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Bill > SB1395


HI SB1395

Relating To State Funds.


summary

Introduced
01/23/2025
In Committee
03/14/2025
Crossed Over
03/04/2025
Passed
Dead

Introduced Session

2025 Regular Session

Bill Summary

Allocates interest earned on balances within the emergency and budget reserve fund to the general fund in years in which the emergency and budget reserve fund's balance exceeds the State's fund balance objective. For any fiscal year following a fiscal year in which emergency and budget reserve fund interest is deposited into the general fund, requires the Governor to include in the budget or supplemental budget submitted to the Legislature a request that an amount of general funds equal to the amount of interest deposited be expended to advance projects that address climate change impacts. Effective 7/1/3000. (HD1)

AI Summary

This bill addresses Hawaii's climate emergency by creating a mechanism to fund climate change mitigation and adaptation projects. Specifically, the legislation allows interest earned on the state's emergency and budget reserve fund to be redirected to the general fund when the fund's balance exceeds its established objective. In the fiscal year following such a transfer, the Governor must submit a budget request to allocate an equivalent amount of general funds toward projects that address climate change impacts. These projects could include efforts to mitigate greenhouse gas emissions, adapt to changing environmental conditions, or increase the state's resilience to climate-related challenges. The bill recognizes the significant threat climate change poses to Hawaii's economy, environment, security, and way of life, and seeks to create a structured approach to investing in comprehensive climate action. By linking the emergency reserve fund's excess interest to climate change projects, the legislation aims to proactively address the state's environmental challenges while maintaining fiscal responsibility. The bill is set to take effect on July 1, 3000, which appears to be a placeholder date typically used in legislative drafting to indicate a future implementation.

Committee Categories

Agriculture and Natural Resources, Budget and Finance

Sponsors (1)

Last Action

The committee(s) on WAL recommend(s) that the measure be deferred. (on 03/18/2025)

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