The state of Hawaii's Council on Revenues have adjusted the projected revenue growth for the up coming fiscal year to 11.5 percent growth from the 14.5 percent predicted last. This would mean that the state of Hawaii would have $130 million less in their budget for the fiscal year and would mean that Governor Neil Abercrombie would have to adjust his financial plans and budget. Fortunately the current administration has had a budget surplus of $199 million after this fiscal year, so state financial experts believe that Hawaii's government would be able to withstand the predicted revenue loss. The Governor replied, "We will work with the Legislature as the supplemental budget session begins so that we continue to move forward on a positive track. We'll await the next council projection as the legislative session proceeds."
Governor Abercrombie had request a $188 million increase in state spending for the coming fiscal year. The majority of this money was to be spent on public education and social services. However, this increase may not be feasible given the new predictions by the Council on Revenues.
Source: Honolulu Star Advertiser, 1-6-2012, www.staradvertiser.com Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor Global Executive Realty, LLC www.myhawaiihomesearch.com www.myhawaiicondo.com www.myhawaiidreamhome.com
