#council on revenues

Gov. Josh Green, M.D., on Monday signed House Bill 300 (Act 250), the Executive Biennium Budget that funds critical state operations and supports the sustainability and development of our state through capital improvement projects (CIP). 

The Senate Committee on Ways and Means on Monday passed House Bill 300 Senate Draft 1, which outlines the Executive Branch state budget for the upcoming fiscal years.

With more than 3,000 wildfire displaced residents on Maui still living in hotels, Gov. Josh Green says there are enough units available now through rental and direct lease programs that he expects to have the remaining residents transitioned out to longer-term solutions by July 1, 2024.

The change in the Council on Revenues general fund projections for Fiscal Year 2022-2023 went from +2% in March to –1% in May, which Gov. Green said, prompted the need to rebalance the state’s financial plan through line-item reductions to the budget.

“New guidance from the federal government clearly states that rescue funds cannot be used for debt service, and this created a gap in the budget that must be corrected,” said Gov. Ige.

Two identical bills are being introduced in the Hawaiʻi state legislature that seek to ensure funding for teachers and educational staff.

In January, the Council on Revenues increased its revenue projections by $2 billion over seven years, but the state will still have a significant revenue shortfall, according to the governor.

Dela Cruz and Luke believe that the state can weather the economic downturn without imposing school furloughs, statewide pay cuts or cuts to critical social services. 

“Our economy is strong and appears to be getting stronger. Hawaii continues to lead the US amongst states with significant revenue growth possibilities. We must remember that the Council predictions relate to tax revenue growth.”

The Council on Revenues lowered its revenue forecast for 2012 fiscal year yesterday by 3 percentage points since its earlier estimate in September 2011.

Yesterday, at their quarterly meeting, the Council on Revenues (COR) projected an increase in tax revenue collections for current and upcoming fiscal years.

The Governor is calling for a 10 percent spending reduction for all departments and announced plans to raid the Rainy Day, Hurricane Relief and special funds.

In its March Forecast, the Council on Revenues lowered its projections for tax revenue growth, in fiscal year 2011, from 3.0 percent to 0.5 percent.

The State Council on Revenues yesterday announced an increase in the projection for collective tax revenue growth for fiscal year 2011 from 2% to 3% or $43.6 million.

An updated assessment of tax revenues shows the state lost an additional $57 million in FY09-worse than the 9 percent decline projected by the Council on Revenues.    Governor Linda Lingle said she will have to make “tough, realistic decisions to close the budget shortfall.”  She did not specify how many workers would be laid […]

Governor Linda Lingle informed all state department heads today of the immediate need to implement a further 2 percent reduction on discretionary spending for the remainder of FY09, in light of an anticipated reduction in the revenue forecast, legislative actions taken during the 2009 session and the need to meet the balanced budget requirement of […]

Governor Linda Lingle today revealed her Administration’s plan to meet a projected $650 million revenue shortfall for the remainder of the current fiscal year (FY09) and the upcoming 2010-2011 biennium budget. The plan combines the use of federal stimulus funds, tobacco funds, interest from and charges to various special funds, adjustments to selected benefits for […]