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).