Homepage > Honolulu News

Leaders Asked To Tap State's Savings

Millions Reserved In Emergency Savings Accounts

POSTED: 2:19 pm HST June 27, 2009
UPDATED: 2:21 pm HST June 27, 2009

Hawaii is keeping millions of dollars reserved in emergency savings accounts, even as many public workers prepare for unpaid leave because of the state's cash shortage.

Educators, unions and some Democrats are pressuring Hawaii's elected leaders to crack open the state's piggy bank, where an estimated $2 billion is set aside in some 200 special funds.

Two of the richest special funds are drawing the most attention: the dormant $180 million Hurricane Relief Fund and the $45 million Rainy Day Fund, which is paid into by tobacco lawsuit settlement money.

Majority Democrats in the state Legislature declined to drain those funds during this year's session, and the law prohibits the Republican governor from drawing them down herself without lawmakers' approval.

House Finance Committee Chairman Marcus Oshiro says that as bad as the economy seems now, that money may be needed even more next year.
KITV on Facebook
Links We Like
Don’t ruin your chances of landing that new job by making easy to correct mistakes on your cover letter. More

Don’t believe everything people tell you about home improvement. Check out the top 4 myths and stop throwing away your money. More

The signs of Cancer can sometimes be very subtle. Here's a guide to help you recognize them early. More

Living well with type-1 or type-2 diabetes can be easier than you might think. Use our diabetes resource guide. More

Real Estate Information

Sponsored Links