State of Hawaii Taxable General Obligation Bonds of 2020, Series FZ Investor Presentation
General Fund Financial Plan as of July 15, 2020
The objective of the finance plan is to create a positive balance for the next biennium through FY2023
($ in millions)
Revenues:
Executive Branch:
Actual¹
Est.
Est.
Est.
FY 19
FY 20
FY 21
FY 22
Est.
FY 23
Est.
Est.
FY 24
FY 25
2,3
Tax Revenues'
2,4
Nontax Revenues
2,4
Judicial Branch Revenues
Other Revenues
Total Revenues
Expenditures:
Executive Branch:
Operating
6
$7,141.8
742.4
32.3
$6,696.8
907.8
23.9
687.1
$7,916.6
$8,315.5
$5,893.2
747.4
28.4
791.7
$7,460.8
$6,600.4
759.9
32.8
$6,798.4
770.3
32.8
$7,002.3
786.5
32.8
$7,212.4
800.8
32.8
1.7
$7,394.8
1.7
$7,603.3
1.7
$7,823.4
1.7
$8,047.7
STATE
OF HAWA
1959
$7,512.2
$8,087.9
$8,047.9
$8,189.9
$8,416.3
$8,699.0
$8,848.8
CIP
Specific Appropriations/CB
356.2
159.9
Other expenditures/adjustments
(150.3)
179.2
(559.6)
187.1
(888.5)
187.1
(881.8)
187.1
187.1
(867.5)
(849.2)
Sub-Total Exec. Branch
Legislative Branch
$43.1
$42.6
$42.5
$42.5
$42.5
$42.5
$42.5
Judicial Branch
170.3
163.0
157.1
156.8
156.8
156.8
156.8
OHA
Counties
Lapses
Total Expenditures
Rev. Over (Under) Expend.
Carry-Over Balance (Deficit)
3.0
3.0
3.0
3.0
3.0
3.0
3.0
20.7
(190.9)
(80.0)
$7,914.7
$8,226.0
(80.0)
$7,790.1
(80.0)
$7,610.7
(80.0)
$7,843.9
(80.0)
$8,140.8
(80.0)
$8,309.0
1.8
89.5
(329.4)
(215.9)
(240.6)
(317.5)
(261.2)
Beginning
750.3
752.1
841.6
512.2
296.2
Ending
$752.1
$841.6
$512.2
$296.2
$55.6
55.6
($261.9)
(261.9)
($523.1)
Emergency & Budget Reserve Fund (EBRF)
Hawaii Hurricane Relief Fund (HHRF)
378.2
183.8
50.0
50.0
50.0
50.0
50.0
50.0
191.3
191.3
191.3
191.3
191.3
191.3
Sources: Department of Accounting and General Services; Department of Budget and Finance, July 2020.
Note: Due to rounding, details may not add to totals.
(1)
Unaudited. The State's modified cash-basis statements are not directly comparable with the State's audited financial statements, which are modified accrual basis.
(2) Reflects actual FY 2018 and FY2019 revenue collections as reported by the Department of Accounting and General Services.
(3)
(4)
(5)
(6)
(7)
11 (8)
Reflects preliminary actual for FY 2020 (as reported by the Department of Taxation) and FYs 2021-2025 reflect Council on Revenues' May 2020 projections based on preliminary FY 2020 actuals.
Reflects FYs 2020-2025 Council on Revenues' May 2020 projections.
Reflects various revenue impacts bills passed by the 2020 Legislature, including general fund to general obligation bond fund swaps, special fund transfers, and a $648 million deposit to the general fund from the Emergency and Budget Reserve
Fund in FY 2020. Also includes a $750 million working capital borrowing through short term general obligation bonds or the MLF.
Executive Branch's FY 2019 expenditures reflect Act 49, SLH 2017 as amended by Act 53, SLH 2018; FY 2020 expenditures reflect Act 5, SLH 2019, plus Section 44 transfers; FY 2021 reflects SB 126, SD1, HD1, CD1, 2020 Legislative Session; and FYs
2022-2025 expenditures are based on FY 2021 Executive Supplemental Budget that was updated to incorporate adjustments made by SB 126.
Reflects specific appropriations from 2017-2020 Legislatures and estimated out year costs. Also includes $5 million per year for claims against the State beginning in FY 2021.
Includes: Forensic Facility Staff starting in FY 2022, updated employee health fund annual required cost payments starting in FY 2022, restrictions and projected fixed cost savings in FY 2020, additional interest costs for various general fund to
general obligation bond swaps beginning in FY 2024, 10% furlough for most bargaining units beginning in November 2020, suspension of prefunding of other post-employment benefit costs beginning in FY 2021, unemployment interest beginning
in FY 2021, short term general obligation bonds (or MLF) repayment/interest in FYs 2022-2024, and unspecified reductions pending completion of a program review beginning in FY 2022.View entire presentation