The Honolulu Authority for Rapid Transportation received a total of $55.3 million in state general excise tax revenue during the third quarter of the fiscal year (ending March 2013). This was approximately $4.3 million more then was anticipated. Strong numbers in general excise tax numbers is crucial to the financial success of the $5.26 billion project which is expecting two-thirds of the funding to come from this tax. However, during the first two quarters of the fiscal year, HART received $33 million less in GET revenue than anticipated, so officials are not celebrating excessively.
In addition, HART officials also noted that construction delays due to a Hawaii Supreme Court’s ruling will only cost $68 million, or $16 million less than anticipated.
Source: Honolulu Star Advertiser, 5-3-2013, 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
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
