HI SB238

University of Hawaii may retain up to 5% of appropriated general funds at the close of each fiscal year and carry them over to the subsequent fiscal year as part of that year's appropriation.

Carryover funds cannot be used as a basis for reducing the University of Hawaii's future budget requirements.

Exclusion applies to appropriations designated to fund financing agreements under chapter 37D.

University of Hawaii must submit a report to the Director of Finance within 90 days after each fiscal year closes, identifying the total amount of funds carrying over to the next fiscal year.

University of Hawaii must provide a copy of the carryover report to the Legislature at least 20 days prior to the convening of the next regular session.