. Ms. Crawford stated that a few of the projects on the list were island-wide projects; however, she could not provide specific information as to where they were to be carried out. She referred the council members to forward their questions to the perspective departments for more information. Deputy Director Sako stated that the $61 million was the estimate calculated for the projects based on the total debt service percentage as compared to total expenditures; a 13.5 percent difference. She reported that the Government Finance Officers Association (GFOA) recommends no more than 15 percent. FC Report No. 116 FC-116 Page 2 December 3, 2013 Your Committee on Finance is in accord with the purpose and intent of Bill No. 156, as amended to Draft 2, and recommends its passage on first reading. sc AYES NOES A&E EX Respectfully submitted, EOFF X FORD x COMMITTEE ON FINANCE ILAGAN X KANUHA X - KERN X /� t &et-c+‘6IeaE7-h-D ONISHI X POINDEXTER X VALERIE T. POINDEXTER, CHAIR WILLE X FC REPORT NO.: 116 YOSHIMOTO X ADOPTED: DEC 1 8 2013