HI HB835

Proposes an amendment to Hawaii Constitution Article VII, Section 6 regarding disposition of excess general fund revenues.

Adds a new provision allowing the legislature to deposit excess general fund revenues into funds to reduce unfunded liabilities for state employee pension benefits and other post-employment benefits when general fund revenues in any fiscal year are projected to exceed the previous fiscal year by 7% or more.

Maintains existing requirements that when state general fund balance exceeds 5% of general fund revenues for two successive fiscal years, the legislature must provide tax refunds/credits or deposit revenues into emergency/supplemental funding sources.

Requires voter approval through a constitutional ballot question asking whether the legislature should be required to deposit excess revenues (when exceeding previous year by 7%+) into funds to reduce unfunded liabilities for state employee retirement benefits.

Amendment takes effect upon compliance with Article XVII, Section 3 of the Hawaii Constitution.