Hawaii governor welcomes revenue forecast increase
HONOLULU (AP) — Hawaii Gov. Neil Abercrombie is welcoming an upward revision to the state’s revenue forecast.
The governor said in a statement Thursday the budget proposal his administration has submitted to the Legislature takes into account the Council on Revenue’s forecast.
But the administration is concerned revenue and economic growth will begin to level three years from now. It also believes the state will need to address possible federal spending cuts.
The council now estimates state revenue will grow 5.1 percent in the fiscal year starting in July, up from 4.9 percent growth forecast in September.
The council believes revenue will climb 6.8 percent during the fiscal year starting in July 2014, up from 3.9 percent in its previous estimate.
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