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Home My WebLink AboutCOM 0101.042 1998-2000 O ec'rJ 2 - 2 C 8: �3 a.. kd • • OVNV Of Hq�q t` • J. CURTIS TYLER, III ` Tel: (808) 961 -8273 • Councilmember • " . Fax: (808) 969 -3291 c 4: COUNTY COUNCIL County of Hawaii Hawaii County Building 25 Aupuni Street Hilo, Hawaii 96720 February 23, 1999 MEMORANDUM: TO: Council Services Hawai'i County Council FROM: Megan Mitchell, Aide to M N` J. Curtis Tyler III, Council Member RE: Memo from Gary Takamura, Budget Administrator To Council Member Tyler Regarding Financial Projections Per Mr. Tyler's request, I am transmitting to Council Services a copy of the above referenced memorandum. Please circulate copies of this correspondence to Chairman Arakaki and all Hawai'i County Council Members in reference to Bill 209. Thank you. Attachment Comm. No. File No. i NV l3N Ref. To Presemp1" Cousetats Ref. Date FEB 2 6 1999 • 77 -6399 Nalani St., Suite 1 -A Kailua -Kona, Hawaii 96740 Kona Telephone: (808) 326 -5684 Fax: (808) 326 -5697 • O V OF Stephen K. Yamashiro ' �' \Vb, Harry A. Takahashi * Director Mayor i ��i•� �1 : k, S. K. Schutte '%. LPI. :; • ., 4 rE 6 v. r � • Deputy County of 3ahaii DEPARTMENT OF FINANCE 25 Aupuni Street, Room 118 • Han, Hawaii 96720 -4252 (808) 961-8234 • Fax (808) 961 -8248 ' January 29, 1999 To: J. Curtis Tyler 111, Council Member 6 From: Gary Takamura, Budget Administrat r Subject: Financial Projections In response to your request for financial projections, we enclose a spreadsheet with preliminary revenue and expenditure projections for the General Fund over the next five years. As yet, we have not balanced our FY 1999 -2000 Operating Budget; but for the purpose of this report, we have balanced our projections by netting out any shortfalls against the amount allocated to departments. Any new programs such as wage increases, new facilities, program expansions, etc. would need to be supported by additional revenues. • Since our projections are based on arbitrary and discretionary assumptions, we found it senseless to prepare projections for the 10th, 15th and 20th fiscal years. Instead we provide two schedules related to debt service: a repayment schedule for a $30 million bond and a schedule of debt service requirements for our outstanding general obligation bonds. Should you have any questions on the information provided, please call me at 961 -8489. Enclosure Cc: Harry Takahashi, Director of Finance 0 0 GENERAL FUND FY 99 BUDGET AND 5 YEAR PRELIMINARY PROJECTIONS (amount in thousands) FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 See BUDGET ESTIMATE ESTIMATE ESTIMATE ESTIMATE ESTIMATE note REVENUES Real Property Taxes 83,009 80,919 81,395 81,395 81,795 82,895 1 Licenses & Permits 3,495 3,589 3,600 3,308 3,386 3,763 2 TAT 15,337 13,074 13,378 13,726 14,100 14,498 3 Intergovernmental Rev 15,312 15,232 14,808 14,625 14,677 14,711 2 Charges for Service 1,863 1,586 1,601 1,617 1,634 1,650 2 Fines & Forefeitures 639 797 797 797 797 797 2 Misc Revenues 15,298 12,160 11,434 13,643 10,388 10,218 2 Fund Balance 14,000 12,000 11,000 10,000 10,000 10,000 2 Total Revenues 148,953 139,357 138,013 139,111 136,777 138,532 EXPENDITURES Departmental Allocation 87,737 79,657 80,775 81,164 77,970 79,405 4 Grant Expenditures 9,416 9,212 8,941 8,788 8,933 8,782 5 Transfers 8,462 5,977 6,207 6,345 6,862 6,616 6 Debt Service 17,788 18,997 20,036 20,039 19,603 19,585 7 Pension & Contribution 9,952 12,720 8,701 8,869 8,949 9,032 8 Health 10,334 9,765 10,253 10,771 11,250 11,867 9 Misc 5,264 3,029 3,100 3,135 3,210 3,245 10 Total Expenditures 148,953 139,357 138,013 139,111 136,777 138,532 Notes: 1. Preliminary estimates per RPT Administrator with no change in tax rate. 2. Preliminary projections per departments. 