Hawaii Visitor Industry and Public Health Update
General Fund Financial Plan as of October 1, 2020
The State is pursuing a number of adjustments to manage the General Fund Financial Plan
($ in millions)
Total Revenues
Total Expenditures
Additional Sources
Short-Term Borrowing
Transfer from the EBRF
Additional Expenditure Adjustments
Ul loan interest $1.8B (to be an EA in FY21)
Short-term G.O. borrowing repayment / interest
Furlough 9.23% units 1,2,3,4,5,6,7,8,13,14 only; start Dec 1°
Suspend Act 268 revert to pay go retiree premiums only
st
Actual
FY 19
$7,916.6
$7,914.7
Est.
FY 20
$7,637.1
$8,045.5
Est.
FY 21
$6,636.8
Est.
FY 22
$7,158.0
$8,365.5 $8,525.5
Est.
FY 23
$7,555.3
$8,700.0
Est.
FY 24
$7,848.7
Est.
$8,934.6
FY 25
$8,077.9
$9,060.6
750.0
648.0
Program Review Reductions
Total Additional expenditure adjustments
Rev. Over (Under) Expend.
20.8
39.2
35.2
30.9
26.4
153.9
153.9
153.9
153.9
(164.2)
(311.1)
(311.1)
(311.1)
(28.5)
(390.2)
(381.7)
(370.4)
(361.3)
(351.3)
(605.0)
(605.0)
(605.0)
(605.0)
(533.6)
(1,104.7)
(1,097.4) (1,092.6)
(804.5)
1.8
239.6
(445.1)
(262.8)
(47.4)
6.7
(178.2)
Carry-Over Balance (Deficit)
Beginning
750.3
752.1
991.7
Ending
$752.1
$991.7
$546.6
546.6
$283.9
283.9
$236.5
236.5
$243.2
243.2
$65.0
Emergency & Budget Reserve Fund (EBRF)
378.2
58.9
67.5
73.2
79.5
Hawaii Hurricane Relief Fund (HHRF)
183.8
191.3
191.3
191.3
191.3
85.9
191.3
92.3
191.3
GF Ending Balance, EBRF and HHRF
$1,314.1
$1,241.9
$805.4
$548.4
$507.3
$520.4
$348.6
■ Key Assumptions:
Does not assume additional federal funding (e.g. HEROES Act)
Does not reduce pension funding and includes final step-up in employer contributions for FY2021
Preserves HHRF funds ($191 million) and a portion of EBRF funds ($59 million) for future contingencies
FY 2020 that it includes $345 million of the EBRF and various fund swaps and transfers
12
Sources: Department of Accounting and General Services; Department of Budget and Finance.
Note: Due to rounding, details may not add to totals.
STATE
OF
1959
HAWAIView entire presentation