According to analysis by Truth in Accounting, Hawaii does not have enough assets available ($4.6 billion), to pay the state's bills, ($23.5 billion). The difference between assets and bills is $18.9 billion. That debt divided by the number of taxpayers reveals Hawaii's per-taxpayer burden of $41,300 in 2012. Only eight states--Alaska, North Dakota, Iowa, South Dakota, Tennessee, Utah, Nebraska, and Wyoming--achieved a per-taxpayer surplus in 2012.
Hawaii lagged behind the 180 day goal time between the close of its fiscal year and release of its 2012 Comprehensive Annual Financial Report (CAFR), publishing the report 207 days after the fiscal year-end. The timeliest states- Utah (111 days), Washington (138), and Michigan (151)- published their CAFRs well before the 180 day deadline. The worst state, New Mexico, took 426 days, over a year after fiscal year end, to publish its CAFR.
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 (2012).