STAND. COM. REP. NO.  1578

Honolulu, Hawaii

                , 2017

RE:   S.B. No. 939

      S.D. 1

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred S.B. No. 939, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO STATE FUNDS,"

begs leave to report as follows:

The purpose of this measure is to update and clarify sections of the Hawaii Revised Statutes relating to the investment and funds management functions of the Department of Budget and Finance.  Specifically, this measure repeals the Director of Finance's authority to invest in student loan-backed notes, bonds, and other securities and clarifies that moneys collected by public accountants on behalf of the state shall be treated equally regardless of the collector's state of residency.

The Department of Budget and Finance and a concerned individual supported 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 S.B. No. 939, S.D. 1, and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

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

____________________________

SYLVIA LUKE, Chair