HB706 Summary

• Reclassifies the Hawaii educator loan program special fund as a revolving fund, allowing fund balances to remain in the fund rather than lapsing to the general fund annually.

• Reclassifies the community colleges special fund as a revolving fund to account for tuition, fees, and charges for various college programs and activities.

• Reclassifies the professional student exchange program special fund as a revolving fund to account for repayment of financial support from program participants.

• Repeals the Senator Hiram L. Fong scholarship program endowment trust fund and the Senator Oren E. Long scholarship program endowment trust fund, finding they no longer serve their intended purposes.

• Abolishes the hurricane Iniki insurance proceeds special fund and transfers unencumbered balances from repealed special funds to their corresponding new revolving funds on July 1, 2015, with remaining balances lapsing to the general fund.