Wednesday, December 4, 2024
Hawai'i Free Press

Current Articles | Archives

Monday, October 7, 2024
Financial State of the States--Hawaii Ranks 45th
By Selected News Articles @ 6:32 AM :: 935 Views :: Hawaii State Government, Hawaii Statistics, Taxes

from Truth in Accounting, October, 2024

Hawaii, like most other states, improved its financial condition in 2023. This is a positive development, and Truth in Accounting applauds the state’s commitment to improving its fiscal solvency. The state increased its money available to pay bills by $2.5 billion. However, Hawaii still needed $8.9 billion to pay all its bills.

Reported revenues exceeded expenses partly because of increased tourism taxes. On August 8, 2023, a wildfire in Lahaina, Maui, resulted in at least 115 deaths, destroyed over 2,000 homes, and affected 800 businesses and 7,000 employees. The State is assessing the damage but cannot yet estimate the impact. In response, the governor has imposed a 10 percent spending restriction on discretionary general fund expenses for all Executive Branch departments in fiscal year 2024.

However, unfunded pensions and other post-retirement benefits continued to impair Hawaii’s ability to pay its bills. As outlined in the comprehensive 2024 Financial State of the States report, inflation, market volatility, and other economic factors could further impact the state’s financial situation. Based upon the state’s latest audited financial report for the fiscal year 2023, Hawaii had a Taxpayer Burden™ of $16,500, earning it a “D” grade from Truth in Accounting.

Ranking 45 out of 50

  • Hawaii had $12.8 billion available to pay $21.7 billion worth of bills.
  • The outcome was a $8.9 billion shortfall, which breaks down to a burden of $16,500 per taxpayer.
  • Increased tourism taxes helped revenues exceed expenses, and the Maui wildfire’s devastation led to a 10 percent spending restriction for fiscal 2024.

The State’s Bills Exceeded Its Assets

Total Assets $38,575,447,000
Minus: Capital Assets ($6,622,317,000)
Minus: Restricted Assets ($19,156,890,000)
Assets Available to Pay Bills $12,796,240,000
Minus: Total Bills* $21,717,541,000
Money needed to pay bills $8,921,301,000
Each taxpayer’s share of this burden $16,500

 

*Breakdown of Total Bills

Bonds $12,755,364,000
Other Liabilities $5,081,738,000
Minus: Debt Related to Capital Assets ($12,487,600,000)
Unfunded Pension Benefits $9,520,090,000
Unfunded Retiree Health Care Benefits $6,847,949,000
Total Bills $21,717,541,000

 

Financial Grade D

Bottom line: Hawaii would need $16,500 from each of its taxpayers to pay all of its outstanding bills and received a “D” grade for its finances. According to Truth in Accounting’s grading scale, any government with a Taxpayer Burden between $5,000 and $20,000 is given a “D” grade.

The data included in this report is derived from Hawaii’s 2023 audited Annual Comprehensive Financial Report and retirement plans’ reports. To compare prior years and other states’ and cities’ financial, demographic, and economic information, go to Data-Z.org.

read … Full Report

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii