STAND. COM. REP. 920

Honolulu, Hawaii

, 2003

RE: S.B. No. 248

S.D. 3

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Tourism and Culture, to which was referred S.B. No. 248, S.D. 3, entitled:

"A BILL FOR AN ACT RELATING TO THE CONVENTION CENTER,"

begs leave to report as follows:

The purpose of this bill is provide additional financial reserves for the Convention Center by raising the limit on the amount of transient accommodations tax revenues that can be deposited into the Convention Center Enterprise Special Fund (Special Fund) from $31,000,000 to 34,000,000, effective January 1, 2003.

The Hawaii Tourism Authority supported this bill. The Department of Budget and Finance opposed this bill. The Tax Foundation of Hawaii offered comments.

Your Committee recognizes that the current cap on Special Fund monies has left the $200,000,000 Convention Center with an estimated 0.5 percent in reserves. This level of maintenance reserves is not adequate to meet any major maintenance requirements for the Convention Center. This measure allows the Convention Center to receive up to $3,000,000 to shore up its reserves.

 

As affirmed by the record of votes of the members of your Committee on Tourism and Culture that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 248, S.D. 3, and recommends that it pass Second Reading and be referred to the Committee on Finance.

 

Respectfully submitted on behalf of the members of the Committee on Tourism and Culture,

 

____________________________

JERRY L. CHANG, Chair