Johnson Choi: The unfunded government employees retirement fund liability should be addressed NOW and NOT later. Sky: Absolutely. What kind of accounting system includes unfunded liabilities, ignores them financially and reports a surplus? Can our leaders really be so clueless about accounting as to think that We really have a budget surplus? Can it really be possible that Our leaders understand this less well than Johnson, Malia, Sam and I? Or do they know how bad it is, and deliberately lie about it? Includes: Hawaii has $23.49 billion of debt, including bonds, unfunded pensions and retirement health and other debt, less debt related to capital assets, according to figures provided by Donna Rook, president of StateDataLab.org. She confirmed Hawaii does have $4.6 billion of assets available to pay that debt, but needs $18.91 billion to fully pay the balance. Kalbert Young, director of state Department of Budget and Finance, said the state is working to pay down the debt beginning this fiscal year, including the other post-employment benefits (OPEB) unfunded liability, with a payment of $100 million. In fiscal year 2015, there will be another payment of $117.4 million.
Posted on: Thu, 23 Jan 2014 21:57:14 +0000