The State of Hawaii’s Council on Revenues has just lowered their forecasted tax collection for the 2013 fiscal year from a predicted 7.5 percent growth rate to a 5.3 percent growth rate. This predicted decrease equates to an estimated loss of $110 million in terms of the state budget. According to Kalbert Young, the State’s Budget Director, this financial set back will probably be solved by holding off filling some vacant or new jobs and may mean that some state projects would have to be put on hold. Young stated, “I think right now the play that we’re going to employ is we’re going to hold on some modest positions and strategies — nothing drastic, at least for the next three months. But it also means that you’re not going to see a whole lot of restorations coming back at the rate that we thought.”
Source: Honolulu Star Advertiser, 5-30-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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