Sunday, April 14, 2024
Hawai'i Free Press

Current Articles | Archives

Thursday, July 30, 2015
Truth in Accounting: Hawaii Hiding 71 Percent of Retirement Debt
By News Release @ 6:01 PM :: 5105 Views :: Hawaii State Government, Hawaii Statistics

Hawaii Hiding 71 Percent of Retirement Debt

News Release from Truth in Accounting, July 29, 2015

CHICAGO — Truth in Accounting (TIA), a Chicago-based think tank that analyzes government financial reporting, released a new report today titled The Financial State of Hawaii.

TIA researchers found that the state government did not report $10.4 billion of retirement debt on its 2014 balance sheet. TIA researchers analyzed Hawaii’s financials and discovered that the state only reported $4.3 billion of pension and retirees’ healthcare benefits yet owes approximately $14.7 billion.

Because the state government uses outdated accounting methods, a vast majority of liabilities are excluded from its financial reporting.

When TIA researchers included the $10.4 billion of hidden debt, they discovered that Hawaii:

● owes $17.8 billion in bills;

● has $5.4 billion available to pay bills; and

● has more than $12.4 billion in total debt remaining.

If Hawaii’s $12.4 billion shortfall were divided among its taxpayers, each taxpayer’s personal share would be $26,500.

“It is time for state government officials to acknowledge the state’s true debt,” said Sheila Weinberg, Founder and CEO of TIA. “Until its financial data is truly accurate and transparent, Hawaiians cannot knowledgeably participate in addressing the state's financial issues.”

Data from the study was derived from Hawaii’s June 30, 2014 audited Comprehensive Annual Financial Report and retirement plans’ actuarial reports.

Founded in 2002, Truth in Accounting is dedicated to educating and empowering citizens with understandable, reliable, and transparent government financial information. Sheila Weinberg is a Certified Public Accountant with more than 30 years of experience in the field.


LINK: "What is Hawaii Hiding?"

LINK: Hawaii Data


TEXT "follow HawaiiFreePress" to 40404

Register to Vote


808 Silent Majority

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 Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together



Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport


OHA Lies

Opt Out Today

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii


Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii