STAND. COM. REP. NO. 596

Honolulu, Hawaii

RE:    S.B. No. 292

       S.D. 1

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred S.B. No. 292 entitled:

"A BILL FOR AN ACT RELATING TO FUNDS,"

begs leave to report as follows:

     The purpose of this measure is to correct a typographical error in the title of section 37-46, Hawaii Revised Statutes, relating to transfers of non-general funds to the general fund.

Your Committee finds that the current downturn in the State's economy has resulted in reduced tax revenues and a budget shortfall.  Accordingly, Your Committee finds that it is important to identify sources of funds that may be used to alleviate the current budget crisis.

     Your Committee has amended this measure by:

(1)  Replacing the substantive contents with provisions that lapse excess balances from identified special and revolving funds to the general fund; and

(2)  Changing the effective date to July 1, 2050, to facilitate discussion on this measure.

     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. 292, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 292, S.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

DONNA MERCADO KIM, Chair