Bill Text: HI HB1077 | 2018 | Regular Session | Introduced

---

Bill Title: Making An Appropriation To The Emergency And Budget Reserve Fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2017-11-30 - Carried over to 2018 Regular Session. [HB1077 Detail]

Download: Hawaii-2018-HB1077-Introduced.html

---

HOUSE OF REPRESENTATIVES	H.B. NO.	1077
TWENTY-NINTH LEGISLATURE, 2017
STATE OF HAWAII

A BILL FOR AN ACT

 

 

MAKING AN APPROPRIATION TO THE EMERGENCY AND BUDGET RESERVE FUND.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 

     SECTION 1.  One of the clear lessons learned from the Great Recession that ended in 2009 is the necessity of having sufficient fiscal reserves to help carry the state through challenging economic conditions.  Now that the economy is rebounding and more revenues are available, a concerted effort must be made to further capitalize the state's fiscal reserves.

     To this end, several measures have been enacted to accelerate replenishment.  Act 124, Session Laws of Hawaii 2011, temporarily diverted tobacco settlement moneys from the emergency and budget reserve fund to the general fund in fiscal years 2011‑2012 and 2012‑2013, and resumed transfers from the tobacco settlement into the emergency and budget reserve fund in fiscal year 2013‑2014.  In addition, the following appropriations have been authorized and deposited to the emergency and budget reserve fund:  Act 267, Session Laws of Hawaii 2013, appropriated $50,000,000 in fiscal year 2013-2014; Act 64, Session Laws of Hawaii 2016, appropriated $1,000,000 in fiscal year 2015-2016; and Act 104, Session Laws of Hawaii 2016, appropriated $150,000,000 in fiscal year 2016-2017.

     As is fiscally prudent, this Act proposes to further capitalize fiscal reserves by transferring an additional $25,000,000 to the emergency and budget reserve fund in fiscal year 2017‑2018.  This will bring the projected fiscal year 2017‑2018 balance of the emergency and budget reserve fund up to $342,200,000, which is 4.51 per cent of general fund revenues.

     The purpose of this Act is to appropriate general funds to the emergency and budget reserve fund to help ensure the state's fiscal stability in future economic downturns.  As the state continues its economic recovery, accelerated capitalization of these fiscal reserve funds is prudent and fiscally sound.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $25,000,000 or so much thereof as may be necessary for fiscal year 2017‑2018 to further capitalize the emergency and budget reserve fund.  The sum appropriated shall be expended by the department of budget and finance for the purposes of this Act.

     SECTION 3.  This Act shall take effect upon its approval.

 

INTRODUCED BY:	_____________________________
	BY REQUEST

 

 

Report Title:

Appropriation; Emergency and Budget Reserve Fund

 

Description:

Makes a general fund appropriation of $25,000,000 for fiscal year 2017 2018 to further capitalize the Emergency and Budget Reserve Fund.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.