Honolulu in debt despite thriving economy
‘Waikiki is flush with tourists. New high-rise condominiums are changing Honolulu’s skyline and jobs are plentiful. Property values have skyrocketed, with even modest homes now costing $550,000, and property taxes are at record levels. But amidst all that wealth, Honolulu is strapped for cash and making significant budget cuts.
“We’re in a serious situation here. We’re facing a major debt problem,” said Mayor Mufi Hannemann.
The city’s debt has surged to an estimated $3 billion, up from $1.89 billion owed in fiscal year 2000. Most of the debt was accumulated in the previous administration to pay for beautification projects installing new trees, signs, landscaping and parks. At the same time, sewer lines, roads and other infrastructure were neglected, and now major overhauls are required.’
Read more at Honolulu in debt despite thriving economy
Recent Entries
- Record number of savers look to stash cash in tax-free Isas
- Savings targeted by 43%
- Personal finance advertising lagging behind consumer internet drive
- £1 a week earns 14 years of freedom
- Third of Scots have no more than £100 put away
- Debit accounts can help youngsters learn lessons about money
- £130,000 - the cost of life as a pensioner
- UK set for strong mortgage revival
- Brits break personal finance pledge
- Bankruptcies in Scotland soar by 50%, but worst is still to come