HomeMy WebLinkAboutCOM 0304.003 1998-2000 °~t~~ William G. Davis
8,••,'';' If,'
• ' " g;• Managing Director
Stephen K. Yamashiro ~i
Mayor Henry Cho
•~J• ~ Ane~?' DeQutY Managing Director
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25 Aupuni Street, Aoom 215 Hilo, Hawaii 96720-4252 (808) 961-8211 Fex (808) 961-6553
KONA: 75.5706 Kuakini Highway, Suite 103 Kailua-Kona, Hawaii 96740
(BOS) 329.5226 Faz (808) 326-5663
June 1, 1999
The Honorable James Y. Arakaki
Council Chairman
Hawaii County Council
Hilo, Hawaii
Re: S.B. 1518, C.D. 1
The Honorable Benjamin J. Cayetano, Governor of the State of Hawaii, has
indicated that he intends to approve S.B. 1518, C.D.1.
S.B. 1518, C.D.1, proposes to share the actuarial investment earnings in excess
of a ten per cent actuarial investment yield rate for the fiscal years 1997 and
1998. Based upon information received from the State Employee Retirement
System, our contributions for the fiscal years 2000 and 2001 will be $3,136,000
and $3,275,700, respectively. For fiscal year 1999-2000, our contributions will be
reduced by $6,069,600.
S.B. 1518, C.D.1, also included a provision which provided each county with an
appropriation from the general revenues of the State. The County of Hawaii's
share is $2,065,600 for each of the fiscal years 2000 and 2001, Governor
Cayetano has indicated that he does not intend to release these funds.
This information is provided to you as you approve the County of Hawaii's
Operating Budget for the fiscal year 1999-2000.
Si ce ly, \~"'"N
11? Stephen K. Y~hiro
Mayor
Comm. No. ~ ~ ~ 03
File No. P~ S
Ref. To: CDUnlc~L
Ref. Date JUN 1_1999