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Who spent Hawaiis $1 billion surplus?
The Hawaii state budget figures show a record high surplus of over $1 billion in 2016. Look at all of the extra money!
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So, where did the surplus go?
Most of the money was used to make catch-up payments into the state’s $11 billion unfunded liabilities for state health benefits.
Normally, the unfunded liabilities are paid in quarterly installments throughout the year, like paying off a credit card a little at a time. But last July, Governor Ige put $725 million into the Employer Union Trust Fund in one lump sum, to help make payments early.
Read more: http://www.hawaiifreepress.com/ArticlesMain/tabid/56/ID/18825/Who-spent-Hawaiirsquos-1-billion-surplus.aspx
