Hawaii
Public finance
Development and implementation of Hawaii's biennial budget are the responsibility of the Department of Budget and Finance. The fiscal year runs from 1 July through 30 June.
Beginning in 2000, reductions in state taxes were scheduled through 2006, including cuts in the general excise tax, a cut in the services tax for out-of-state end usage, and incentives for high-technology business in Hawaii. From 1995 to 2000, the number of high-technology companies in Hawaii more than doubled from 300 to 629.
In 2002/03 Hawaii experienced a budget deficit amounting to 4.6% of the state budget. Cuts totaling $20 million were made in the 2002/03 budget after it was passed. The state's beginning balance in 2003/04 was only $8 million, though not counting $53 million in its Emergency and Budget Reserve Fund (Hawaii's rainy day fund). Revenues for 2004 were projected at $3.817 billion and expenditures at $3.816 billion (including an allocation of $10 million to the rainy day fund, which receives 40% of its funds from the tobacco taxes, which were raised in 2002) with an expected ending balance of $9 million, not counting $63 million in the rainy day fund. The following table from the US Census Bureau contains information on revenues, expenditures, indebtedness, and cash/securities for 2001.
| AMOUNT | PERCENT | PER CAPITA | |
| Population (thousands, 2001) | 1,227 | (X) | (X) |
| Total Revenue | 6,591,146 | 100.00 | 5,371.76 |
| General revenue | 6,045,188 | 91.72 | 4,926.80 |
| Utility revenue | – | – | – |
| Liquor store revenue | – | – | – |
| Insurance trust revenue | 545,958 | 8.28 | 444.95 |
| Exhibit: Salaries and wages | 1,825,898 | 26.88 | 1,488.10 |
| Total expenditure | 6,792,058 | 100.00 | 5,535.50 |
| General expenditure | 6,144,750 | 90.47 | 5,007.95 |
| Education | 2,192,291 | 32.28 | 1,786.71 |
| Public welfare | 1,038,087 | 15.28 | 846.04 |
| Hospitals | 170,918 | 2.52 | 139.30 |
| Health | 391,234 | 5.76 | 318.85 |
| Highways | 232,544 | 3.42 | 189.52 |
| Police protection | 8,471 | 0.12 | 6.90 |
| Correction | 148,607 | 2.19 | 121.11 |
| Natural resources | 91,313 | 1.34 | 74.42 |
| Parks and recreation | 46,238 | 0.68 | 37.68 |
| Government administration | 328,096 | 4.83 | 267.40 |
| Interest on general debt | 318,436 | 4.69 | 259.52 |
| Other and unallocable | 1,178,515 | 17.35 | 960.48 |
| Utility expenditure | – | – | – |
| Liquor store expenditure | – | – | – |
| Insurance trust expenditure | 647,308 | 9.53 | 527.55 |
| Debt at end of fiscal year | 5,300,649 | 100.00 | 4,320.01 |
| Cash and security holdings | 13,478,165 | 100.00 | 10,984.65 |