3. Per distribution formula of Council on Revenues TAT projections. 4. Amount available to departments for operations. 5. Expenditures associated with grants and other dedicated revenue sources. 6. Interfund transfers per preliminary projections by departments. 7. Includes expense for proposed $30 million bond float. 8. Assumes ERS expense constant after FY 01. 9. Assumes a 5% annual increase in rates. 10. Assumes claims & judgements at $500,000. GTT 1/28/99 . 0 GO BOND AMORT O GO BOND REPAYMENT SCHEDULE GO Bond Amount: 30,000,000 Interest Rate: 0.XXXX 5.00% Annual Payment: - 2,566,387 Date of Issue: First payment due six months of issues PAYMENT SEMIANNUAL INTEREST PRINCIPAL PRINCIPAL NO. PAYMENT PAYMENT PAYMENT BALANCE 1 750,000 750,000 30,000,000 2 750,000 750,000 30,000,000 3 750,000 750,000 30,000,000 4 750,000 750,000 30,000,000 5 750,000 750,000 30,000,000 6 1,816,387 750,000 1,066,387 28,933,613 7 723,340 723,340 28,933,613 8 1,843,046 723,340 1,119,706 27,813,907 9 695,348 695,348 27,813,907 10 1,871,039 695,348 1,175,691 26,638,216 11 665,955 665,955 26,638,216 12 1,900,431 665,955 1,234,476 25,403,740 13 635,094 635,094 25,403,740 14 1,931,293 635,094 1,296,200 24,107,540 15 602,689 602,689 24,107,540 16 1,963,698 602,689 1,361,010 22,746,531 17 568,663 568,663 22,746,531 18 1,997,723 568,663 1,429,060 21,317,471 19 532,937 532,937 21,317,471 20 2,033,450 532,937 1,500,513 19,816,958 21 495,424 495,424 19,816,958 22 2,070,963 495,424 1,575,539 18,241,419 23 456,035 456,035 18,241,419 24 2,110,351 456,035 1,654,316 16,587,103 25 414,678 414,678 16,587,103 26 2,151,709 414,678 1,737,032 14,850,072 27 371,252 371,252 14,850,072 28 2,195,135 371,252 1,823,883 13,026,188 29 325,655 325,655 13,026,188 30 2,240,732 325,655 1,915,077 11,111,111 31 277,778 277,778 11,111,111 32 2,288,609 277,778 2,010,831 9,100,280 33 227,507 227,507 9,100,280 34 2,338,880 227,507 2,111,373 6,988,907 35 174,723 174,723 6,988,907 36 2,391,664 174,723 2,216,941 4,771,966 37 119,299 119,299 4,771,966 38 2,447,088 119,299 2,327,788 2,444,178 39 61,104 61,104 2,444,178 40 2-5D1282 282 61 104 2.444.178 0 49,194,960 19,194,960 30,000,000 o COUNTY OF HAWAII `� General Long -Term Debt Account Group Schedule of Debt Service Requirements to Maturity for General Obligation Bonds June 30, 1998 Total Bonds Bonds Fiscal Outstanding Year at Ended Beginning Total J une 30 of Year Principal Interest Requirements 1999 $120,398,500 $6,312,000 $6,536,324 $12,848,324 2000 114,086,500 6,625,500 6,197,192 12,822,692 2001 107,461,000 6,953,500 5,833,920 12,787,420 2002 100,507,500 7,313,000 5,447,378 12,760,378 2003 93,194,500 7,677,500 5,048,207 12,725,707 2004 85,517,000 7,612,500 4,642,233 12,254,733 2005 77,904,500 8,027,500 4,227,559 12,255,059 2006 69,877,000 8,488,500 3,786,061 12,274,561 2007 61,388,500 8,940,000 3,311,881 12,251,881 2008 52,448,500 6,438,000 2,808,317 9,246,317 2009 46,010,500 6,791,000 2,467,508 9,258,508 2010 39,219,500 7,143,500 2,103,810 9,247,310 2011 32,076,000 7,532,000 1,719,382 9,251,382 2012 24,544,000 7,942,000. 1,311,318 9,253,318 2013 16,602,000 8,341,000 878,985 9,219,985 2014 8,261,000 2,520,500 424,735 2,945,235 2015 5,740,500 2,651,000 294,893 2,945,893 2016 3,089,500 2,786,500 158,325 2,944,825 2017 303,000 303,000 14,771 317,771 $120,398,500 $57,212,799 $177,611,299 - 116 -