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HomeMy WebLinkAboutCOM 0899.005 2014-2016 PIM aOMM. gaq Murashige, Laura From: dmorgan@onomeafcu.com Sent: Friday, May 27, 2016 3:11 PM To: Council Testimony; Poindexter,Valerie Subject: Committee On Finance, 6/2/2016 Meeting, Bill #212 Attachments: HCC - Bill #212.pdf Good Afternoon, Please see attached written testimony regarding the June 2nd, 2016 Committee on Finance meeting regarding Bill #212. 9 9 Thank you, David Morgan Chief Executive Officer Onomea Federal Credit Union 808-964-1031; dmorganap.onomeafcu.com "A Perfect Fit- You& Your Credit Union" Attention- This email and any attachment(s)may contain privileged and confidential n formation intended onlv.for the use of the individual(s)named above. 1f you are not an intended recipient,please refrain from any disclosure, copying. distribution or use of this information and note that such actions are prohibited. If you have received this transmission in error,please notify the sender and delete it immediately from your computer without retaining any copies. Thank you for your cooperation. r75 o� � ? CD comm. No. glq. Ref. Tel p ' - Ref. Date jI IN 0_2 ?fin • 1 Cnomea FEDERAL CREDIT UNION P.O.Box 19 • Papaikou,Hawaii 96781 • (808) 964-1031 • Fax(808)964-5088 May 27th, 2016 TO: Hawaii County Council Committee on Finance June 2nd, 2016 Meeting councihestimony@hawaiicounty.gov valerie.poindexter@hawaiicounty.gov FROM: David Morgan, Chief Executive Officer Onomea Federal Credit Union RE: Bill Number 212 Aloha, and Good Afternoon, On behalf of Onomea Federal Credit Union, as its Chief Executive Officer, as well as personally as a member of the Credit Union, I wish to state our objection to the proposed Bill #212 which would remove the exemption for real property taxes that is currently granted to Credit Unions here in Hawaii County. As far back as 1934 during the founding principles of the Federal Credit Union movement, it was highly celebrated that Credit Unions were a cooperative organization. As a not-for-profit financial institution, Credit Unions were seen as a valuable, service oriented institution operated entirely by and for the members it served. As such, Credit Unions because of their uniqueness, were granted tax exempt status across this nation. The Credit Union philosophy has not changed in the 82 years since the founding of the Federal Credit Union. Act because governments, both locally and nationally, have recognized this uniqueness which benefits millions of American citizens. Onomea Federal Credit Union is like every other Federal Credit Union in our founding principles. We only have volunteer Board of Directors! We do not have stockholders as owners, but valued members who participate in the success of the Credit Union through ownership! Expenses are paid from the income generated by the members. Expenses take away from the services we offer our members, at times greatly impacting the service we can provide. Here at Onomea Federal Credit Union, any increased expense can easily mean a decreased service to our membership, higher rates charged on loans, lower rates paid on savings, elimination of Credit Union personnel providing service to our members. Onomea FEDERAL CREDIT UNION P.O. Box 19 • Papaikou,Hawaii 96781 • (808)964-1031 • Fax (808)964-5088 Hawaii County Council Committee on Finance Page 2: Every expense affects our membership, and because we value our members and our members value us, we strongly object to any Hawaii County Council Bill 212 which would raise our taxes and impact our expenses. We hope you agree that preserving this uniqueness is vitally important to all Credit Unions and will vote"no" on the repeal of the Credit Union real property tax exemption. Mahalo for your time and consideration on this very important matter, David Morgan Chief Executive Officer Onomea Federal Credit Union Proudly Serving Big Island Residents Since 1939