Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2716 entitled:

begs leave to report as follows:

The purpose of this measure is to transfer $20,350,000 in excess special and revolving funds into the general fund.

Specifically, this measure transfers the following sums from the following special and revolving funds to the general fund: agricultural loan revolving fund ($2,800,000), state parking revolving fund ($2,000,000), Hawaii capital loan revolving fund ($2,300,000), foreign-trade zones special fund ($250,000), housing finance revolving fund ($4,000,000), Hawaii community development revolving fund ($1,500,000), environmental response revolving fund ($2,500,000), and special land and development fund ($5,000,000).

In addition, this measure permits the transfers from these special and revolving funds to occur in fiscal year 2003-2004.

Your Committee finds that these special and revolving funds developed excess cash balances because they continued to collect revenue amounts that exceeded expenditures. The deposit of these moneys into the general fund will provide additional fiscal resources to meet the public's needs during these difficult times.

Your Committee has amended this measure by:

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2716, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2716, S.D. 1, and be placed on the calendar for Third Reading.