Howzit Howard: ERS fund - Hawaii News Now - KGMB and KHNL

Howzit Howard: ERS fund

HONOLULU (HawaiiNewsNow) - Once the ERS fund had more than $10 billion in it. But it lost hundreds of millions in the 2008 Wall Street meltdown. In the fiscal year ending in June, it recaptured some of that, then lost some of it again in the spring quarter. The fund was up 12 percent but the previous year it fell 19 percent. So it has yet to recoup the major gains of 2007. ERS Management is under pressure.

Also under pressure, state finance director Georgina Kawamura. She hasn't closed the books on the last fiscal year yet but there appears to be some possibility that state accounts will be $37 million in the red. Kawamura told a legislative hearing she thinks some department heads allowed more spending than they should have in June.

Commercial real estate sources say Kamehameha Schools next week will take control of Kalama Valley Shopping Center at the back of Hawaii Kai Drive. It's one of the emptiest shopping centers in the state.

The restaurant chain Ruby Tuesday plans to open as many as 13 new locations next year, mostly overseas, but it says it will open three more in Hawaii over the next three years. There are already Rubys at Ala Moana, Windward Mall and Mililani. And by the way, I want to apologize for reporting on Ruby Tuesday on a Wednesday.

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