The panel, comprised of private sector and government leaders, will reconvene in September and present a list of proposed solutions that could aid the state's economy and possibly soften the impact of the next economic downturn.

"There are some capacity gaps that are fairly obvious," said Don Horner, the commission's chairman and president and chief executive of First Hawaiian Bank. "The goal at the end of November will be to come up with 10 to 15 goals that are implementable (and) that the public will accept."

Another meeting of the 31-member commission is scheduled for November to winnow down the proposals based on factors such as practicability, potential for public acceptance and whether the ideas acknowledge Hawai'i's uniqueness and leverage existing resources.

The commission plans to create an Internet site by the end of August to solicit public participation in the plan. The monetary cost to the state, which was initially projected at $60,000, now will be zero, Horner said. All expenses required to generate the report will be paid via corporate sponsorships and donations.