When the reserve for fiscal stability fund can be used

The reserve for fiscal stability fund is designated for economic and revenue downturns and emergency situations. Fund moneys may be appropriated by ordinance only when one or more of the conditions identified in subdivisions (1), (2), or (3) are met: (1) Economic triggers. (A) The unemployment rate for the City and County of Honolulu increases by more than 2 percent within three fiscal quarters; or (B) The total value of net taxable real property declines by 2 percent or more from the preceding fiscal year; (2) Revenue triggers. (A) City general fund and highway fund revenues decline by 2 percent or more from the preceding fiscal year; (B) Transient accommodation tax revenues decline by 5 percent or more from the preceding fiscal year; or (C) Nondiscretionary city expenditures increase by more than 5 percent of the preceding fiscal year’s revenues; or (3) Emergencies. (A) The Governor of the State of Hawaii or the President of the United States of America declares that a state of emergency exists within the City and County of Honolulu as a result of a natural disaster or an occurrence, or imminent threat thereof, which results or may likely result in substantial injury or harm to the population in the City and County of Honolulu, or substantial damage to or loss of property of residents of the City and County of Honolulu. For the purposes of this subdivision, the phrase “occurrence, or imminent threat thereof,” means a pandemic or other widespread health crisis for which the Governor of the State of Hawaii has declared a state of emergency; or (B) Unfunded mandates are enacted by the State or federal government, imposed after the enactment of the City and County of Honolulu’s fiscal year budget, and require outlays before the start of the subsequent fiscal year.