Bill Text: HI SB1094 | 2013 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Appropriation; Emergency and Budget Reserve Fund ($)

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2013-07-09 - Act 267, 7/3/2013 (Gov. Msg. No. 1370). [SB1094 Detail]

Download: Hawaii-2013-SB1094-Introduced.html

THE SENATE

S.B. NO.

1094

TWENTY-SEVENTH LEGISLATURE, 2013

 

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.  The State is emerging from one of the most challenging economic periods in its history.  During the last several years, extreme measures had to be taken to keep the State solvent, including:  furloughs; temporary salary reductions; reductions‑in‑force; forced downsizing of programs and services; purchasing and hiring freezes; and enactment of temporary revenue enhancements.  Additionally, most of the State's fiscal reserves, the emergency and budget reserve fund and the hurricane reserve trust fund, were committed to forestalling even greater spending reductions and revenue enhancement measures.

     One of the clear lessons learned from this experience is the necessity of having sufficient fiscal reserves to help carry the State through the worst conditions.  Now that the economy is rebounding and more revenues are available, a concerted effort must be made to recapitalize the State's depleted fiscal reserves as expeditiously as possible.

     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, but transfers from the tobacco settlement into the emergency and budget reserve fund will resume starting in fiscal year 2013‑2014.

     As is fiscally prudent, this Act proposes to further accelerate recapitalization of fiscal reserves by transferring an additional $25,000,000 to the emergency and budget reserve fund.  This will bring the projected fiscal year 2014‑2015 balance of the emergency and budget reserve fund up to $64,000,000.

     The purpose of this Act is to appropriate general funds to the emergency and budget reserve fund.  As the State continues its economic recovery, accelerated recapitalization of this fiscal reserve fund 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 2014‑2015 for the purpose of recapitalizing the emergency and budget reserve fund established in section 328L-3, Hawaii Revised Statutes.

     The sum appropriated shall be expended by the department of budget and finance for the purposes of this Act.

     SECTION 3.  This Act, upon its effect, shall take effect on July 1, 2014.

 

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 2014 2015 to recapitalize 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.

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