Department of Budget and Finance

The Department of Budget and Finance oversees the general management of State debt, including reimbursable and non-reimbursable general obligation bonds, special assessment bonds, refunding bonds, mortgage credit certificates, short-term loans, certificates of participation, and municipal lease financings.   In addition, the Department has oversight responsibility for revenue bonds and special facility revenue bonds issued by State agencies, in particular, the Department of Transportation – Harbors, Highways and Airports Divisions; and the Housing and Community Development Corporation of Hawaiʻi.

The Department also oversees the issuance and management of special purpose revenue bonds, or tax-exempt debt incurred by private parties pursuing qualified projects in the interest of the general public.   For example, the Department assisted with the issuance of special purpose revenue bonds to finance projects for public utilities and for projects for health care facilities provided to the general public.   These are bonds authorized by the Legislature and approved by the Governor.   Documents and forms for initiating action on projects approved by the Legislature include:   The Loan Application and Review Procedures, Administrative Rules, Formal Application, Fee Agreement, and Statement of Benefits. For more information on special purpose revenue bonds, see SPECIAL PURPOSE REVENUE BONDS — FREQUENTLY ASKED QUESTIONS .

A Statement of Total Outstanding Indebtedness of the State of Hawaiʻi is prepared annually on a fiscal year basis.   The statement includes supporting schedules of the total principal amount of bonds issued and outstanding by type of bond and a listing of special purpose revenue bonds authorized by the Legislature, but unissued as of the date of the statement.

The State is limited in the amount of general obligation bond debt that it can incur.   The calculation of the Statement of the Debt Limit of the State of Hawaiʻi is prepared annually on a fiscal year basis.   The statement includes supporting schedules providing the elements of the debt limit calculation.