Hawaii gov: Budget woes may prompt 'restructuring'

Too bad the Honolulu office of the Republican Patriots for Lingle Office has yet to address the findings by Deloitte and Touche LLP, when uncovering a clear difference in the actual States finances vs. the padded numbers that the governor has been using to cover up her administrations failures.

In her web address, she made claims that jobs could be done by volunteers. Really? The governor feels that her Lingle volunteer brigades could replace specially trained Agriculture Inspectors who control alien species at our harbors and airports. The governor certainly has more than a couple of screws loose if she really thinks volunteers, any volunteers would do a job for "FREE!"

But luckily the arbritrator will soon go over the State's recently audited books by Deloitte and Touche LLP with a fine tooth comb, along with the other two panelists who will undoubtedly conqur with what has already been exposed as mis-statements by the governor on the States finances.

Tke a pay cut GOVNER , you have been married 3 times , you treat people nasty , un appreciative of a person , You are destroying Hawaii causing ill feelings , your husband where did he go shame on you , your parks are sew ers , shame on you buta

$1B in Hawaii state investments tied up
Holdings in dour auction-rate market devalued by $114M

Honolulu Advertiser, August 30, 2009
by Greg Wiles, Advertiser Staff Writer

Excerpts from the article:
For the past 18 months the state has been unable to use $1 billion it sank into supposedly highly liquid, short-term investments because of a collapse in trading of the securities.

No one knows for certain when the state will get its money out of so-called auction-rate securities, and an auditor recently required the state to revalue its holdings at $114 million less than what it paid for the investments....

"It is disturbing that we have that much money tied up in something like that," said Rep. Karl Rhoads, D-28th (Palama, Downtown, Lower Makiki), who learned of the frozen assets from a constituent. "We knew or should have known it could have become illiquid." ...
State Auditor Marion Higa questions whether it was good to have had a quarter of the state's investments in auction-rate securities.

"It was a surprise to me to learn we were this heavily invested in student-rate loans," Higa said.

"It is something that the public needs to know - that so much of our cash is illiquid."
To read the full article go to:
http://www.honoluluadvertiser.com/apps/pbcs.d...

Lapses noted in fiscal reporting
State risks painting false picture of its finances, audit says

Honolulu Advertiser, August 30, 2009
by Greg Wiles, Advertiser Staff Writer
Excerpts from the article:

Criticism of how the state accounted for the value of $1 billion of auction-rate securities is only one of the red flags raised in an audit of the state's internal controls on financial reporting.

The recent report by Deloitte & Touche LLP found certain lapses in financial reporting that could possibly lead to inaccurate statements about Hawai'i's finances.... the Deloitte audit raised questions about how closely the state's comprehensive financial statement represents actual state finances.
To read the full article, go to:
http://www.honoluluadvertiser.com/article/200...