STAND. COM. REP. NO.  1577

Honolulu, Hawaii

                , 2017

RE:   S.B. No. 103

      S.D. 2

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred S.B. No. 103, S.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO THE DISPOSITION OF EXCESS GENERAL FUNDS AUTHORIZED UNDER ARTICLE VII, SECTION 6, OF THE CONSTITUTION OF THE STATE OF HAWAII,"

begs leave to report as follows:

The purpose of this measure is to implement the amendment to the Hawaii State Constitution authorizing the Legislature to expend excess general fund revenues to pre-pay the State's debt service and to pre-pay the State's pension and other post-employment benefits liability, pursuant to S.B. No. 2554, Regular Session of 2016, and ratification by the electorate at the 2016 general election.

The Department of Budget and Finance supported this measure.

     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. 103, S.D. 2, and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

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

____________________________

SYLVIA LUKE, Chair