State legislators have a monumental problem: A disaster has taken the lives of 101 Maui residents and that event, a catastrophic wildfire, has destroyed the homes of thousands and run up an expense that could hit the $1 billion mark.

At what point do lawmakers decide they can tighten the state’s belt no further and pull the fiscal ripcord, parachuting toward a balanced budget?

That tipping point will be up for discussion in the next hearing of the state budget measure, House Bill 1800, set for 10 a.m. Wednesday in conference room 211, and by videoconference. That’s an opportunity for the public to caution senators against cutting too deeply into state programs until they get better clarity on the final cost and all available resources.

Information, admittedly, is elusive, with the Maui fire recovery bogged down in delays. On Monday, for example, the state attorney general said a key investigation report about the Aug. 8 inferno won’t be released until April 17.

But one thing is already evident. This is not the time for making premature decisions to abandon major projects rather than to tap the cache of emergency funds set aside for precisely this purpose.

That cache is the $1.5 billion in the state’s Emergency and Budget Reserve Fund, known less formally as the “rainy day fund.”

There’s reason to worry about those decisions. For example, House members advanced HB 1800, which attempts to partially resolve the shortfall by canceling the long-planned stadium redevelopment in Halawa, proposing instead to make the University of Hawaii-Manoa stadium the less-expensive replacement project.

At this point, the Senate hasn’t come up with a funding source equal to the budgetary need — but the House’s stadium “solution” is unwise. UH budgetary officials are not in favor of assuming the stadium project in Manoa, a site that can’t fully accommodate expansive buildout.

A lot is already riding on the Halawa stadium plan, not the least of which are riders of Skyline who could reach that location via the rail.

Among its current strategies, the Senate has proposed a transfer of $37 million from some 30 state special funds and accounts to the general fund. Also, its money committee has directed all state departments to draft 10% and 15% budget-cut plans to prepare for possible austerity moves.

Clearly, neither chamber wants to touch the rainy day fund at this point, and there are good reasons to hold off on pulling funds from that reserve if it can be avoided.

Gov. Josh Green believes it can be. In a video statement posted on his Facebook page, he pointed to some breathing room: a $657.9 million carryover in the budget for fiscal 2024, with $342 million in the following year. And, he added, he feels bullish about prospects that the federal government will pick up more of the wildfire recovery costs.

Keeping a healthy balance in the reserve is a factor in keeping the state’s bond rating high, which means the cost of financing projects through borrowing is lower.

Green would prefer to take advantage of that by using cheaper bond financing to pay for some of the costs. In a statement Friday, though, the governor added a caveat.

“However,” he said, “if, at some point, the use of rainy day funds is explored, I will be thoughtful about it and ensure that it is one part of a holistic range of options that is considered.”

Keeping that escape hatch open is the right approach at this point. So is this: The administration must spend the coming weeks, before lawmakers approach finalizing the budget, to nail down how much cost the state actually will be forced to absorb in Maui recovery costs.

Once that’s clearer, the governor and lawmakers must craft a spending plan that keeps all fiscal options on the table. Ideally, they should land on a viable solution that could include some rainy-day relief, if necessary, to meet essential public needs and keep longstanding projects on track.