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Hilo, Hawaii News, Sports, & Information Saturday, October 25, 2014



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Posted: Thursday, March 13th, 2014 12:16 PM HST

State revenue forecast downgraded

By 67AM KPUA News

The state Council on Revenues has significantly downgraded its forecast by predicting zero revenue growth for the current fiscal year that ends June 30th and reducing its growth projection for next fiscal year.

The Council on Tuesday lowered the current years projection after forecasting 3.3 percent growth in January and dropped its Fiscal 2015 projection from 7.4 percent growth to 5.5 percent. The new forecast leaves the state with $478 million less to spend through fiscal year 2015.

State tax collections are down 1.1 percent through February, mostly due to a decline in visitor spending and some economists suspect the end of a federal payroll tax holiday last year, which influenced consumer spending.



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