Hawaii state revenue forecast to rise 11.5 percent

AP News
Posted: Jan 06, 2012 10:34 AM
Hawaii state revenue forecast to rise 11.5 percent

Hawaii Gov. Neil Abercrombie says the Council on Revenues is forecasting state revenue to grow 11.5 percent during the fiscal year ending this June.

The forecast is lower than the 14.5 percent increase the council predicted earlier.

Abercrombie says the core of the administration's supplemental budget remains solid due to strong management practices and $85 million in savings realized over the last year.

The governor says he will work with the Legislature to "move forward on a positive track."

Hawaii's new Legislative session is scheduled to begin in about two weeks.

The council prepares state government revenue estimates for each fiscal year. Its members are economists and financial experts appointed by the governor and leaders of the state House and Senate.