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Wednesday, March 12, 2014
Council on Revenues Knocks $478M Hole in Abercrombie Budget
By News Release @ 2:32 AM :: 6413 Views :: Economy, Hawaii State Government, Taxes

SA:  State hit with $180M loss in projected revenue

The council projected zero percent growth for the fiscal year that ends in June, down from 3.3 percent growth in January, a $180 million loss for the state. The council also reduced the projection for fiscal year 2015 to 5.5 percent growth, down from 7.4 percent, another $100 million loss.

Compounded, the new forecast leaves the state with $478 million less to spend next fiscal year, eating through the state's $844 million surplus.

Actual state tax collections through February are down 1.1 percent over last year.

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PBN: Abercrombie: Hawaii budget remains solid despite lower revenue forecast

CB: State Panel Projects No Revenue Growth for Hawaii in 2014

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News Release from Office of the Governor, Mar 11, 2014

HONOLULU – Gov. Neil Abercrombie and Finance Director Kalbert Young today commented on the adjusted forecast from the state Council on Revenues.

Gov. Abercrombie stated:

“The administration’s budget and six-year financial plan were developed anticipating the likelihood of revenue fluctuations. The result is both the budget and the six-year plan are solid and sound.

“Our budget and financial plan replenishes and builds state reserves, pays down unfunded liabilities and modernizes state technology. Hawaii’s economy is running at a sustainable level and contributing to the state’s strong fiscal condition. The administration looks forward to working together with the Legislature to continue to build reserves and fund necessary public services and key initiatives, while ensuring our long-term fiscal stability.”

Finance Director Young added the perspective:

“The Council on Revenues adjusted forecast is signaling that revenue growth for the state may have peaked, at least for the short term. We continue prudent fiscal management of state finances and resources, ensuring government expenditures are in line relative to the revenue forecast.”

“My approach as finance director is to manage the budget and financial condition across multiple fiscal years. As a result, near-term revenue revisions are evaluated and accommodated on a multi-year basis. As in the past, the state’s financial management team is prepared to exert measured controls of the state’s budget to ensure that programs are sustainable through any economic cycle.”

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