Report Title:

Constitution; Projected Excess Revenues

 

Description:

Routes 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.  (HB993 HD1)

 


HOUSE OF REPRESENTATIVES

H.B. NO.

993

TWENTY-FIFTH LEGISLATURE, 2009

H.D. 1

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

     "Section    .  During any regular session in which the council on revenues projects, prior to adjournment 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 set aside an amount of the excess over seven percent of the projected increase in revenues into an emergency and budget reserve fund as may be provided by law.

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 for other purposes the amount previously set aside into an emergency and budget reserve fund for other purposes."

    SECTION 2.  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 an amount of the excess over seven percent of the projected increase in revenues into an emergency and budget reserve fund as may be provided by law?"

     SECTION 3.  New constitutional material is underscored.

     SECTION 4.  This amendment shall take effect upon compliance with article XVII, section 3, of the Hawaii Constitution.