A $2.16 billion operating budget for the coming 2014 fiscal year approved by the City Council today is the largest ever for Honolulu.
The budget is about $72 million more than the one Mayor Kirk Caldwell submitted in March. But city officials said of that amount, $70 million reflects the revenue anticipated from the sale of the city’s affordable housing stock to a private entity. That money is to be spent paying off bonds related to the original development of those projects.
The budget includes no increases in property tax rates and nearly all fees will remain the same. Caldwell’s plan to increase the city’s at-the-pump fuel tax by 5 cents a gallon was shot down in March.
The vote was 8-0. Councilwoman Kymberly Pine was absent, citing unspecified health reasons. Councilman Breene Harimoto voted with reservations.