2014 Data (Released 7/29/15)

Financial State of Hawaii

Press Release

2013 Data

Financial State of Hawaii

Hawaii owes more than it owns.  Truth in Accounting’s (TIA) thorough analysis of state finances (below) shows Hawaii does not have enough available assets to cover its debt.  

  •  “Taxpayer Burden”  is each Hawaiian taxpayer’s share of state debt, after available assets are tapped 
  • TIA analyzes both state assets and liabilities, not merely pension debt

  • Most state debt in the “Taxpayer Burden” is unpaid retirement promises

  • Hawaii had the 5th worst “Taxpayer Burden” of all 50 states in 2013

  • Retirement debt is essentially a state’s ‘credit card balance,’ showing unpaid retirement contributions from prior years

  • Unfunded pensions leave future taxpayers with the bill for services they did not receive

  •  States hide retirement debt from public view.  See Hidden Retirement Debt: HI vs US average 2009-2013

See more about Hawaii Finances at the Hawaii Financial State of the State

Other Resources

Link to HI CAFR:    Hawaii Comprehensive Annual Report

Publishing Entity:  Hawaii Dapartment of Accounting and General Services

  • Hawaii has only $5.4 billion assets available to pay the state's bills totaling $17.8 billion
  • To fill its $12.4 billion financial hole, each Hawaii taxpayer would have to send $26,500 to the state
  • The $26,500 Taxpayer Burden is 57% of the Hawaiian average personal income of $46,396
  • Hawaii is a Sinkhole State and had the 5th worst per Taxpayer Burden in 2013
  • Despite an 180 day goal, Hawaii took 211 days after its fiscal year end to release last year's Comprehensive Annual Financial Report (CAFR) in 2013