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Headlines : California, New Jersey, Hawaii
Is State Debt Constitutional?
An analysis of the state constitutional debt provisions in California, New Jersey and Hawaii, and the debt that these states face in spite of those provisions.
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Headlines : Hawaii
Future Budget Woes Worry Hawaii Officials
The state is in the middle year of a two-year budget cycle, and lower-than-expected predictions for tax revenues released last week have caused the state to estimate a $19 million shortfall by end of the 2013 fiscal year, Budget Director Kalbert Young said.
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Headlines : Hawaii
No New Taxes Proposed by Gov. Abercrombie in Budget Proposal, but Governor Could Still Support Legislative Tax Proposals
The state budget is based on an assessment by the state Council on Revenues the state’s economy will grow by 14.5 percent in FY 2012 and 6.5 percent in FY 2013.
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Headlines : Hawaii
Tax Increases Roiling Hawaii Make Abercrombie Least Popular U.S. Governor
Abercrombie took office last December with the state facing a $1.26 billion deficit for the two-year budgeting cycle that ends June 2013. To help fill the gap, he proposed a 10-cent per can tax on sugary beverages such as soda, a 50 percent boost in alcohol levies and taxes on the pensions of people making more than $100,000 a year.
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Headlines : Hawaii
State's Plan to Borrow Money to Replenish Hurricane, Rainy Day Funds, Criticized
Hawaii's Hurricane Relief Fund and Rainy Day Fund are supposed to be tapped only in true emergencies, such as a tsunami or hurricane. But earlier this year, the Hawaii State Legislature and Gov. Neil Abercrombie raided these funds to balance the state budget. Now Abercrombie is planning to use money borrowed from the state's recent General Obligation Bond sale to replenish the funds.
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Gov. Neil Abercrombie
The Honorable Neil Abercrombie

Governor, State of Hawai`i

Executive Chambers, 
State Capitol

Honolulu, Hawai`i 96813
Phone: (808) 586-0034
Fax: (808) 586-0006
Contact form
Kalbert K. Young, Director of Finance
Department of Budget & Finance
250 South Hotel Street, Room 300
No. 1 Capitol District Building
Honolulu, HI 96813
Phone: (808) 586-1518
Fax: (808) 586-1976
www.state.hi.us/budget/
HI.BudgetandFinance@hawaii.com
2012 Legislative Calendar: Regular Session convenes January 18, adjourns late April.
Legislative Budget Leaders:
Rep. Marcus Oshiro (D), Chair, House Finance Committee repmoshiro@Capitol.hawaii.gov 808-586-6200
Rep. Marilyn Lee (D), Vice-Chair, House Finance Committee replee@Capitol.hawaii.gov 808-586-9460
Sen. David Y. Ige (D), Chair, Senate Ways and Means Committee, sendige@Capitol.hawaii.gov 808-586-6230
Sen. Michelle N. Kidani (D), Vice-Chair, Senate Ways and Means Committee, senkidani@capitol.hawaii.gov 808-586-7100
The current state budget can be found here.
Hawaii is required to pass a "balanced budget." Article VII, Section 5 of the Constitution states no expenditures of public money shall exceed the general fund revenues, except when the governor declares an emergency. Moreover, Title 5, Section 37-74(c) of the State law requires the director of finance to reduce appropriated disbursements when collected revenues are less than allotted revenues. Section 37-92 also caps total proposed expenditures to the appropriations from the previous year plus the state growth. This is commonly referred to as "budgeting for fiscal discipline." Even with these laws in place, Hawaii reported budget deficits (negative net transactions) for the three years studied. Hawaii law forbids the carrying over of a deficit from one year to the next.
For FY2007, Hawaii maintained three governmental funds: the General fund, Capital Projects Fund, and Med-Quest Special Revenue Fund. It also maintained other governmental funds which are combined in the non-major governmental funds. Hawaii budgets for the General Fund, the Med-Quest Special Revenue fund and the non-major Special Revenue fund. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Pensions :
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HEADLINES: Hawaii
Hawaii Employees Retirement System $6.2 Billion in the Hole - Will Taxpayers Have to Make Up the Difference?
While the Hawaii Public Employees Retirement System fund is stable for now, there are great challenges ahead, particularly because it is facing $6.2 billion in unfunded liabilities.
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HEADLINES: Connecticut, New York, California, Hawaii
State Debt Woes Grow Too Big to Camouflage
California, New York and other states are showing many of the same signs of debt overload that recently took Greece to the brink - budgets that will not balance, accounting that masks debt, the use of derivatives to plug holes, and armies of retired public workers who are counting on benefits that are proving harder and harder to pay. States are responding in sometimes desperate ways, raising concerns that they, too, could face a debt crisis.
Budget Processes and Systems :
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HEADLINES: Connecticut, Illinois, Hawaii, Kentucky, New Jersey
Truth in Accounting Exposes "Unbalanced" Budgets
Report identifies five sinkhole states and five sunshine states.
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Hawaii
Hawaii Employees Retirement System $6.2 Billion in the Hole - Will Taxpayers Have to Make Up the Difference?
While the Hawaii Public Employees Retirement System fund is stable for now, there are great challenges ahead, particularly because it is facing $6.2 billion in unfunded liabilities.
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Connecticut, New York, California, Hawaii
State Debt Woes Grow Too Big to Camouflage
California, New York and other states are showing many of the same signs of debt overload that recently took Greece to the brink - budgets that will not balance, accounting that masks debt, the use of derivatives to plug holes, and armies of retired public workers who are counting on benefits that are proving harder and harder to pay. States are responding in sometimes desperate ways, raising concerns that they, too, could face a debt crisis.
