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REPORT OF THE <br /> COMMITTEE ON FINANCE <br /> <br /> DATE: May 16, 2006 Re: Comm. No. 890Bi11 No. 292 <br /> <br /> PLACE: Council Chambers <br /> TIME: 10:03 a.m. <br /> Council Chair and Members <br /> Hawaii County Council <br /> Hilo, Hawaii 96720 <br /> Your Committee on Finance, to which was referred Bill No. 292, reports as follows: <br /> Bill No. 292, transmitted by Director of Finance William Takaba, via Communication No. 890, <br /> dated May 3, 2006, amends Chapter 2, Hawaii County Code 1983 (2005 Edition), <br /> Administration, relating to Budget Stabilization Fund. <br /> The purpose of this measure is to add a new article to create the Budget Stabilization Fund and to <br /> specify its funding, use of funds, appropriations, and prohibition. <br /> Pursuant to Section 10-12, Hawaii County Charter, titled Special Funds, upon recommendation <br /> of the mayor, the council may, by ordinance establish such special funds as may be necessary for <br /> the proper and efficient segregation of fiscal operations of the county. <br /> Council Member Donald Ikeda, as directed by the Legislative Research Branch, requested a <br /> friendly amendment to Bill 292 by amending section 2- Prohibition to read as follows: <br /> "Appropriations from the budget stabilization fund to fund the acquisition, construction or <br /> alteration of a facility as part of a general capital improvement program shall be prohibited." <br /> Your Committee on Finance is in accord with the purpose and intent of Bill No. 292, as amended <br /> to Draft 2, and recommends it pass first reading. <br /> smc <br /> noes xoes n&e ex Respectfully submitted, <br /> ARAKAHI X <br /> fficA X COMMITTEE ON FINANCE <br /> HOFFMANN X <br /> HOLSCHUH X ~ <br /> IKEDA X ' <br /> ISBELL X ~ ~~t"-- <br /> aACOSSON X VIRG IA ISBELL, CHAIR <br /> rH,ACO X FC REPORT N0. 302 <br /> SAFARIK x ADOPTED: JUN 0 5 2006 <br /> <br />