LIHU‘E — The County of Kaua‘i had more than $68 million left in the bank on July 1, 2010, the first day of fiscal year 2011. A year later, the surplus was a little smaller, but the county still had
LIHU‘E — The County of Kaua‘i had more than $68 million left in the bank on July 1, 2010, the first day of fiscal year 2011. A year later, the surplus was a little smaller, but the county still had more than $57 million left, according to official reports.
However, if Kaua‘i County Council Chair Jay Furfaro is right, the administration could be facing a budgetary shortfall of $2.64 million.
Where is the money?
The Comprehensive Annual Financial Report shows that during FY2011 (July 1, 2010, to June 30, 2011), the county had an extra $16.12 million added to its initial surplus of $68.8 million. But other financial uses amounting to $27.66 million brought the surplus down to $57.26 million at the end of FY2011.
The CAFR, prepared by Honolulu-based N&K CPAs, presented its 150-page report to the council at a special meeting Dec. 15, which also marked the council’s last meeting of the year.
Furfaro prepared his own presentation and, quoting from the CAFR, calculated that the $57.26 million surplus will shrink to a $2.64 million shortfall, if the county budget is used as expected.
Approximately $23.38 million must be placed into the county’s reserve fund, created by an ordinance earlier this year. When combined with expenses — such as $12.31 million in transfers from the general fund to other funds, $9.99 million in operating projections, $5.41 million in committed encumbrances, $4.04 million in debt service, $3.74 million in self-insurance, $490,000 in landfill closure funding, $396,436 in the public access fund, and an extra $126,000 in capital improvement projects — the county falls short $2.64 million.
