HI HB40

Appropriates $300,000,000 into the emergency and budget reserve fund established under Hawaii Revised Statutes section 328L-3 for fiscal year 2024-2025.

Appropriates $135,000,000 into the pension accumulation fund established under Hawaii Revised Statutes section 88-114 for fiscal year 2024-2025.

Implements Article VII, Section 6 of the Hawaii State Constitution regarding disposition of excess general fund revenues for two successive fiscal years.

Acknowledges that these appropriations will exceed the state general fund expenditure ceiling for fiscal year 2024-2025 by $323,323,869 (3.1 percent), with justification that the appropriations are necessary to serve the public interest.

Takes effect on July 1, 2024.