Added Capital Projects Boost Hawaii CIP Budget to $3 Billion05/01/2012
flickr: Gov. Abercrombie
With the wrangling over the state budget complete, Hawaii is poised to infuse more than $3 billion worth of construction projects into the economy over the next year.
Lawmakers agreed to add about $430 million in new bond financing for capital and repair and maintenance projects, allotting a total of $825 million in general obligation bonds for the year that starts July 1. The added funding was a compromise between the $500 million the Senate envisioned and the $300 million the House and Gov. Neil Abercrombie had proposed for CIP.
Last session, legislators planned to spend about $1 billion on capital projects for the 2013 fiscal year. But the total has climbed to $3 billion when other revenue sources are added in.
Along with the general-obligation-bond financing, projects will also be paid for using revenue bonds ($1.5 billion); federal dollars ($407 million); special funds ($370 million); and, to a lesser extent, private funds and county funds.
Here's a look at some of the newly funded projects.