Governor Neil Abercrombie has announced that the state of Hawaii had an $844 million budget surplus at the end of this past fiscal year. The governor credits the surplus as a direct result of a strong tourism industry combined with the state government reducing their spending. However, Abercrombie cautioned that the surplus will be used to replenish the state's emergency reserves. Abercrombie stated, "The days of running away from our responsibilities are over. We've put in a solid, long-term financial plan that we believe will withstand anybody's scrutiny in terms of its viability."
David Ige, state senator and chairman of the Senate Ways and Means Committee, added, "Obviously, we are proud of (the $844 million surplus). I think it's more a function of the fact that we rejected a lot of tax and fee increases and really focused on downsizing government. I still think that the economy is just recovering, but we're not out of the woods."
Source: Honolulu Star Advertiser, 12-7-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
