HomeMy WebLinkAboutCOM 1093.000 2016-2018 Harry Kim c� '�• • Deanna S. Sako
Mayor Director
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4e OF.M1' Deputy Director
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County of Hawaii
Finance Department
25 Aupuni Street,Suite 2103 • Hilo,Hawai`i 96720
(808)961-8234 • Fax(808)961-8569
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September 14, 2018
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Valerie Poindexter, Council Chair andrna
Members of the Hawai`i County Council
Hawai`i County Council w
25 Aupuni Street
Hilo, Hawaii 96720
Re: Operating Budget
In the current Budget Ordinance 18-68, $28,656,331 is appropriated in the General Fund's
Transfer to Debt Service, General Serial Bond Redemption—County account. We are seeking to
increase the appropriation of this account by $201,422 due to the Department of Water Supply's
(DWS's) request to payoff Happy Homes USDA Loan#9 (General Obligation Bond 2004D).
Enclosed is a bill for an ordinance amending the Operating Budget by appropriating the
additional funds as indicated above into the General Fund's Transfer to Debt Service, General
Serial Bond Redemption—County account, bringing the total appropriation to $28,857,753.
We are requesting that this bill be waived from the Finance Committee and be placed on the
October 3, 2018 Council agenda in order to expedite this transaction. If there are any questions,
please do not hesitate to call Chris Nakano, Treasurer at 933-6240.
Deanna S. Sako
Director of Finance
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Ref. Date SEP 19 2018
Hawaii County is an Equal Opportunity Provider and Employer
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Form #: B-52
7/18/91
DEPARTMENT OF FINANCE
REQUEST FOR COUNCIL ACTION
DEPARTMENT: FINANCE DATE: SEPTEMBER 10, 2018
STAFF CONTACT: CHRIS NAKANO PHONE: 933-6240
A. REQUEST:
INCREASE TRANSFER TO DEBT SERVICE-GENERAL SERIAL BOND REDEMPTION
010.801.5803.02.341 BY $201,421.60 DUE TO DEPARTMENT OF WATER SUPPLY REQUEST TO
PAYOFF HAPPY HOMES USDA LOAN #9 (GENERAL OBLIGATION BOND 2004D). THERE WILL BE AN
CORRESPONDING INCREASE TO REVENUE ACCOUNT 010.3609.32 REIMBURSEMENT DEBT
SERVICE-DWS. WE ARE REQUESTING THAT THE FINANCE COMMITTEE BE WAIVED DUE TO THE
TIMING OF THIS TRANSACTION.
B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED):
ECONOMIC BENEFIT TO EARLY PAYOFF OF THE LOAN AS THE INTEREST RATE ON THE LOAN IS
4.5%, WHICH IS HIGHER THAN THE INTEREST EARNED ON INVESTMENTS.
SIGNED: DATE: �� � ir
Department Head
MAILE MEDEIROS DAVID r`••"•..!..'-. AARON S. Y. CHUNG
Chairperson ^ ,�, „ DRU MAMO KANUHA
SUSAN L.K.'LEE LOY
KAREN EOFF -- s' EILEEN O'HARA
Vice Chair ` "°••�.' VALERIE T.POINDEXTER
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OF
....... HERBERT M. TIM RICHARDS, III
JENNIFER RUGGLES
HAWAII COUNTY COUNCIL
County of Hawai`i
Hawai`i County Building
25 Aupuni Street
Hilo, Hawai`i 96720
September 17, 2018
Valerie T. Poindexter, Chairperson
Hawai`i County Council
25 Aupuni Street
Hilo, Hawai`i 96720
RE: Bill No. 198 : AN ORDINANCE TO AMEND ORDINANCE NO. 18-68, AS
AMENDED, THE OPERATING BUDGET FOR THE COUNTY OF HAWAII FOR
THE FISCAL YEAR ENDING JUNE 30, 2019.
Pursuant to Section 2(g) of Rule 4 of the Rules of Procedure of the Council of the County of
Hawai`i, this written request is submitted with my approval that the above-referenced matter be
waived from the Committee on Finance to the full Council for immediate action. In reviewing
this matter, timely approval is crucial. It is therefore advantageous that approval is granted and
the matter be placed onto the next Council agenda for review. However, in the event this request
is denied, for whatever reason, I understand the matter shall be referred to the Committee on
Finance for placement on its future agenda.
Sincerely,
-rMaile David, Chairperson
Committee on Finance
approve)/Date/Waive to Council: Disapproved/Date/Refer to FC:
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Valerie T. Poindexter, Chairperson CI I I elite Valerie T. Poindexter, Chairperson
Hawai`i County Council Hawai`i County Council
Hawai`i County is an Equal Opportunity Provider and Employer