Bill Text: HI SB494 | 2019 | Regular Session | Amended


Bill Title: Relating To The General Fund Balance.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2019-06-12 - Act 044, 06/07/2019 (Gov. Msg. No. 1145). [SB494 Detail]

Download: Hawaii-2019-SB494-Amended.html

THE SENATE

S.B. NO.

494

THIRTIETH LEGISLATURE, 2019

S.D. 1

STATE OF HAWAII

H.D. 1

 

C.D. 1

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO THE GENERAL FUND BALANCE.

 

 

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

 


     SECTION 1.  The legislature finds that article VII, section 6, of the Hawaii Constitution requires the legislature to dispose of excess general fund revenues when certain factors are met, as follows:

    "(1)  Provide for a tax refund or tax credit to the taxpayers of the State, as provided by law;

     (2)  Make a deposit into one or more funds, as provided by law, which shall serve as temporary supplemental sources of funding for the State in times of an emergency, economic downturn, or unforeseen reduction in revenue, as provided by law; or

     (3)  Appropriate general funds for the pre-payment of either or both of the following, as provided by law:

          (A)  Debt service for general obligation bonds issued by the State; or

          (B)  Pension or other post-employment benefit liabilities accrued for state employees."

     The legislature finds that the necessary factors have been met for the second year in a row and that the legislature is constitutionally required to dispose of excess tax revenues, as authorized under article VII, section 6, of the Hawaii Constitution.

     Accordingly, the purpose of this Act is to implement article VII, section 6, of the Hawaii Constitution, by making a deposit of $5,000,000 into the emergency and budget reserve fund established under section 328L-3, Hawaii Revised Statutes.

     SECTION 2.  In accordance with article VII, section 6, of the Hawaii Constitution, there is appropriated out of the general revenues of the State of Hawaii the sum of $5,000,000 or so much thereof as may be necessary for fiscal year 2019-2020 for deposit into the emergency and budget reserve fund established under section 328L-3, Hawaii Revised Statutes

     SECTION 3.  This Act shall take effect on July 1, 2019.



 

Report Title:

Emergency and Budget Reserve Fund; Constitution; Appropriation

 

Description:

Makes a deposit into the emergency and budget reserve fund pursuant to article VII, section 6, of the Hawaii Constitution.  Appropriates funds.  (SB494 CD1)

 

 

 

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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