KAHULUI, Hawaii — Maui Mayor Richard Bissen signed off last week on a $1.07 billion budget for fiscal year 2024 that calls for a decrease in tax rates for certain owner-occupied homes, increased funding for affordable housing, a nearly $30 million contribution to the county’s “rainy day fund,” and some $184 million in capital improvement and infrastructure projects.
The Maui County Council unanimously passed the bill on June 6.
“I’m grateful to my team for the hard work that went into the fiscal year 2024 budget and for the council’s many months of review and deliberation,” Bissen said. “Under the leadership of budget chair Yuki Lei Sugimura and the long hours council members dedicated to the process, we’re giving our islands a responsible budget. By working together as leaders in our county, we are able to reach this important day that will deliver crucial services and benefits to our islands.
“Following the council’s approval, I am signing this bill into law that values our islands’ precious resources, improves the lives of residents and reflects our responsibility for the safety and overall well-being of our people. The budget is a critical tool to our most important outcome — the state of our people.”
Under provisions of the bill, most owner-occupied properties will see a reduction in taxes. For homes valued at $1 million or less, the rate will drop to $1.90 from $2 per $1,000 of net taxable assessed. Homes valued between $1,000,001 and $3 million will be taxed at a rate of $2 (down from $2.10) per $1,000 of net taxable assessed valuation.
The budget increases the county’s contribution to the Affordable Housing Fund to 8% of certified real property tax revenue, estimated at $43 million, from the mandated minimum of 3%.
The measure further calls for $28.9 million to be deposited in the county’s emergency fund and funding of more than $20 million in post-employment obligations, an investment that will reduce the county’s liability and enhance its status with credit-rating agencies for future bond ratings.
Capital and infrastructure projects provided for in the budget include:
- War Memorial Gym building improvements.
- The Lahaina Civic Center rehabilitation.
- Police radio upgrades.
- Expansion of the Kula Agricultural Park and countywide road resurfacing.
Michael Tsai covers local and state politics for Spectrum News Hawaii. He can be reached at michael.tsai@charter.com.