Thanks to the recent enactment of the federal economic stimulus bill, hundreds of millions of dollars are expected to start flowing to the Islands. But is Hawai'i prepared to receive and expend these funds while maximizing the potential of every cent to benefit the people and economy of our state?

Hawai'i's operating engineers and its unionized contractors and organized labor — along with the business community at large and Island residents — all have a huge interest in ensuring that Hawai'i makes the most of this great opportunity. The jobs and livelihoods of our Island residents are at stake.

From infrastructure projects to school funding, from social service programs to Medicaid, Hawai'i is eligible to receive hundreds of millions of federal dollars over the next couple of years. Some of this will flow directly into existing programs and tax relief, but using the balance of these funds will require careful coordination. That's because most of the stimulus dollars come with a set of hurdles.

First, there are "use it or lose it" requirements. Of the $678 million allocated to Hawai'i, roughly $236 million is intended for construction projects such as highways, mass transit, sewer system improvements and public and affordable housing. But half of this enormous sum for most of these projects must be obligated within a short 120 days of the Feb. 17 enactment of the stimulus bill, or Hawai'i will lose the money. In addition, failing to obligate these funds by June 15, less than four months away, will jeopardize future federal funding.

Swift action, coordinated efforts and shared priorities are needed to ensure that this money truly serves as a stimulus for Hawai'i's economy. Federal, state and county agencies in charge of putting federal funds to work have the challenging task of working across jurisdictions, providing matching funds, securing necessary permit approvals, awarding contracts and disbursing funds within a rapidly narrowing window.

Meanwhile, local businesses, from contractors to engineering firms, need to be prepared to quickly submit bids and respond to proposal requests to meet this timetable. At the same time, employers and unions need to quickly mobilize the construction workforce to ensure that projects are completed on time and on budget.

Clearly, it's going to take a cooperative effort on an unprecedented scale to benefit from federal stimulus dollars.

Projects and programs using federal stimulus funds also come with stringent reporting requirements. This is another challenging but necessary hurdle. The federal government understandably wants to ensure that taxpayer dollars achieve results.

Working together is the only way to ensure that government agencies, nonprofits and businesses have the tools not just to secure federal funds and contracts, and to put them to work, but also to properly chart progress, measure job creation and track expenditures.

Hawai'i is at a crossroads. As President Obama said, it's time for all of us in business and labor, as well as federal, state and county government, to "proclaim an end to the petty grievances." It's time for all of us to work together to ensure that we use — not lose — the federal stimulus dollars our state so badly needs.

Perry Artates is executive director of the Hawaii Operating Engineers Industry Stabilization Fund. Shane Peters is president of the Hawaii Developers' Council and vice president of land use and real estate for Communications Pacific. They wrote this commentary for The Advertiser.