STAND. COM. REP. NO.  1511-14

Honolulu, Hawaii

                , 2014

RE:   S.B. No. 2829

      S.D. 1

      H.D. 1

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred S.B. No. 2829, S.D. 1, entitled:

"A BILL FOR AN ACT MAKING AN APPROPRIATION TO THE EMERGENCY AND BUDGET RESERVE FUND,"

begs leave to report as follows:

The purpose of this measure is to appropriate general funds to recapitalize the Emergency and Budget Reserve Fund now that the State is emerging from a very challenging economic period.

The Department of Budget and Finance provided testimony in support of this measure.

     Your Committee has amended this measure by:

     (1)  Changing its effective date to July 1, 2030, to facilitate further discussion; and

     (2)  Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2829, S.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2829, S.D. 1, H.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

SYLVIA LUKE, Chair