Maui Business

State General Fund Ending Balance at $664.8 Million

July 28, 2014, 8:21 AM HST
* Updated July 30, 8:49 AM
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Kalbert K. Young, Hawai'i Director of Budget and Finance. Photo by Wendy Osher.

Kalbert K. Young, Hawai’i Director of Budget and Finance. File photo by Wendy Osher.

By Maui Now Staff

The state of Hawaiʻi concluded fiscal year 2014 with a $664.8 million ending balance, according to the preliminary close of 2014 accounts by the Department of Accounting and General Services.

Governor Neil Abercrombie attributed the state’s “solid financial foundation” to strong fiscal management.

The balance comes after contributing $55.5 million of the state’s reserves via the Hawaii Hurricane Relief Fund, and setting aside $100 million for the state’s unfunded liability and retiree health care benefits.

“The Department of Budget and Finance reviewed the report from DAGS along with data from the state’s financial system and concluded that of the $664.8 million approximately $126.3 million came from lapses or unexpended appropriations from state departments while still meeting significant financial obligations of the state,” said state finance director Kalbert Young  in a press release.

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“Our consistent vigilance and administration in ensuring expenses are kept in check with projected revenues has once again assured Hawaiʻi taxpayers that the fiscal condition of the state is and will remain soundly in the black,” said Young.

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