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Hawaii may raid savings to help balance budget

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Hawaii lawmakers are advancing bills allowing them to dip into the state’s emergency funds if they needs the money to help balance the state’s budget.

House and Senate money committees have passed measures allowing them to take $42 million from the Hawaii Hurricane Relief Fund and undefined millions from the state’s rainy day fund, which is meant to support social services.

There’s about $117 million left in the hurricane fund and $46 million in the rainy day fund that could be targeted to pay a $700 million projected deficit over the next two fiscal years.

The funds were tapped last year as well, when legislators took $67 million from the hurricane fund to eliminate teacher furloughs and $24 million from the rainy day fund.

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Online:

HB1043, SB935: http://capitol.hawaii.gov/

 

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