It is a relief to see that — so far, at least — none of Hawaii’s politicos are pulling out the hats and horns to celebrate an anticipated $844 million budget surplus in the run-up to the 2014 legislative session.

And it’s not that there’s no cause to celebrate revenues recovering at that rate. A rebound in fiscal reserves signals that the economy is growing again. The construction and real-estate sectors have started on an upswing, bolstering the improvement to date in the islands’ tourism industry.

The plain fact is that the money is spoken for, so there simply can’t be any spending spree.

There seems to be widespread agreement on this point. Both Gov. Neil Abercrombie and the state’s budget director, Kalbert Young, have made assurances that the administration remains committed to continuing to address the unfunded liabilities in the pension and health care funds without raising taxes.

The importance of staying on that course is evident, Young told the Star Advertiser, because it has boosted Hawaii’s appeal to investors in the competitive municipal bond market. That translates into lower borrowing costs for the state.

The support of this policy by the legislative branch ought to cement the resolve to carry it forward. State Sen. David Ige and state Rep. Sylvia Luke, who chair the money committees that grapple with the budget each cycle, were the lawmaking forces behind the spending plan that locks in payments toward the health care fund.

The Hawaii Employer-Union Health Benefits Trust Fund needs about $16 billion to meet future obligations, and the Employees’ Retirement System is underfunded by $8.4 billion.

The state has made some progress toward curbing the growth of that debt by reforming entitlements going forward, but failure to deal with the immense current debt would be disastrous, as some less fortunate states already are witnessing.

Despite the apparent accord, this is an election year, and that can mean all manner of fiscal mischief. There will be pressure to spend on pet projects that look good in a candidate brochure, and some renewed campaigns for initiatives that have been shelved for a while.

What’s essential is that the state administration and its partners in the Legislature set clear priorities for how any budget surplus should be spent. At the top of the list should be maintaining the pay-down of the state’s liabilities.

Ensuring that there are enough funds to whittle the backlog of maintenance projects in the University of Hawaii system also ranks as a top concern. UH officials have set an aggressive timetable for completing the work, and success won’t be possible if new initiatives siphon off the funds.

On another front, efforts are continuing toward a deal with Turtle Bay landowners that could preserve the North Shore’s Kawela Bay. Conserving Oahu’s diminishing stock of scenic landscapes is an investment in Hawaii’s future that’s as important as infrastructure and repayment of debt.

And one other duty that should be on the to-do list: The state should return the 10 percent skimmed off the general excise tax surcharge collected on behalf of the city rail project. Work is underway, and the city needs the assurance that it’s getting its due.

Budget director Young said the state is nearing the peak of its economic recovery, but the downside of that observation is that the up cycle is about to end. This is not the best time to launch full-scale investments in new initiatives that present ongoing budgetary obligations.

To cite one example: The campaign to expand preschool access to more children will have to proceed with caution.

Further complicating the political dynamic, of course, is the electoral rivalry of Abercrombie and Ige, who exerts a great deal of control over the budget.

The hope is that both gubernatorial candidates will refrain from turning the budget discussions into opportunities for campaign-driven posturing.

What Hawaii needs is some clear-eyed management of its spending. It should not be too much to hope that this can happen in an election year.