HOUSE OF REPRESENTATIVES	H.B. NO.	2098
TWENTY-FIFTH LEGISLATURE, 2010
STATE OF HAWAII

A BILL FOR AN ACT

PROPOSING AN AMENDMENT TO THE HAWAII CONSTITUTION RELATING TO THE DISPOSITION OF PROJECTED EXCESS REVENUES.

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

     SECTION 1.  The purpose of this Act is to amend article VII of the Constitution of the State of Hawaii to require that if the general fund revenues in any fiscal year are projected to exceed by at least seven percent the general fund revenues in the prior fiscal year, a sum equal to the amount in excess of seven percent of the projected increase in revenues be deposited into the emergency and budget reserve fund.

     SECTION 2.  Article VII of the Constitution of the State of Hawaii is amended by adding a new section to be appropriately designated and to read as follows:

     "Section    . During any regular session of the legislature during which the council on revenues projects, during its last meeting prior to adjournment of the legislature sine die, that the general fund revenues for the current fiscal year will exceed by at least seven percent the general fund revenues of the prior fiscal year, the legislature shall appropriate an amount equal to the entire excess over seven percent of the projected increase in revenues for deposit into the emergency and budget reserve fund.

If the actual general fund revenues for the current fiscal year do not exceed the general fund revenues of the prior fiscal year by at least seven percent, the legislature, in the next regular session, may appropriate the amount previously deposited into the emergency and budget reserve fund for other purposes.

If the actual general fund revenues for the current fiscal year is less than projected at the last meeting of the council on revenues held before adjournment sine die of the previous regular session of the legislature, but still more than seven percent above the general fund revenues of the previous fiscal year, the legislature, in the next regular session, may appropriate an amount previously deposited, pursuant to this section, into the emergency and budget reserve fund equal to the difference between the projection and the actual general fund revenues, for other purposes."

    SECTION 3.  The question to be printed on the ballot shall be as follows:

    "Shall the legislature, during any fiscal year in which the general fund revenues are projected to exceed by at least seven percent the general fund revenues in the prior fiscal year, set aside the amount of the excess over seven percent of the projected increase in revenues for deposit into the emergency and budget reserve fund?"

     SECTION 4.  New constitutional material is underscored.

     SECTION 5.  This amendment shall take effect upon compliance with article XVII, section 3, of the Constitution of the State of Hawaii.

INTRODUCED BY:

_____________________________

Report Title:

Constitution; Projected Excess Revenues

Description:

Requires deposit of a portion of projected increases in general fund revenues to emergency and budget reserve fund established by law.  Sets 7% as the percentage that triggers the disposition.

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