Maui Mayor Michael Victorino unveiled a budget proposal that, for the first time in county history, exceeds $1 billion for fiscal year 2023.
Victorino’s proposed $1.187 billion budget will focus on building more housing, diversifying the economy, better managing the hospitality industry, and investing in clean infrastructure.
The administration proposed increasing the amount of real property tax revenue the county sets aside for the Affordable Housing Fund from 3% to 7%, or nearly $29.4 million.
In his presentation before the Maui County Council, Victorino credited new taxation for the increase in revenue going into county coffers.
"Today I propose a record-setting budget for the first time exceeding $1 billion because together, we the people of Maui County have done it right. Even during this hardest time, we’ve operated conservatively, managed our money responsibly, and took calculated risks when needed. Our revenues are up due to real property evaluations and the new TAT surcharge. Let’s continue to work together and collaborate with strong fiscal strength," Victorino said.
Victorino proposed to set aside $10 million for COVID-19 relief and another $3.4 million to replenish the Maui County emergency fund.
County councilmembers will need to flesh out the mayor’s proposed budget for fiscal year 2023, which begins July 1.
