Leaving Hawai‘i with a solid financial foundation

Posted on Nov 8, 2022 in Capitol Connection, Featured, Main

Governor Ige announces the tax refund plan for Hawai‘i residents.

The bottom line: The State of Hawai‘i has emerged in the strongest financial position it has ever held by fixing broken systems and delivering fiscal discipline that will save the future taxpayers of the state — our children — millions of dollars in contributions. When he took office, Governor Ige committed to building a strong financial foundation for the state. “During his two terms, the state has paid down its debts, earned improved bond ratings, invested prudently and modernized the tax system to ensure financial stability, enable future growth and provide funds for crucial state services,” said state Budget and Finance director Craig Hirai.

Despite the aftermath of a crippling pandemic — and in part, because of the federal funding received — the state ended fiscal year 2022 with a historically high general fund balance of $2.6 billion. Administrative actions have helped earn the highest G.O. bond ratings and the lowest interest costs in the state’s history. That has resulted in more funds for high-priority capital improvement projects as well as tax rebates for residents.

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