Ka Wai Ola - Office of Hawaiian Affairs, Volume 17, Number 4, 1 April 2000 — Budget and Finanee Committee [ARTICLE+ILLUSTRATION]

Budget and Finanee Committee

ALOHA MAI kākou e nā 'ōiwi o Hawai'i. In this, my 39th article in a series of 46, and in continuation of last month's KWO article, we provide updates relating to the work of the Committee on Budget and Finance. Without a doubt, the unfold-

ing legal and legislative strategy OHA trustees must implement as a result of the Rice vs. Cavetano Supreme Court decision, has and will continue to prevail in primary importance. As the media have reported, OHA has filed a motion to intervene at the U.S. District Court, where District Judge David Ezra presides, and we anxiously await our scheduled hearing on Apiil 24. OHA

expects to seek (jointly with the governor) judicial guidance from the Hawai'i Supreme Court as regards the trustees' current status. While these tasks are moving forward, I believe our Hawaiian community expecLs the OHA Board of Trustees to continue to meet and conduct the business necessary to serve our Hawaiian community. The Budget and Finance Committee met on Jan. 31, Feb. 3, Feb. 17, March 2 and March 16. Agenda items included: a) Workshop time with OHA's investment consultant, Morgan Stanley Dean Witter, covering the role of the consultant, the consulting process, fiduciary responsibili-

ties, asset alloeahon analysis, manager analysis, competitive advantages, prōfessional staff and institutional performance; b) Status of ceded land revenues for FY 99-00; e) Status of research on existing OHA appropriations and pending proposals;

d) MSDW's report on investment portfolio earnings; e) Status report on OHA's investment policy and short term investment fund (ST1F); f) Status of spending formula project; g) Prior year appropriations G07 (OHA researchers and writer); h) Part II appropriation for financial management project; i) Cash management For FY 19992000 Operations;

j) MSDW's overview and clarification of OHA's investment policy statement and asset allocation; k) Selection of OHA's international money managers; 1) Appropriation for Polynesian Voyaging SocietyHōkūle'a 25th Anniversary; m) Appropriation for research and litigation to require a federal impact statement for W.M. Keek Observatory on Mauna Kea; n) Appropriation for Moana's Hula Hālau; o) Separation of funds from OHA's Native Hawaiian trust fund short term investment fund (S11F), transferring a designated portion to an authorized OHA money mar-

ket account with OHA's custodian | and the halanee to Morgan Stanley Dean Witter for investment, and closing OHA's ST1F " account; p) Reduction and/or replacement of OHA's money managers; and q) Appropriation for the State Couneil of Hawaiian Homestead Associations and Hui I Kāko'o 'Āina Ho'opulapula. Committee mem-

bers Trustees Donald Cataluna, Frenchy DeSoto, Colette Machado, Hannah Springer and Mililani Trask join Vice Chair Louis Hao and me to deliberate and debate eaeh issue on eaeh agenda. If a motion for action is made, it requires a majority vote of the B&F committee to pass. A motion ean be to defer, to disapprove, or to approve (sometimes with amendments). Recommendations ffom the Budget and Finance Committee are sent to the next and līnal level of decision making: the Board of Trustees. Members of the B&F Committee will continue the work with diligence. ■

"I believe our Hawaiian community expects the OHA Board of Trustees to continue to meet and conduct the business necessary to serve our Hawaiian community."

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