Bill Text: HI HB564 | 2011 | Regular Session | Introduced
Bill Title: Emergency and Budget Reserve Fund; General Fund Balance
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Engrossed - Dead) 2011-03-10 - (S) Referred to JDL, WAM. [HB564 Detail]
Download: Hawaii-2011-HB564-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
564 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
Relating to the Emergency and Budget Reserve Fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 328L-3, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) There is established in the state treasury the emergency and budget reserve fund which shall be a special fund administered by the director of finance, into which shall be deposited:
(1) Moneys received from the tobacco settlement moneys under section 328L-2;
(2) Appropriations made by the legislature to the fund; and
(3) [Five] Ten
per cent of the state general fund balance at the close of the fiscal year,
whenever state general fund revenues for each of two successive fiscal years
exceeds revenues for each of the preceding fiscal years by five per cent,
pursuant to article VII, section 6 of the Hawaii Constitution. For the purpose
of this section, the general fund balance at the close of the fiscal year shall
be calculated before any tax refund or tax credit is authorized by the
legislature, pursuant to article VII, section 6 of the Hawaii Constitution,
that is provided during the same regular session as the transfer depositing
such moneys to the emergency and budget reserve fund; provided that transfers
shall not be made to the emergency and budget reserve fund whenever the balance
of the emergency and budget reserve fund is equal to or more than ten per cent of
general fund revenues for the preceding fiscal year. The transfer shall be
executed by the director of finance;
provided that all moneys deposited into the emergency and budget reserve fund under paragraphs (1) and (2) and all moneys deposited under paragraph (3) shall be kept in separate and distinct accounts."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on June 30, 2011; provided that the amendment made to section 328L-3, Hawaii Revised Statutes, by section 1 of this Act shall not be repealed when section 328L-3, Hawaii Revised Statutes, is reenacted on June 30, 2015, pursuant to section 6 of Act 119, Session Laws of Hawaii 2009.
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INTRODUCED BY: |
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Report Title:
Emergency and Budget Reserve Fund; General Fund Balance
Description:
Increases from 5% to 10% the percentage of moneys from the excess general fund balance to be deposited into the emergency and budget reserve fund as a temporary source of funding for the State during times of emergency, severe economic downturn, and unforeseen reduction in revenues.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
