Tuesday, June 18, 2024
Hawai'i Free Press

Current Articles | Archives

Tuesday, May 5, 2015
Slom: Hawaii Will Deplete Cash Reserves by 2021
By Sen. Sam Slom @ 4:22 AM :: 5748 Views :: Hawaii State Government, Republican Party

Senate Minority Reports on Conference Draft of Budget

News Release from office of Sen Sam Slom May 4, 2015

HONOLULU—The Conference Committee on Friday released its version of House Bill 500[1] relating to the Hawaii state operating budget for fiscal biennium 2016-2017.  The Senate Minority published its Budget Report today, noting that although the conference draft of HB500, totaling in excess of $26 billion, appears to spend less than the Governor's version, a slew of appropriations bills have been passed which undermine that assertion.

Senator Sam Slom says, "At first glance, the conference draft of the state operating budget seems to have significantly cut spending, but once you tally up the separate appropriation bills the current spending plan is almost identical to the Governor's initial budget request.  Hawaii will be still spending more than it takes in over the next few years and will have depleted its carry over balances as early as 2021." 

"The state general fund deficit will be unsustainable past fiscal year 2021.  In other words, if general fund appropriations continue to grow at an annual average of 5% as they have in recent years, the state is projected to deplete its positive carry-over ending balance from previous years by fiscal year 2021.  If the state continues to spend more than it collects, fiscal reserves will continue to decrease, and can have potential negative effects on our state's bond rating." adds Senator Slom.

Finally, the Senate Minority warns that collective bargaining increases are crippling state finances.

Senator Slom says, "The Senate Minority also takes a strong stance on collective bargaining, for the simple reason that the state cannot afford to keep saying yes to every request for an increase.  Collective bargaining bills total more than ¾ of a billion dollars in general funds this session.  We certainly cannot afford to make people think the budget bill is the only approved spending, then go ahead and pass separate appropriation bills including bills on collective bargaining.  It is time to be fiscally responsible as we are now late in the financial cycle and it is just a matter of time before the market has an adjustment.  For these reasons, I will be voting no on House Bill 500."

# # # # #

HB500: Text, Status

Related: Senate Minority Alternative Budget cuts spending, caps collective bargaining


TEXT "follow HawaiiFreePress" to 40404

Register to Vote


Aloha Pregnancy Care Center


Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii


Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute


Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together


Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii


Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii


National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii


OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii


Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii


Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns


West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii