STAND. COM. REP. NO. 682

 

Honolulu, Hawaii

, 2015

 

RE: H.B. No. 545

H.D. 1

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

 

Sir:

 

Your Committee on Finance, to which was referred H.B. No. 545, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO FUNDS,"

 

begs leave to report as follows:

 

The purpose of this measure is to improve fiscal accountability at the University of Hawaii by:

 

(1) Reclassifying and renaming the Unrestricted Quasi-Endowment Income and Scholarship Revolving Fund as the University of Hawaii Quasi-endowment Trust Fund, and codifying it in statute;

 

(2) Repealing the:

 

(A) University of Hawaii Community Services Special Fund;

 

(B) Hawaii Medical Education Special Fund;

 

(C) Discoveries and Inventions Special Fund;

 

(D) University of Hawaii Alumni Special Fund;

 

(E) Animal Research Farm, Waialee, Oahu Special Fund;

 

(F) Career and Technical Training Projects Revolving Fund;

 

(G) Conference Center Revolving Fund;

 

(H) Senator Hiram L. Fong Scholarship Program Endowment Trust Fund;

 

(I) Senator Oren E. Long Scholarship Program Endowment Trust Fund; and

 

(J) Hawaii Health Corps Revolving Fund;

 

(3) Reclassifying as a Revolving Fund the:

 

(A) Hawaii Educator Loan Program Special Fund;

 

(B) Community Colleges Special Fund; and

 

(C) Professional Student Exchange Program Special Fund; and

 

(4) Abolishing the:

 

(A) Hurricane Iniki Insurance Proceeds Special Fund;

 

(B) Agency Fund Trust Account; and

 

(C) University of Hawaii Okinawa Program Trust Fund.

 

The University of Hawaii and Tax Foundation of Hawaii provided comments on 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 H.B. No. 545, H.D. 1, and recommends that it pass Third Reading.

 

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

 

 

 

 

____________________________

SYLVIA LUKE, Chair