TAX MAN: State of Hawai‘i receives an ‘F’ financial grade

We just got through with a legislative session where, due to anticipated federal aid to our state, we seemed to be swimming in money and were finding money for all kinds of things. At the end of session, however, our Council on Revenues dropped our revenue forecast by $1 billion and our governor used his line-item veto pen to balance the budget by making a few cuts here and there (including a $500 million cut to an appropriation to our rainy-day fund). So, at the end of budgeting, we were not fat, dumb and happy like we were anticipating, but were instead a little less fat.