POSTED: 08:21 p.m. HST, Jun 06, 2012
The City Council voted 8-1 today to approve a $1.96 billion operating budget and $588.7 million capital improvements budget for the new fiscal year that begins July 1.
The operating budget is only slightly greater than the $1.93 billion plan introduced by Mayor Peter Carlisle in March while the capital improvements budget is about 7 percent more than Carlisle's $577 million proposal.
Like the Carlisle budget plan, the Council also voted not to raise, or drop, property tax rates. Increases in valuations in key Oahu neighborhoods are expected to help bring in added revenue to offset the small bump from the current year's $1.93 billion budget.
The budget goes to the mayor for consideration.