STAND. COM. REP. NO. 692
Honolulu, Hawaii
RE: S.B. No. 326
S.D. 1
Honorable Ronald D. Kouchi
President of the Senate
Thirty-Third State Legislature
Regular Session of 2025
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred S.B. No. 326 entitled:
"A BILL FOR AN ACT RELATING TO REVOLVING FUNDS,"
begs leave to report as follows:
The purpose and intent of this measure is to ensure the sustainability of state revolving funds.
Specifically, this measure requires the Legislature, when establishing or reviewing a revolving fund, to ensure that the revolving fund is financially self-sustainable by either:
(1) Annual projections that show that the revolving fund will be sustainable without appropriations of general funds; or
(2) A schedule of projected collections of outstanding payments to the revolving fund.
Your Committee received testimony in support of this measure from the Department of Budget and Finance.
Your Committee received comments on this measure from the Tax Foundation of Hawaii.
Your Committee finds that section 37-52.4, Hawaii Revised Statutes, requires the Legislature, when establishing or reviewing a revolving fund, to ensure the revolving fund demonstrates the capacity to be financially self-sustaining. Your Committee further finds that this measure establishes specific criteria by which a revolving fund could demonstrate this capacity.
Your Committee has amended this measure by changing the effective date to July 1, 2050, to facilitate further discussion on the 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. 326, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 326, 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,
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________________________________ DONOVAN M. DELA CRUZ, Chair |
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