"The DHB has operated in surplus for the past seven years and plans to post an operating surplus for 2017/18.
"Any money generated from efficiencies by the district health board is always reinvested in health services or infrastructure to improve health services.
"Hawke's Bay also has a robust efficiencies programme that is run through Hawke's Bay's Clinical Council, so all efficiencies have clinical input and sign off."
Nationally, health services were $215m short of funding needed to keep up with population change and rising costs, the report found.
The unions' calculations show underfunding across 16 of New Zealand's 18 health boards.
One of these boards, Counties-Manukau, was short by more than $20m.
National funding for maternity services, mental health, elective services and disability support were all underfunded, the report said.
The shortfall for elective services alone was calculated at more than $26m.
This year's $463m boost to funding across all 18 DHBs would not cover wage increases, rising prices or increased needs of the ageing population, the economists said.
Health Minister Jonathan Coleman responded to the report by pointing out the Government's record spending on health in this year's Budget.
"It's election year and these are Government critics. Health has remained the Government's number one funding priority."
Mr Rosenberg said Government responses to the problems with health funding were simply spin.
"The Government's media spin on the health budget is hiding some inconvenient truths about what's happening with our public health services."
The report follows one on mental health spending by CTU and ASMS released in May, which claimed the boost in funding was not nearly as large as it appeared.
The $224m in additional funding for mental health services included $100m already allocated to DHBs and would be distributed over four years, union economists said.
This amounted to a 1.2 per cent increase, when an increase of more than 7 per cent was needed to maintain existing services, Mr Rosenberg said.
"Nowhere is unmet health need more apparent than for those requiring mental health care, as has been well documented in various reports."