Bill Text: HI HB564 | 2012 | Regular Session | Amended
Bill Title: Emergency and Budget Reserve Fund; General Fund Balance
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Engrossed - Dead) 2011-12-01 - Carried over to 2012 Regular Session. [HB564 Detail]
Download: Hawaii-2012-HB564-Amended.html
STAND. COM. REP. NO. 672
Honolulu, Hawaii
, 2011
RE: H.B. No. 564
H.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Sixth State Legislature
Regular Session of 2011
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 564 entitled:
"A BILL FOR AN ACT RELATING TO THE EMERGENCY AND BUDGET RESERVE FUND,"
begs leave to report as follows:
The purpose of this bill is to assist the State in the future during times of emergency, severe economic downturn, and unforeseen reduction in revenues by increasing the percentage of moneys from the excess general fund balance to be deposited into the Emergency and Budget Reserve Fund (Fund) from five percent to ten percent.
The Department of Budget and Finance and Tax Foundation of Hawaii provided comments on this bill.
Your Committee has amended this bill by:
(1) Requiring that five percent of the excess general fund balance deposited into the Fund be used to reduce the unfunded liability of the Employees' Retirement System; and
(2) Making technical, nonsubstantive amendments for clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 564, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 564, H.D. 1, and be placed on the calendar for Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
|
|
|
____________________________ MARCUS R. OSHIRO, Chair |
|
|
|
|
