Hawaii
HI_Per-TaxpayerBurden_2011 Source: 2011 Financial State of the States, IFTA

Hawaii

According to analysis by the Institute for Truth in Accounting, Hawaii does not have enough assets available ($4.0 billion), to pay the state's bills, ($22.6 billion). The difference between assets and bills is $18.6 billion. That debt divided by the number of taxpayers reveals Hawaii's per-taxpayer burden of $38,300 in 2011.  Only six states--Alaska, North Dakota, South Dakota, Utah, Nebraska, and Wyoming--achieved a per-taxpayer surplus in 2011.

Hawaii lagged far behind the 180 day goal time between the close of its fiscal year and release of its 2011 Comprehensive Annual Financial Report (CAFR), publishing the report 231 days after the fiscal year-end.  The timeliest states—Utah (120 days), Washington (145), and New York (154)—published their CAFRs well before the 180 day deadline. The worst states barely finished before the end of the next fiscal year; South Dakota and New Mexico both took 356 days to publish their CAFRs.

The Institute for Truth in Accounting has a unique, comprehensive methodology to analyze all state assets and liabilities, including unreported pension and retirement health liabilities.  The result is shown as the per-taxpayer surplus or liability, the difference in each state's assets and liabilities divided by the number of taxpayers in the state. 

More detail on Hawaii’s assets and liabilities can be found in the Hawaii State of the State (2011).

Link to HI CAFR:    Hawaii Comprehensive Annual Report

 

  • Hawaii is a Sinkhole State, one of the five worst states in its per-taxpayer burden for the fiscal years 2009, 2010, and 2011.
  • Hawaii's per-taxpayer burden jumped up to $38,300 in 2011, an increase of over 15%. The state's rank remained 48th.
  • With an average personal income of $43,053, Hawaii's taxpayer burden ballooned to 89% of a year's income, an increase of over 10 percentage points.
  • Hawaii's unemployment rate was 6.7%, compared to a national average of 8.9% in 2011.
  • Hawaii's financial reports disclose only $2.5 billion of retirement liabilities, leaving $17.0 billion undisclosed. Compared to 2010 ($15.3), this represents an increase of over 10%.
  • Hawaii's 'Net Revenue' (total general revenue less total net expenses) was positive in 2011 but was negative in three of the past five years (2008, 2009, and 2010). This amount, however, does not include changes in liabilities not fully disclosed such as pensions and retiree health insurance. Read more on 'Net Revenue'.
IN THE NEWS
Hawaii leads nation in per-capita debt for unfunded union benefits

MAY 20, 2013 | HAWAII REPORTER

In a newly released analysis, the Chicago-based Truth in Accounting reports Hawaii’s OPEB — those "other post-employment retirement benefits" — is more than $9,800 per capita. That's more than any other state. The 50-state average is less than $2,000 per capital.

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