Hawaii

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 billion assets available to pay the state's bills totaling $18 billion
  • To fill its $12 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
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